Track Bitcoin (BTC) and other Cryptocurrency accounts in Quicken (45 Legacy Votes +6 Merged)

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Comments

  • crober1
    crober1 Member ✭✭
    That my friend is a good question!! As far as I can tell it’s radio silence from Quicken.

    My Fidelity investment advisor is pushing me to move to their personal financial management software.
  • MarkCanada
    MarkCanada Member
    I am using mBTC to track BTC in Quicken manually. So instead of 1 Bitcoin, I Track 1/1000 BTC. This way I only need 5 instead of 8 decimals. 0.05BTC is 50mBTC. I probably won't be hitting any maximum limits since the maximum is 9,999,999,999,999 shares it seems. So I would be limited to 9,999,999,999 BTC :smile:
    For BTC the Quicken team may be able to use an internal multiplier (like 100 in case of BTC) to fake the decimals.? It would add quite some extra calculations along the way but that may still be easier/better than to increase the decimals for everything?
    ...There is a limit though and it wouldn't work for the 18 decimals or so of some coins...
  • TundraTurkey
    TundraTurkey Member
    I'm disappointed that this hasn't been added yet and shows the lack of Quicken's forward thinking to stay relevant with the current trends in investing. I'm on the subscription plan and will be thinking really hard about renewing if Q doesn't make some kind of progress or update their announcement and provide a timeline. :/
  • joecg
    joecg Member ✭✭
    Hello Quicken Product Managers. I would pay an additional $20/year on top of my existing Premier subscription to be including crypto/coinbase nicely into my Quicken investment tracking. The market has spoken. Can haz
  • Quicknator
    Quicknator Member
    edited May 23
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  • Quicknator
    Quicknator Member
    edited May 23
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  • Quicknator
    Quicknator Member
    edited May 23
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  • Quicknator
    Quicknator Member
    edited May 24
    [removed - off-topic/unhelpful - doesn't contribute value to the discussion]

    > @ said:
    > This link will explain a lot to many. There will be many left behind.
    >


    Great video! Thanks for sharing. Everyone here should watch the above video. Q has still not fully implemented options trading transaction tracking, even though it has been around since the time of Aristotle in 332BC, and was standardized by the CBOE in the 1973 (1). Why not? How about advanced charting in the app? Why not? How about investment transaction support? Why not? All of us loyal Q users know these are legitimate taxation and strategic concerns and Q capabilities have always been behind the curve in these areas.

    Now there is a 2021 blockchain revolution, which began in 2008 (2), with over $1.5 TRILLION market cap and over $124 BILLION 24 hour trading volume as of 5/22/21, per the primary crypto market cap web site (which btw has all the pricing data one needs for nearly every coin on the blockchain)(3). Q is in a perfect position to take advantage of this financial transactional revolution, but it still hasn't. Why not? It has already had 13 years to get ahead of this trend, which is definitely here to stay. Even the Fed announced on 5/20/21 it is investigating the widespread use of "...central bank digital currencies, or CBDCs..." (4). Where is the Q leadership on this emerging digital finance industry? We, as Q's loyal customers with decades of data history, deserve to know.

    The genesis of Q was a side effect of increasingly complicated IRS accounting rules, made easier to manage via the advent of PC's, and was originally released in 1984 (5). Now, in 2021, the IRS REQUIRES tracking of bitcoin assets for capital gains taxation purposes (6) (this is not tax advice-please consult your own tax specialist), therefore, it is in Q's best interests to help its customers, like me, comply. What better motivation does a company need than a government mandating its service to customers willing to pay for it? We have needed this for many years.

    Since I cannot wait for Q to develop this long overdue capability, which falls directly in its area of expertise, due to laws beyond my control, I am now paying ****.com to do it for me. I would rather pay Q for this, since I am a loyal Q user since 1994 on DOS, though all its growing pains, though I am significantly dismayed at how these mutually beneficial suggestions are currently being censored. As a result, I am now having serious second thoughts about its continued use in the future of finance, which is rapidly outpacing the capabilities of this app. Further censorship of these ideas and suggestions for mutually beneficial improvements will only result in increased competition for Q's loyal customer base as we broaden our search for tax-efficient solutions in this space.

