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Track Bitcoin (BTC) and other Cryptocurrency accounts in Quicken (45 Legacy Votes, 9 Merged)

Quicken Community

I'm now getting into Bitcoin and other cryptocurrency Wallets and Accounts. I'd love it if I could connect Quicken to my Coinbase account and/or my other cryptocurrency Wallet (mine is Exodus) so that I can track net worth in Quicken.

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Status: Planned

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unknown

I too would like Quicken to support Crypto currencies. I currently have my Crypto accounts set up as Quicken assets where I periodically make capitol appreciation/depreciation adjustments to the asset value.

Until fully supported, I'm wondering if there's a way to create a pseudo brokerage account, set up each Crypto account as a position and associate each position with a pseudo-crypto-security enabling the value to be adjusted automatically.

unknown

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.

unknown

With the ever growing world of digital currencies out there today (Bitcoin, Litecoin, Dash, Etherium, etc.) and the growing hundreds if not thousands of other alt-coin assets/projects utilizing the block-chain in very unique ways that will shape the next 20 years just as the Internet has over the past 20 years, I am starting to see some pretty good portfolio managers being developed that enable and track the individual digital wallet portfolios. Digital currency growth in 2017 has been exponential and though there is still a fear of the unknown (yes they are very volatile as the world transitions to a truly digital economy), there are also many exchange firms getting in the game and wallet managers for managing portfolios in real time 24 hrs/day.

As a long time Quicken user, I hate to say that you are missing the boat by not having the capabilities for people to bridge their fiat based assets into the digital world... I'm willing to pay for this as an add-on or enhanced version of Quicken. Look to buy a business in this space such as Exodus - who have a very good head start. This is a much more complex world in managing the digital public and private keys of block-chain asset management.

unknown

Another reason to help in this area is to understand the tax implications of such volatile and upward growth = a lot of profits for a lot pf people if and when they move their digital assets around (within the digital space) and back into the legal tender monetary space...

unknown

This reply was created from a merged topic originally titled Digital/Crypto currency capabilities in Quicken - missing the boat.

With the ever growing world of digital currencies out there today (Bitcoin, Litecoin, Dash, Etherium, etc.) and the growing hundreds if not thousands of other alt-coin assets/projects utilizing the block-chain in very unique ways that will shape the next 20 years just as the Internet has over the past 20 years, I am starting to see some pretty good portfolio managers being developed that enable and track the individual digital wallet portfolios. Digital currency growth in 2017 has been exponential and though there is still a fear of the unknown (yes they are very volatile as the world transitions to a truly digital economy), there are also many exchange firms getting in the game and wallet managers for managing portfolios in real time 24 hrs/day.

As a long time Quicken user, I hate to say that you are missing the boat by not having the capabilities for people to bridge their fiat based assets into the digital world... I'm willing to pay for this as an add-on or enhanced version of Quicken. Look to buy a business in this space such as Exodus - who have a very good head start. This is a much more complex world in managing the digital public and private keys of block-chain asset management.

unknown

Lets try to keep comments to things actually useful to the Quicken development team. Again, the digital economy is still an emerging trend (and as I stated can be quite volatile) but nobody can deny the benefits of the blockchain over the long term and the gains in cryptocurrency market cap where there is truly a platform. Benefits are only just starting to be put into useful practice. Total Crypto-currency market cap is now nearly $140B and it only crossed the $100B mark late last year. With that kind of fresh money flowing in and becoming more mainstream, its driven up impressive gains over the past few months, I think seeing this as a further means for diversifying into the future isn't a bad thing and I want to see Quicken to prepare for it, so I can remain a loyal customer.

unknown

Personally I don't think much of bitcoin and such so called "currencies". Currencies that loose 25% of their value overnight aren't currencies.

Until they are backed by a government (and big one at that) then they will continue to be pure speculation just like penny stocks.

In truth though what I think doesn't matter, since anyone should be free to post whatever idea they like.

