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I thought I read somewhere that Bitcoin is tracked to 8 or more decimal places, e. Rocket J SquirrelSuperUser. Powered by Get Satisfaction. Community powered support for Quicken.
Community Home Quicken for Windows: Managing Investments - Windows Quicken for Mac: Managing Investments - Mac. Using Quicken to Track Bitcoins.
How to set up Quicken to track bitcoins and others soon, well maybe. Like many of you, I ended up here trying to find the answer of how to track Bitcoin's with Quicken. I'm using Quicken but have been a long time user of the program. Here's how I did it and it works! First - create a new investment account to reflect your bitcoin wallet.
While I can't take full credit for this solution, I was trying to add the Index XBT as a security or to Quicken when I got frustrated and decided to use chat help from Intuit. All 13 Replies Popular. I have just started buying a couple of small lots of Bitcoin and your workaround was very helpful. At least now I can monitor the portfolio thru Quicken. Maybe as you make new discoveries like this you might keep me posted? How does tracking Bitcoin work for you?
Quicken only tracks to 6 decimal places, and some cryptos can go up to 9 or so decimal places. Quicken is lacking in this department. I don't want Quicken to lose any info, so I track my cryptos as millionths of shares so I can have Quicken track all my decimal places properly. There are still limitations with this method, but it has worked so far with me. Getting a picture of Net Worth is a little trickier, however. When I enter Price History for a crypto, I have to divide its value by If Quicken simply allowed more than 6 decimal places -- maybe up to 12 or so -- that would fix all my problems.
They're the modern version of "Tulip Mania". That's a nice opinion, but the market cap of cryptocurrencies does tell a different story. Makes more sense than excluding useful features. James Martini 80 Points. Gotta love it when these Luddites continue to try to tell us it has no reason to be.
And even better when they pawn off Jamie Dimon's quote as if it were his own. Although with the new VC group, I'm not happy at all.
Since they took over I had to go back three times and load old backups. Waiting for them to drop the hammer on all of us and try to force us to go online.
In the mean time, dying for a few extra decimal places. Its shouldn't take up that much space. If the numbers were stored as text there would be no additional space required in theory.
Only store the digits required up to a limit. And if course compress the data file to save space. If you have an account at Coinbase, you can create a Quicken checking or savings account using "Coinbase - Bitcoin Wallet" as the financial institution. I don't, so I can't speak to how well this works. I use a simple manual brokerage account and use the NY bitcoin Index to follow the price of bitcoin.
Use the Index Security: It downloads quotes as far as November I tried to use Coinbase setting on quicken, after generating the Secret API keys from Coinbase, but my accounts or my transactions were not downloaded. I tried the same as here: Did it work for any of you? Matt Salo Points. I would think that if Quicken devs could just change the share qty field to allow 8 decimal places, this would all be solved pretty quickly. Seems like an easy fix to me and I'm an IT guy.
I use quicken for stocks, etc Would love to be able to do it in Quicken like everything else. OSO Aguilo Points. Do we have an estimate? SO, don't hold your breath. I just entered in an idea for Quicken to support Crypto Tracking. Why don't you guys send it some votes and see if we can get traction. Jhen Yen 60 Points. Like using ethscan or something of that nature.
It would also be helpful to link to any of the major exchanges if that is possible. Especially from a tax point of view. Also physical gold and silver tracking would be helpful too. Walter Kraslawsky Points. Six digits is not a big issue right now since a rounding error to the nearest 0.
A bigger issue is that we are all in a global economy that now adds cryptocurrencies to the old fiat currencies. Last night I bought The problem is that there was no "right" answer. Hopefully the Quicken development team is aware of these issues. SherlockSuperUserPoints. IRS hasn't clarified, but most of what I've seen suggests that crypto is not eligible for section treatment, so you should be entering it as a sale to USD at FMV and a purchase for the same amount.
I am not your tax advisor. My problem in Quicken is determining the fair market value for each coin traded while daytrading directly from one coin to a different coin. I am tempted to just use the last price available in the price history no matter how old that is rather than trying to update the price history to the current price to show the current FMV when selling it.
Noting once again that I am not your tax advisor or anyone else's ; I don't think using a stale value would fly if examined closely. My own choice is to note the current exchange quote for USD at or near enough the time of trade, and then record it as sell crypto for USD even if multiple lotsthen buy other-crypto for same USD. I think that would hold water as a reasonable approach.
I don't have a MAC. NYXBT symbol as shown above. This conversation is no longer open for comments or replies.