    Sources (not competitors):
    (1) http://www.optiontradingpedia.com/history_of_options_trading.htm
    (2) https://en.wikipedia.org/wiki/Bitcoin
    (3) https://coinmarketcap.com/
    (4) https://www.federalreserve.gov/newsevents/pressreleases/other20210520b.htm
    (5) https://en.wikipedia.org/wiki/Quicken
    (6) https://www.irs.gov/site-index-search?search=virtual+currency&field_pup_historical_1=1&field_pup_historical=1
  • Laird B
    Laird B Member ✭✭
    (Granted that people have fewer compunctions from behind the keyboard. but perhaps the sheer volume of
    >[Violation of Community Guidelines]
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    ...suggests the passion, if not the importance, related to the topic.)
  • Laird B
    Laird B Member ✭✭
    Precision:
    Quicken appears to operate a multi-fixed scheme, with up to 11 total digits of precision, with a max of 8 places before the decimal and a max of 6 after. The largest number that can be stored with 6 places after is 99,999.999999; the largest number that can be stored is 99,999,999.9.


    Of the top cryptocurrencies:
    XRP and ADA only go to 6 places after. XLM goes to 7 places after; BTC to 8; XMR to 12; ETH (and most ETH-based currencies) theoretically go to 18 -- but 8 seems to be the functional limit at most exchanges.

    So, few of the cryptos can be perfectly tracked in Quicken. One approach (I used this for a while) is to shift places; e.g. multiply the currency by 1000. For example, instead of tracking 0.12345678 BTC, track 1234.5678 mBTC. This allows precise tracking to a synthetic 8 places, though it lowers the maximum trackable. Downloading quotes becomes a spreadsheet exercise.

    Another approach is to accept the loss of precision: 0.00000099 BTC at the current BTC record price is about 0.06336 USD. After thinking through rounding and tax reporting, I have shifted to this approach -- within Quicken I believe rounding to the nearest 6 cents of value on BTC calculations is not material. (On other currencies, it's even less; 0.00000099 ETH at the record ETH price is USD 0.00396.) An advantage of this approach is that the (limited) available Quicken quotes can be used.


    Quotes: (Thanks to @TZQuick who mentioned both of these above.)

    BTC is available as INDEX:NYXBT. It appears to give 4 places after and high/low/"close"; it reports only during New York market hours; historical data is available.

    ETH is available as INDEX:ETHUSD200. It gives two decimal places after and high/low/"close"; it reports only during New York market hours; historical data is NOT available.

    I have not found similar for any of the other major cryptocurrencies.
  • Quicken_Tyka
    Quicken_Tyka Alumni ✭✭✭✭
    Hello all,

    Thank you for taking the time to visit the Community to provide us with your feedback although, I apologize that this feature is not yet available.

    The first page of this Idea shows that this request is planned has been accepted by the Development team and has added to the roadmap for future implementation, however, at this time there is not an ETA on when this functionality will be available.

    This post has degraded and become argumentative and is now being closed. When more information is available on the implementation of this feature this post will be updated accordingly.

    Thank you,
    -Quicken Tyka
    ~~~***~~~
  • Quicken Anja
    Quicken Anja Moderator mod
    Hello @sime3000,

    Thank you for reaching out to the Community with your request.

    I went ahead and merged your Idea to this active Idea thread regarding this topic which is currently also marked as Planned. If you would like to be notified of updates on this feature as they become available, you can go ahead and bookmark the thread by clicking the bookmark icon on the top-right corner.

    Thank you!
    -Quicken Anja
  • mkeith50
    mkeith50 Member ✭✭
    request to add a minimum of 8 decimal places to accurately record and support crypto currency transactions.
  • Tim Hemphill
    Tim Hemphill Member ✭✭
    edited July 31
    Add support for BlockFi...and now even Paypal supports crypto-currencies...which means the currency list itself needs to be expanded.
This discussion has been closed.