But all your "proof" Quicken Inc should see they are "missing the boat" is probably "wasted".
Just as all the posting over the years by day traders that want to make Quicken into something it wasn't designed for.

Quicken and Quicken Inc are very much going after the "main stream" user of personal finance. And Bitcoin isn't that.

If the support can be put in without much work, maybe it will get in. But I certainly wouldn't hold my breath on it. And as an user of Quicken which can see a lot more features and bug fixes that could benefit a MUCH larger group of Quicken users, I hope they don't spend any time on it.

unknown

Profit YTD = over $200,000 on approx. $15k investment with most of it safely now back into USD bank, stocks and bonds. I hate managing all those transactions for tax purposes manually. Speculative, yes, but timing is everything. - I lived through the tech bubble and have taken those timing lessons and now actively applying for the first time since crypto has the same level of uncertainty today as the Internet in 1994. I saw many people with the same attitude toward the internet back then and look what happened.

NotACPA

"Tulip Mania" all over again. They made huge profits in very short time periods also ... until it all crashed.

There is no ECONOMIC reason for the valuations of cryptocurrencies.

unknown

This reply was created from a merged topic originally titled Quicken import Coinbase bitcoin/crypto exchange transactions.

Just like Quicken can import stock exchange transactions, Quicken ought to import crypto currency exchange transactions. Crypto currencies like Bitcoin, Ethereum, Bitcoin Cash, Ripple, Litecoin, Monero, NEO have become mature and hence popular investments. See https://coinmarketcap.com/currencies/ for the largest currencies. The most popular crypto currency exchanges are Coinbase, GDAX, Kraken, Poloniex, Bittrex (see https://coinmarketcap.com/exchanges/volume/24-hour/ for largest exchanges)

Quicken does not have a way to import transactions from these exchanges. At the moment only https://www.bitcoin.tax/ and a few others can do this, Quicken should do this too. bitcoin.tax does it very well.

The use case is that a person has wallets of multiple crypto currencies on multiple exchanges. Several transactions are made regularly on each of the exchanges. This person should be able to import their transaction into quicken. Drill down to individual txns. Also aggregate their position by currencies. Current market value, profit/loss. Person may also have USD and/or USDTether balances on the exchanges. These should be aggregated also.

unknown

Yes we are all a bunch of whippersnappers. The same thing was said about the printing press, the engine, and the internet.

NotACPA

Your head is buried deeply in the ground.

unknown

Dennis Brookshire "I hate managing all those transactions for tax purposes manually" -
Use bitcoin.tax, it is exactly what you need. It can import transactions from 15+ cryptocurrency exchanges, and calculate tax based on your cost basis. Free upto 100 txns. $20 for 100+ txns. Paid version can also give you comparison of FIFO, LIFO, etc.
Disclaimer: I am in no way associated with bitcoin.tax, just another person who also hates to manage txns and calculate tax manually, and found this to be the best solution around. If you find a better solution, do share it. It will be great if Quicken and TurboTax support this, but I suspect they will take their own sweet time.

NotACPA

There's economic value in each of those inventions. There is NO economic value in cryptocurrencies.

unknown

Are you familiar with block chains? Soon you will use them for all transactions. Real estate, trading cards, cars... I think you will be surprised very soon. I am not suggesting you invest in any ICO, however. I only use my 'entertainment' budget for buying them.

NotACPA

There's no economic value in a blockchain either. What do you believe supports their value ... other than manic hysteria.

unknown

Actually the truth is there probably "will be" economic value in blockchain, if there isn't already. Blockchain and digital currencies are not in the least bit the same.

The main purpose of blockchain is to provide a record that can't be corrupted. There are certainly a lot of uses for that. And those uses provide the "economic value".

In my opinion the problem with digital currencies like bitcoin is one of the things the supporter of it think is an "asset".

As in it isn't a government's currency.

They point to the fact that a government can't just start printing bills for bitcoin.

