Track Bitcoin (BTC) and other Cryptocurrency accounts in Quicken (45 Legacy Votes +3 Merged)

Joseph Arden

I'd just settle for the option to be added to Quicken to increase the number of decimal places to 8 to accommodate cryptocurrency share amounts and prices. 

From my understanding, some cryptocurrency is 9 or even 10 decimal places for the number of shares. 

Unknown

This reply was created from a merged topic originally titled Cybercurrency.


Quicken does not accommodate cybercurrency purchases. Buying a product using bitcoin, Etherium, etc. is both a stock-like sell and a spending transaction. A new transaction type is needed to account for this.

NotACPA

This reply was created from a merged topic originally titled Cybercurrencies.


The only problem with the purchase of cybercurrencies (which should be treated as an Investment ... not as Cash) is that Q only supports pricing to 6 decimal places ... and cybercurrencies frequently require as many as 9 decimal places.

Search "bitcoin" (without the quotes) at the top of this forum for other discussions of the issue and how others are handling it.

Note: This conversation was created from a reply on: Cybercurrency.

Unknown

This reply was created from a merged topic originally titled Cybercurrency.


Thank you, and 'yes', you can account for the buy and sell of cybercurrencies using an investment account. But a Q investment account can't handle the purchase of a categorized product or service. The 7th, 8th and 9th decimal places only really matter if your transactions are in the tens of millions of dollars and up. Otherwise, the write-off is negligible.

Note: This conversation was created from a reply on: Cybercurrencies.

NotACPA

This reply was created from a merged topic originally titled Cybercurrency.


AHHH, but you CAN use categories ... it's a 2 step process.  Sell the investment, and then use the Cash Transactions actions at the bottom of the investment acount's "Transaction List"

Note: This conversation was created from a reply on: Cybercurrencies.

Unknown

This reply was created from a merged topic originally titled Cybercurrency.


It's a sell for currency (incurring a capital gain) and a distinct spend.  A single transaction could theoretically exist, but it would sure muddy the capital gains recognition that is required.

Note: This conversation was created from a reply on: Cybercurrencies.

splasher

This reply was created from a merged topic originally titled Cybercurrency.


@Steve The 6 digits refers to the right (not the left) of the decimal and Quicken doesn't have enough precision to handle bitcoins.

Note: This conversation was created from a reply on: Cybercurrencies.

Unknown

This reply was created from a merged topic originally titled Cybercurrency.


I think what Steve is saying is this.  If bitcoin is at $10,000 (at $9,000 presently), 10,000 * .000001 = 1 cent.  So for moment and for bitcoin only (don't know about others) any part of a bitcoin that is a smaller faction doesn't matter, at least not until you add up a lot of those kinds of fractions.

For instance you can't pay for anything with less that .000001 bit coins.

Note: This conversation was created from a reply on: Cybercurrencies.

Unknown

This reply was created from a merged topic originally titled Cybercurrency.


That's actually a sensible approach, and I kinda wish I'd thought of it a year ago.  My choice was to record all cryptocurrencies in thousandths (1000 mBTC = 1 BTC, for example).  A little cumbersome, but it does have the satisfaction of tracking down to the 9th decimal.

Since I can't download quotes through Quicken anyway, my price download spreadsheet does the 1000ths calculation for me.

Note: This conversation was created from a reply on: Cybercurrencies.

Andrew Tricarico

This reply was created from a merged topic originally titled cryptocurrency quotes.


Please add quotes for cryptocurrencies to Quicken. Data can be pulled from sources such as Yahoo Finance, CoinMarketCap, Forbes CryptoMarket. etc. Please also increase the number of decimal places accepted in quicken for share qty to =>8 places.

Unknown

Would be great to get this added as a feature, can Quicken respond if this is actually going to be added to a roadmap or a future update?

John Neil

Quicken needs to add asset support for digital crypto currently exchanges like Coinbase. These should be treated like brokerage accounts with the ability to buy and sell quantities of crypto currency with cash ala stocks. Also Quicken should be able to download and save the value of the crypto currencies in my exchange portfolio just like stocks.

John Neil

Currently I have to emulate this by setting up a brokerage account for Coinbase and then entering fake stock symbols for the crypto currency I hold. I shouldn't have to do this.

NotACPA

Your seemingly simple request would require an EXTENSIVE amount of work/change to Q ... as Q doesn't currently support as many digits as would be required in order to support Crypto currencies.

Don't expect your change to happen anytime soon.  EVERY amount field in Q would have to be expanded, an effort comparable to what happened for Y2K.

Edward3692

Gold listed in grams with 3 decimal points. Silver ounces also with at least 3 decimal points. Coins of various sizes in both gold and silver or other precious metals.
Crypto assets to 8 decimal points or more.

I have not used mobile apps because I don’t want balances of accounts or transaction amounts sent by email!

schwane

I must admit, I do feel like a boomer when I use Quicken and it can't even track my crypto. Honestly this should be a high priority task if quicken wants to survive the 20s.

chall3809

I'm tracking my crypto by creating a custom security. I just want Quicken to be able to download prices. I'm not upgrading until I see this feature.

