Bitcoin

[BitcoinPrincess]

Hi

Can anybody tell me about Bitcoin? I keep thinking about putting some money into it, about £500, as I hear/read some amazing things about it?

The problem is I know nothing about it myself and have no clue where to start. I'm worried I'll go to the wrong place to buy, do you have to go through a broker? Does it cost to sell? Is it worth it?

I'm assuming I would put the money in and forget about it for a couple of years, but I've no idea if it would be worth anything then!

Thank you

I have a couple of very tech-savvy friends who are both dead against Bitcoin. I don't have a clue what it is, but them being against it has made me very wary of it!

@Blurp

Interesting, I wonder why that is!

It's probably not suitable for me but I'm curious to know more about it.

Thanks for coming back to me.

Coinbase if you're a total beginner. It charges higher fees but it's very user friendly and basically on the same level as using Paypal or online banking. I think it's definitely worth it and I'm not a tech-y person at all! The easiest comparison is to see as a sort of virtual money, like in video games or in-app purchases in mobile games. You pay real money to get digital money but the biggest difference is that in games your "real" money is gone forever. There's no chance you can sell your gems or diamonds or whatever back to the app store for cash. However crypto is exactly the opposite. You hold onto the virtual money for the chance that it might grow in value and you can sell it back to the company anytime you want for real money. Of course, this is very simplistic but it's a way of seeing it that takes away a lot of the jargon and gatekeeping that the crypto community seems to exude.

I did exactly what you described in 2015. Bought some Bitcoins just to see if it was worth the hype and then I literally forgot about it for years. I checked back in 2017 when the first rise started and was shocked to find each one was worth thousands. Long story short, I still have them and it's now enough to pay off our mortgage. Though I'm obviously still holding onto mine to see how much further it goes!

PS. I would be a bit skeptical of what "techy" people say about Bitcoin. The ones who are most vocal about it being a bubble and a scam are usually simply jealous they missed out. Nobody who bought Bitcoin years ago has any doubt that it's a scam.

I use a banking app called Revolut because it’s really straightforward to buy and sell and to track how much you have. I’m sure you already know but Bitcoin is really volatile and constantly up and down- it gets a bit obsessive watching it rise and fall!

Etoro is very user friendly

Among other "mechanisms" I use mode
Its incredibly easy. If you want a referal PM me (you get a £20 Top up on a £100 deposit)

I do not think it's a scam neither do most of my coworkers (I work in big tech)

18.5m of the total 21m Bitcoin have been mined now is a great time to get in.

I’m following as interested in this

I'm not sure i agree that now is a good time to get in. The price is at an all time high, even if it managed to go from where it is now ($60k) to its max projected $100k you won't even double your money, let alone make thousands but you risk losing it all if it crashes. The time to invest was two or three years ago, your best bet is to pick a newer much cheaper cryptocurrebcy but that's risky too.

I wouldn't listen to anyone telling you not to invest, I assuming you can afford to lose £500 as never invest what you can't afford to lose.

Bitcoin is predicted to potential go into the millions in the future , it's a chance definitely worth taking. It may well fall dramatically but it will most likely rise substantially.

I would definitely put your money into it, then forget about it for the next 5 years. This needs to be a long term investment.

Thanks so much to everybody who replied.

I am prepared to take the risk of £500 and forget about it. I won't obsess as I think you could go mad. Would it be worth adding say £30 per month to the coin, can you do that?

Silly question but Bitcoin sounds like it's one type of Coin? Are there others out there that might be a more savvy buy that aren't as over inflated? Again this is an assumption based on the replies!

Thank you!

With a digital wallet you absolutely can drip money in monthly.

In terms of crypto Etherium isn't a bad shout. It's one of the better known ones - my investment has more than doubled I expect it to move on significantly still.

Or put the 500 on the 2.30 at Cheltenham.

When you buy a % of Bitcoin, who is actually selling it? Where does the money go?

Or you can make it yourself, though its not environmentally friendly.

I’m not technical at all but I use it.

My DP is very into it. He buys and sells at the right time and makes a profit usually.

He made £2,000 just before Xmas on good trades and a other £200 a few weeks ago, that I am aware of. I have some in an account paying 8% interest if you don’t touch it for 3 months, plus the potential for the coin itself to increase so the 8% will be paid on that increase.
Also, use a bitcoin card to pay for everything gets me cash back on every purchase. Was 10% in supermarkets, including their fuel for a while....... also get free Spotify and net flicks with my DP’s card.......

@MiaMc

When you buy a % of Bitcoin, who is actually selling it? Where does the money go?

The manufacturer ie miner gets paid for creating blockchains. They are mathematical building blocks needed to validate some transactions seamlessly in a digital world. For example paying a bill via the bank or tracking meat from the field to the supermarket shelf are transactions that happen quickly without human intervention and can be secured and made possible with a blockchain. There is a better explanation on Wikipedia, though I am not sure what happens when the 21m capacity is reached....

But 99% of people who trade in Bitcoin do so without knowing what it is. So, good question.

Who actually uses it?

I've always thought it iffy by association.

Used by paedos on the dark web and all that.

Happy to be re-educated

Also can you invest really small amounts say 20 pound.

I'm not bothered about making millions just enough to have a few thousand in the bank one day

I've downloaded Revolut and going to start using it today!

I'll give it a go and it looks like you can spread the coin over different types with this app?

Thanks for all your thoughts and I know it's always a gamble but on this I'd rather give it a go than not!

I own £30 worth via my Revolut account. I don't think you technically own the bitcoin when you buy it via Revolut and Etoro, they do. But if you want to spend your gin money on some for entertainment that's fine. But I wouldn't invest anything you can't afford to lose.

I have a friend who invested a few years back (10k I think) and his portfolio is now worth 40k. I would never invest. Far too risk adverse. My friend has money he is prepared to lose.

@BitcoinPrincess

I've downloaded Revolut and going to start using it today!

I'll give it a go and it looks like you can spread the coin over different types with this app?

Thanks for all your thoughts and I know it's always a gamble but on this I'd rather give it a go than not!

We also have shares in revolut so the more users the better

Good luck and enjoy!

@JackieWeaverFever

Thanks! If I need any help I'll DM you!

thanks for info