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AIBU?

Share your dilemmas and get honest opinions from other Mumsnetters.

To ask if anyone dabbles with bitcoin?

899 replies

MollyWantsACracker · 23/08/2017 13:34

Disclaimer: I am totally clueless

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

Anyone else?

OP posts:
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11
Vitalogy · 08/12/2017 16:59

Well, it'll be one week tomorrow since I bought £100 worth of Bitcoin, it's now at £134. Xmas Shock

Sanshin · 08/12/2017 17:01

Vitalogy, is that with active trading or just the natural value increase? If you'd put a grand in you would be looking at £300+ profit in a week. Mind boggling isn't it!

Vitalogy · 08/12/2017 17:10

@Sanshin £134 something is my balance.

Noofly · 09/12/2017 08:36

Forget Bitcoin, my Litecoin is up 75% on yesterday. Shock

Noofly · 09/12/2017 08:37

Sorry, on last week! Up 31% on yesterday!

Sanshin · 09/12/2017 09:54

I'm currently trying to flog my bitcoin as price is dropping! Anyone want to buy some bitcoin? £1300 😂

AlbusPercivalWulfricBrian · 09/12/2017 11:45

Forgive me for being very naive, I have no idea what I'm doing, I just bought £20 on a whim... But how do you trade in order to make money? Is it just selling them when the value goes up then buying again when they go down?

Sanshin · 09/12/2017 11:48

What are you using to trade albus? Basically set a limit to buy around £200 less than its currently worth - once you have them set another limit to sell for around £200 more than what you paid. But on £20 you won't see much difference unfortunaly, maybe a few pence at most. You need £100 at least to make it worthwhile.

Sanshin · 09/12/2017 11:49

DH has made £100 this morning on his. Mine is still stuck at a loss.

NannyOggsKnickers · 09/12/2017 11:53

My friend, who know a lot about this, seems to think that ETH is the long term future of crypto. There are coding issues with the Bitcoin network that makes it unsustainable long term. Good for short term gain for now though.

TittyGolightly · 09/12/2017 11:54

DH has made £100 this morning on his. Mine is still stuck at a loss.

Brilliant. You can cover your outstanding hotel bill with that!

Sanshin · 09/12/2017 11:57

Titty, I've already told DH I'll be doing that, he's hoping to make another £100 this afternoon to cover it 😂

MollyWantsACracker · 09/12/2017 12:01

I bought in around 330e when btc was around 4k and now have 1100e
Not sure whether to hodl or not....!

OP posts:
Noofly · 09/12/2017 20:51

It’s been a bit sad today on a sort of downwards drift. The first US futures option is supposed to be launching tomorrow so it’ll be interesting to see if it adds pressure to continue the downward trend next week.

Nanny I suppose it depends on how you see Bitcoins future role. With Litecoin’s upcoming atomic swaps, my current bet is that Bitcoin will be used as storage while Litecoin will develop as the actual currency. Ethereum has a different purpose and isn’t really a direct threat to Bitcoin- more a parallel existence. I own all three in an attempt to diversify and in hope that at least one survives long term. Grin

Zevitevitchofcrimas · 09/12/2017 21:37

It got lite coin and bitcoin and also want to buy someone e coin.

I want ti buy more of all three but mostly litecoin and e and perhaps one of more that is dirt cheap at the moment.
I brought lite coin recently and it's up by 40 pounds

Noofly · 10/12/2017 08:31

And here’s the correction.

Noofly · 11/12/2017 06:43

And whoosh, with the launch of futures, it’s away back up. Crazy.

KettleOn919 · 11/12/2017 08:32

Another clueless person here who is interested in chancing a modest amount!

I'm a bit confused about the actual procedure though. I've read that if your bank finds out you are dealing in cryptocurrency they are likely to close your account. But surely if you are using an exchange your bank will know immediately, because your account will be linking to the exchange name? Especially if you are buying and trading several times a day, as it seems some of you are.

Also, can I ask where you are storing your coins? Do you have an external wallet, like Trezor, or something online? Do you need a separate wallet for different currencies... like, one for Bitcoin, another for Litecoin etc.?

Not quite feeling confident enough to dip my toe in the water... yet!

Vitalogy · 11/12/2017 09:15

£142.63 from buying £100 on the 2nd of Dec 17. Bitcoin btw.

Cinnamoncookie · 11/12/2017 09:34

Degustibus, I read to the end of the thread to see if anyone had posted that article, but everyone seems to have ignored you.

Just to remind those who are whopping about price rises on their bitcoins etc, just remember what you're doing to the environment:

Quotes from the article:
"Simply put, bitcoin is slowing the effort to achieve a rapid transition away from fossil fuels. What’s more, this is just the beginning. Given its rapidly growing climate footprint, bitcoin is a malignant development, and it’s getting worse."

"Today, each bitcoin transaction requires the same amount of energy used to power nine homes in the U.S. for one day. And miners are constantly installing more and faster computers. Already, the aggregate computing power of the bitcoin network is nearly 100,000 times larger than the world’s 500 fastest supercomputers combined.

The total energy use of this web of hardware is huge — an estimated 31 terawatt-hours per year. More than 150 individual countries in the world consume less energy annually. And that power-hungry network is currently increasing its energy use every day by about 450 gigawatt-hours, roughly the same amount of electricity the entire country of Haiti uses in a year."

Full article here: grist.org/article/bitcoin-could-cost-us-our-clean-energy-future/

I try to be 'green' if I can, like most people I guess, (I still fly when I'm going on holiday!), but there's no way I'd invest in Bitcoin for simply this reason.

PoppyThorpe · 11/12/2017 09:36

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Zevitevitchofcrimas · 11/12/2017 10:01

Just coming on to the say it's boosted again by futures thing. I'm reading loads about it now and finding equal negative stuff to positive.

It's fun to be part of the bubble though

Vitalogy · 11/12/2017 10:01

Then there's the environmental impact that making/processing/managing regular currencies has.

Zevitevitchofcrimas · 11/12/2017 10:01

Just coming on to the say it's boosted again by futures thing. I'm reading loads about it now and finding equal negative stuff to positive.

It's fun to be part of the bubble though

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