The Bitcoin Thread

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Idiosyncratic said:
Hi Luno, glad to see you guys are going places! Anyway, I have a level 2 account (verified my ID but not address). I'm not gonna bother right now as my BTC are sitting there and with the drop I won't be doing much any time soon. Will I somehow be penalized for not fully verifying my account?
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Good question!
Not at all, and I think this is probably something we can try and make a bit clearer :)

So the way the account levels are setup are based on how much information you provide us. If you'd prefer to not have uploaded any documents you'd be on level 1 with that associated limit for deposits/ withdrawals. You can stay on your level for the lifetime of the account, there aren't any adverse affects in not verifying the account up to level 3.

Hope that makes sense.
 
Lunomoney said:
I see you PM'ed me too :)
Mind replying to that PM with a little more info? I'll need a browser and OS version - I've tried replicating this on Safari, Chrome and Firefox on MacOS and can't seem to replicate the issue you're seeing.
Click to expand...

PM Send.
 
No issues at all with the new site.
Payment cleared quickly, BTC purchased.
 
saor said:
No issues at all with the new site.
Payment cleared quickly, BTC purchased.
Click to expand...

Thanks for the info. Found my problem. IE is crap. Also made a deposit, now to see how long it takes for funds to clear.
 
@Lumomoney - I guess this would be useful to know for everybody:

What documentation/records to you send to SARS - I would assume all BTC purchases are sent to SARS for all users and transactions?

Just wondering how SARS will look at one's BTC purchases - I would think they would evaluate on whether one made a profit, and that profit will need to be declared as income and entered into one's annual return.
 
HunterNW said:
Thanks for the info. Found my problem. IE is crap. Also made a deposit, now to see how long it takes for funds to clear.
Click to expand...

I find that if I make an EFT deposit early morning - before 10AM normally, then the funds would clear in the early morning hours of the following day - around 3AM.

If you deposit late in the day, the funds clear the day after the following day at around 3 AM.

This is with Nedbank - I believe the FNB deposits are very quick, seeing as Lumo/BitX bank with FNB.
 
Thanks balrog. I deposited before 10AM, so will see tomorrow. Just a little deposit, first want to see how things work.
 
I did raise a support ticket about thias issue, but maybe if i say something on MYBB somebody will help me or at least advise if this is in development and will roll out,

ticket number was (#103017) in case you want to follow up,

the issue I had, is its not exactly very clear how much you can withdraw/sell at one time, exactly.
in my case I tried to sell just as the dip happened, and it wasnt very clear how much I could withdraw at one time,

I mean on any ATM around you have a limit you can sell,
why cant lumo make it clear how much you can sell at one time?

in my case I didn't see all my funds, and had to do it as 2 separate batches as it kept saying insufficient balance....
 
balrog said:
@Lumomoney - I guess this would be useful to know for everybody:

What documentation/records to you send to SARS - I would assume all BTC purchases are sent to SARS for all users and transactions?

Just wondering how SARS will look at one's BTC purchases - I would think they would evaluate on whether one made a profit, and that profit will need to be declared as income and entered into one's annual return.
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We can't offer any legal or tax advise around this, there's some good reading material around the forums with similar questions though.
I'd recommend taking a read through the risks we list on our website too though :)

https://www.luno.com/en/legal/risks
 
balrog said:
I find that if I make an EFT deposit early morning - before 10AM normally, then the funds would clear in the early morning hours of the following day - around 3AM.

If you deposit late in the day, the funds clear the day after the following day at around 3 AM.

This is with Nedbank - I believe the FNB deposits are very quick, seeing as Lumo/BitX bank with FNB.
Click to expand...

All depends on your bank clearance and cut-off times :)
In most cases, inter-bank transfers are completed and cleared within 48 hour period.
 
Sooo, how are you guys feeling about bitcoin today?
 
eg2505 said:
I did raise a support ticket about thias issue, but maybe if i say something on MYBB somebody will help me or at least advise if this is in development and will roll out,

ticket number was (#103017) in case you want to follow up,

the issue I had, is its not exactly very clear how much you can withdraw/sell at one time, exactly.
in my case I tried to sell just as the dip happened, and it wasnt very clear how much I could withdraw at one time,

I mean on any ATM around you have a limit you can sell,
why cant lumo make it clear how much you can sell at one time?

in my case I didn't see all my funds, and had to do it as 2 separate batches as it kept saying insufficient balance....
Click to expand...

Greetings :)

Just had a read through the ticket, always room for us to improve!
Withdrawing and selling are a bit different though, our processes are generally split up between:

Buy/ selling Bitcoin - done between money that is already in your BitX account
Depositing/ withdrawing - which is done by sending/ receive to/ from your bank account to your BitX account

In terms of buying and selling, you can use the Instant Buy/ Sell using funds that are already available in your account. If you have R100 in your ZAR account with us, then the most amount of BTC you can buy is R100. When you're on the buy screen there is an option to switch between ZAR and BTC values.

Let me know where you're getting stuck specifically and I can see if I can walk you through it.
 
So..... Anyone made some good profits ? Since Bitcoin started ? Or most investing long term ?
 
fair enough,

the issue Im having is the selling of BTC to my ZAR account,
the actual widraw process from ZAR is easy enough to figure out, and the costs are quite clear on that,

my exact issue is the virtual sort.....

BTC to ZAR account selling

its not immediately clear of how much I can sell at once,

let me use this example, I have in my BTC account 660 Zar worth of BTC, and I go to sell and
I click Sell in my BTC account, it asks for how much, I put in 660 and try to sell ,
I then get an error saying "insufficent funds"

I then go back and forth a few times trying to determine how much I can sell at one time,
its really annoying, and in my case I had to do it twice to get the money deposited into my ZAR account,

what I wish for is a figure stating maximum allowable withdraw and how much this is sitting at, ( according to my current balance).
or even better a button with MAX on it,
so its easy for those of us that decide to withdraw everything at one time, without being denied
due to "insufficient funds".

I do hope it makes better sense,
TLDR;

Im trying to sell to ZAR account, and its not exactly clear what is the maximum allowed in one go....
(BTC mining fees ect...)
 
HunterNW said:
So..... Anyone made some good profits ? Since Bitcoin started ? Or most investing long term ?
Click to expand...


I did as it was rising, made a good R300 odd rands off it, with only R200 and got out just as it dipped and fell, so I sold at 13K a BTC...

I think if you time it right, it can make some serious cash with very little commissions or fees, and its quite accessible...
banks should jump on the bandwagon now, FNB could jump and make some serious inroads here, being a digital bank....

I definitely believe its the future of money, I even begin to notice some garages buying QR code readers,
so maybe its something a few garages might get into soon turn on, and allow you to buy directly with BTC....

that would be awesome, as the most I ever manage to buy with my BTC is a Seedr account....
 
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