Catannie

As a Boomer these comments mean nothing to me. Is there a step by step plan for entering a Bitcoin account somewhere? As in 1) take your bit coin and divide it by 100 and buy $1.00 worth or something along these lines. 2) put it in an investment account. cash account etc. I will be buying more Bitcoin and need to keep track of the spending in my budget. It also needs to show up in my estate for my guardian to find.

Scott Corfield

Is it currently possible to track cryptocurrencies, specifically Ethererum in quicken? It would be great to be able to download transactions and price history from Coinbase into quicken. Is this possible today?

Quicken_Tyka

Hello @Scott Corfield

Thank you for taking the time to visit the Community to post your question, although I apologize that this feature isn't currently offered.

I have moved your post to the ongoing Idea thread to add the ability to track Cryptocurriencies in Quicken.

This Idea is under consideration and being reviewed by the development team, I do not have an ETA to provide when or if this will be implemented. Any changes or updates will be posted on this thread.

Thank you,

-Quicken Tyka

AlanJ

For several years now I have kept a giant cryptocurrency spreadsheet with each exchange/wallet on a separate page. This has been a nightmare to maintain.
I added Coinbase to Quicken fairly early as an investment portfolio where I have been making regular contributions. I keep the individual coins as separate investments, updating the prices manually.
When I move coins out of Coinbase to another exchange or wallet I show them as "Shares Removed" and track in the spreadsheet. Treating bitcoin as an investment seems to work - the loss of precision due to fractional shares is within the daily price variation, so I can live with it.
The latest development in the market is the creation of interest-bearing "wallets", with interest of up to 18% (compound), so I am moving some of the cash I have in bank savings accounts into these wallets to take advantage of the improved interest.
This is where I start to have problems, because each of these wallets is essentially a bank account with several currencies. Anything I do at this stage has to be a compromise, but I'm looking for suggestions regarding how best to do this and what categories I should create.
For example, I could create one account for each wallet/currency combination, which would give me a large number of new accounts. Or, maybe, I could create one account for each currency and create a category for each wallet. Or, maybe, make a smart use of tags that I have not thought of yet.
Hopefully, somebody at Quicken or a power user can help with ideas.
For crypto taxes, I use ZenLedger: not perfect, but it keeps getting better, and the support is excellent.

Kevin Russell

Discovered today that Coinbase is an option as a financial institution to connect to. Was pumped to see that only to discover it doesn't work. Still won't connect. Get a CC-503 error.

W Murdoch

> @Kevin Russell said:
> Discovered today that Coinbase is an option as a financial institution to connect to. Was pumped to see that only to discover it doesn't work. Still won't connect. Get a CC-503 error.

What is the proper Coinbase User ID and password to use? I tried a few options, but none worked. And Coinbase support referred me back to Quicken for help.

FLInvestor

I found some old threads on tracking crypto currency, but was not able to find an answer.

I would like to track my Ethereum holdings in Quicken.

If it were Bitcoin, I could use INDEX:NYXBT which comes up when I search for a security in Quicken.

Nasdaq has made an Ethereum tracking, NASDAQ-ELX but I cannot seem to find it in Quicken. Does anyone know how to track Ethereum?

Quicken_Tyka

Hello @FLInvestor

Thank you for taking the time to visit the Community to post your question, although I apologize that this feature isn't currently offered.

I have moved your post to the ongoing Idea thread to add the ability to track Cryptocurrencies. This Idea is marked Planned however, there is no ETA.

In the meantime, you will need to track this information manually. To learn about tracking price history manually, please take a moment to review the information available here.

-Quicken Tyka

KPeck1506

This should be a "NO BRAINER" especially now that Quicken moved to a yearly subscription based service. In addition it was said in a separate post by a Quicken Moderator it was a "to do"...and that was 3 years ago !!! I will give you an ETA that will move to another service if this isn't offered by early 2021

abrad65

I agree with the last post. I've been a loyal Quicken user for nearly 30 years, but I won't hesitate to find another service if they choose not to keep with the times.

kookykrazee

> @"W Murdoch" said:
> > @"Kevin Russell" said:
> > Discovered today that Coinbase is an option as a financial institution to connect to. Was pumped to see that only to discover it doesn't work. Still won't connect. Get a CC-503 error.
>
> What is the proper Coinbase User ID and password to use? I tried a few options, but none worked. And Coinbase support referred me back to Quicken for help.

Did you happen to figure out the username to use? I tried my email login and my username portion of my email but that did not work. I confirmed my password information, too.

TZQuick

I too have crypto on multiple exchanges and in many different wallets. Adding functionality out to 9 decimal places (at least) would be a very desirable feature. Connectivity to the major exchanges, Binance, Bittrex, Coinbase, Gemini, KuCoin, Kracken, to name a few, would be even better. It's past time for Quicken to step up their game in this regard. Crypto is on the verge of going mainstream (IMHO), while that will likely occur through major brokerages with ETF offerings, it would be great if Quicken supported those of us who are relatively early to these currencies/investments/assets (choose your preferred name).

clay

Add Coinbase Wallet (https://wallet.coinbase.com) to the list of financial Institutions so we can track and download our cryptocurrency assets.