But this viewpoint forgets the other side of that coin.

All "money/trade" is about the belief in what something is worth.

Sure a government can print money and dilute the value of your money.
But that same government is the reason people trust in the value of the money in the first place. The government is making certain promises that are attached to the currency.

Who backs bitcoin?
Who is going to ensure that your bitcoin is "legal tender for public and private transactions"?

It certainly can't be used to buy food at my grocery store.

And one of the most important aspects of a good currency is stability. And bitcoin certainly doesn't have that.

unknown

BTW I used "digital currencies" in this context and assume people know I'm talking about these non government backed digital currencies.

But I hope people realize that I wasn't talking about "all digital currencies", because of course we are all using digital currencies. All our accounts are pure digital.

bkm

That should be enough to fix the problems I have with Quicken and tracking cryptocurrency transactions and value. I have my cryptocurrencies set up as securities in Quicken, and I manually enter the Price History. So the only piece missing is being able to track all the decimal places.

unknown

The IRS considers e-coins to be property, not currency. Also, the federal government is looking into FedCoins. Just fyi.

unknown

This link will explain a lot to many. There will be many left behind.
https://www.youtube.com/watch?v=YIVAluSL9SU&index=1&list=FLqnDHJBl3xGTosMjyXc4-0A

jr7107

Could suggest tracking net worth of any liquid asset in two ways:

1. Create a customized currency via the Set Up New Currency function. Create an account/deposit/exchange etc.

2. Create a customized "security" tracking your asset to multiple decimal places, using the USD conversion rate as the price.

All of this depends unfortunately on manual pricing the asset or currency, but does allow you for the basic accounting of it. You can load historical "pricing" data if you go the security route.

jr7107

And just stumbled across this useful note:

https://getsatisfaction.com/quickencommunity/topics/using-quicken-to-track-bitcoins

unknown

The whole point of blockchain crypto is that it is not backed by government - hence it's value.

unknown

Look, Bitcoin is no longer a currency, it is an asset, just like gold. Let's neutralize this conversation and talk about how I would track the value of 3 oz of gold I have burried out in my back yard.

unknown

saying there is no value in the block chain is like saying there is no value in an email system. Sure people can't sell the emails in their inbox, but they have value. Email is a tool. Blockchain is a tool. People are correct in believing blockchain will be big in the future. It is another disintermediation via the internet. Yes, if you are investing is sockpuppets.com because they said they will start using the blockchain to sell sockpuppets, then that is dumb. The technology is smart. Cryptocurrencies are not blockchains, they rely on block chains.

unknown

the new US tax laws impose tax on each crypto transfer - not just withdrawing into USD... aside from it being ridiculous, if Quicken is supposed to help users with taxes this needs to be supported. Regardless of their opinions on crypto, if they support it they will be gaining a huge new market of users. Most exchanges have API access - if the app on my phone can feed me my exchange's status, their desktop program should at least be able to do the same

bkm

This is basically what I do. The problem is being able to track all the possible decimal places. Quicken allows up to 6, but I've seen cryptos go up to 9 or so.

unknown

can Quicken 2018 even support various cryptocurrencies with 6 decimal places?? I mean I can't even look up BTC as a ticker.

unknown

Just FYI - i found that tracking Bitcoin is better with the Gemini Index vs NYSE index... here is the ticker in Quicken - INDEX:GXBT (Gemini Bitcoin Trade Price Index)

the reason being that the price updates regularly like a stock ... you can also test them on yahoo

The Gemini Bitcoin Trade Price (^GXBT) - https://finance.yahoo.com/quote/%5EGXBT
The NYSE Bitcoin Index (^NYXBT) - https://finance.yahoo.com/quote/%5ENYXBT

take a look at the one day charts and you will realize what i am talking about. also, you seem the same issue when you pull the historical prices in Quicken and look at the low, high, close, by day

on a different note, does anyone know how track Ethereum?