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To ask if anyone dabbles with bitcoin?

(900 Posts)
MollyWantsACracker Wed 23-Aug-17 13:34:16

Disclaimer: I am totally clueless

I bought a few euro worth today, just for fun really

Anyone else?

DomesticDisgrace Wed 23-Aug-17 13:36:44

A friend of mine is up nearly a grand having put 1000 into ithereim (sp?) and 500 to bitcoin!

TimetohittheroadJack Wed 23-Aug-17 13:38:16

How do you buy them? Do you just got into the bank with cash?

astoundedgoat Wed 23-Aug-17 13:43:29

You buy them through one of the exchanges online and keep them in a "wallet" app online/on yr phone. We're planning to invest in Sept, also Ethereum.

endofthelinefinally Wed 23-Aug-17 13:47:50

Please do your research and get proper advice.
Cryptocurrencies are a good investment but not for the clueless.

FittonTower Wed 23-Aug-17 13:49:11

My only experience with them is a friend who is heavily into mlm nonsense has just started on about Bitcoin. She posts about it in the same style as her forever living nonsense which makes me very sceptical. I could be being very unfair though.....

FittonTower Wed 23-Aug-17 13:53:21

And I did a quick Google of where you could spend them the other day and there are only 4 places in my (pretty large) city on the first list I found that accept them. One of those places is actually another friends shop and when I asked if she accepted them she said "do I bollocks" so I think it's just mainly buying and selling on line rather than a workable currency at the moment.

endofthelinefinally Wed 23-Aug-17 14:03:01

HMRC have now brought in their expectations for recording trades and paying your tax in relation to cryptocurrency trading so make sure you get proper advice and record all your trades.

endofthelinefinally Wed 23-Aug-17 14:03:41

They are legal tender in parts of SE Asia.

MollyWantsACracker Wed 23-Aug-17 14:32:44

For me it's just a bit of curiousity. I set up an account and threw a few euro in, split over bitcoin, ETH and LTC (which I think are Alt coins?)

I would argue anyone who would plunge their life savings into something they were totally clueless about shouldn't really have the access to the funds! Might as well chuck it all on a nag in the 3.20 at Epsom...

I think it's all really interesting - a whole new way of operating (and divesting power from the Banks whom I loathe with a passion).
I'm planning to learn a bit more about it.

SunnyTunny Wed 23-Aug-17 14:58:10

Good luck with your dabbling! My DH biggest regret is selling his Bitcoins. Had he kept them his little stockpile would be worth 50k today, but unfortunately he sold them when we moved to cover solicitors fees. He largely "mined" them himself on a server he kept under our bed! Almost impossible to do these days as it takes so long to even get the one (and our electricity bill was brutal).
I would also suggest looking at Litecoins. They're not worth as much as Bitcoins, but Litecoins are more of a currency, in that people spend them more freely so if you wanted to move away from traditional banking these might suit you better. Bitcoins are seen more as an investment, like gold ingots rather than tender if that makes sense.

user1472206348 Wed 23-Aug-17 15:03:06

my husband does it, records the inflation (hourly sometimes) it went "crazy" last weekend and so was subjected to an all day discussion about it, where he put more in. to him its a bit of fun and he's only making small profits daily.

I would be more interested if he got enough to buy us a house lol hmm

aintnothinbutagstring Wed 23-Aug-17 15:15:39

My dh also does it as a bit of a side business, he studies it quite a bit though. Not sure if it's MLM as he's not interested in selling it to anyone or encouraging others into it, only talks about it with his friend who also invests in it. I tend to switch off when he goes on about it as it is monumentally boring but he's made money out of it so hey ho.

CabernetSauvignyoni Wed 23-Aug-17 15:17:55

Fairly heavily - My partner and I have a side business day trading BTC, and we have investments in about 7 other currencies. He's the brains behind the operation though!

coffeeslave Wed 23-Aug-17 15:29:23

I work at a bitcoin/blockchain company but I don't use BTC much if at all. I have a wallet that my CEO insisted I get so she could repay me some expenses in BTC but I haven't used it beyond that!

Brittbugs80 Wed 23-Aug-17 15:35:28

My only experience with them is a friend who is heavily into mlm nonsense has just started on about Bitcoin. She posts about it in the same style as her forever living nonsense which makes me very sceptical. I could be being very unfair though

Snap! Wonder if it's the same friend?!

There's definitely a MLM link to them. When I asked her about it, rather than answer me online, I got the standard, "message me Hun".

From what I understand, she takes a cut somehow and teaches how to mine them and then tells you where to invest?!

I've no clue.

coffeeslave Wed 23-Aug-17 15:40:42

Bitcoin in itself isn't MLM, in the same way mascara or candles aren't MLM, but I think they're being used as the latest MLM "thing" by some unscrupulous people

endofthelinefinally Wed 23-Aug-17 15:42:13

Absolutely no connection to MLM.
This is why it is important not to get information from people who know nothing about it.

endofthelinefinally Wed 23-Aug-17 15:45:42

What I meant was avoid anyone who seems to be using a MLM structure.

I made 800% on my bitcoins a few years ago, which I was happy with. But I wouldn't buy them now because they are too expensive for the average investor.

coffeeslave Wed 23-Aug-17 15:56:30

They can be useful for things other than investing. The company I work for is working on making them an alternative to Western Union/similar money transfer outfits

endofthelinefinally Wed 23-Aug-17 18:22:10

That is the next logical step coffeslave.
It is very exciting.

Titsywoo Wed 23-Aug-17 18:26:10

We've been mining them for years. Sadly we sold a load last year when they were at about £1k each. We still have some though and are holding onto them for now. Also mining bitcoin cash and ethereum now. It's certainly good money at the moment!

endofthelinefinally Wed 23-Aug-17 20:48:06

1 coin is worth £4,200 now.
They started at £7.

HungerOfThePine Wed 23-Aug-17 20:59:04

I had an xp buy a few when we were together like 3yrs ago so maybe they are worth something more now, not sure as I never took an interest but he left me the details to the account alongside some gold. Nice guy

Think the ship has sailed on investing in it's infancy and getting a big reward, I'm assuming it's a steady thing now where investment won't get as big return atleast not as often.

endofthelinefinally Wed 23-Aug-17 21:09:03

Yes. You need to be monitoring daily, trading for dollars and buying and selling a variety of currencies.
Not for dabbling tbh.
I only know what I have learned from a friend who is an expert and has advised me in the past.
For my friend it is a full time job.

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