Track Bitcoin (BTC) and other Cryptocurrency accounts in Quicken (40 Legacy Votes)

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Comments

  • Rich NRich N Member
    edited January 2018
    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
  • bkmbkm Member
    edited January 2018
    jr7107 said:

    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.

    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.
  • Clark KentClark Kent Member
    edited January 2018

    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. 

    can Quicken 2018 even support various cryptocurrencies with 6 decimal places?? I mean I can't even look up BTC as a ticker.
  • EarthEarth Member
    edited January 2018
    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?
  • Joseph ArdenJoseph Arden Member
    edited February 2018

    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. 
  • SteveSteve Member
    edited February 2018
    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.
  • NotACPANotACPA SuperUser ✭✭✭✭✭
    edited October 2018
    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.
    Q user since DOS version 5
    Now running Quicken Windows Subscription
    Retired "Certified Information Systems Auditor"
  • SteveSteve Member
    edited February 2018
    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.
  • NotACPANotACPA SuperUser ✭✭✭✭✭
    edited October 2018
    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.
    Q user since DOS version 5
    Now running Quicken Windows Subscription
    Retired "Certified Information Systems Auditor"
  • lairdblairdb Member
    edited February 2018
    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.
  • splashersplasher SuperUser ✭✭✭✭✭
    edited October 2018
    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.
    -splasher  using Q since 1996 -  QW2016, 2017 & Subscription  -  Win7/Win10
    -Questions? Check out the  Quicken Windows FAQ list

  • QPWQPW Member ✭✭✭✭
    edited October 2018
    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.
  • lairdblairdb Member
    edited February 2018
    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.
  • edited January 12
    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.
  • edited January 12
    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?
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