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

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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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.
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.
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.
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.
There is no ECONOMIC reason for the valuations of cryptocurrencies.
Now running Quicken Windows Subscription, Home & Business
Retired "Certified Information Systems Auditor" & Bank Audit VP
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.
Now running Quicken Windows Subscription, Home & Business
Retired "Certified Information Systems Auditor" & Bank Audit VP
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.
Now running Quicken Windows Subscription, Home & Business
Retired "Certified Information Systems Auditor" & Bank Audit VP
Now running Quicken Windows Subscription, Home & Business
Retired "Certified Information Systems Auditor" & Bank Audit VP
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.
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.
https://www.youtube.com/watch?v=YIVAluSL9SU&index=1&list=FLqnDHJBl3xGTosMjyXc4-0A
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.
Quicken Forum/Community Contributor since 2005.
https://getsatisfaction.com/quickencommunity/topics/using-quicken-to-track-bitcoins
Quicken Forum/Community Contributor since 2005.
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?