To ask if anyone dabbles with bitcoin?

[MollyWantsACracker]

Disclaimer: I am totally clueless

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

Anyone else?

What app do you guys use?

I want to have a play...

Is coinbase any good

Sanshin your dh should be helping you, not getting cross.

Regarding the issue with the banks being funny with dealing in cryptocurrencies, what about linking a paypal account for payment to go through that, can't remember if it just says paypal on bank statement or the company too.

I have downloaded Revolut which is like an online banking app, it's free and you can transfer funds from your bank, exchange info Euros for free and also do free SEPA payments.
They have just opened up buying Crypto from the app but you have to be a premium member which costs about £7 a month and you can't move it to a different wallet.

So, Vitology, like You I brought some bitcion and litecoin last week.

So I had to pay the 3 pound fee.

In less than a week I know have £366 in my wallet.

I am staggered. I knew I should have brought the litecoin and not the bitcoin! I am staggered.

What I can do with it apart from watch it I dont know, I have no idea how to sell it, I brought it to watch it and see what happens.

This is the best form of gambling!

Isn’t the concern about banks outdated? I could be wrong, but I thought UK banks were OK now. When I bought in 2012, Barclays, for example, wouldn’t touch Bitcoin related transactions, but Santander would. I’ve never had any problems with BoS.

I used nationwide and it seems fine.

Noofly, you seem knowledgeable on this. If I want to invest as per article a few posts ago into the tech behind it - into the company shares do I ask HL eetc to do this or do I need to find the companies first and tell them what I want to invest in?

I've been hearing about bitcoin almost everyday from my social media newsfeed and everywhere. What's the fuzz? Is this a new investment of the 21st century? Are the returns really good?

Zevite I don’t know anything about Velo Tech itself other than the fact that it invests in high tech companies, including companies involved with Blockchain. That in itself makes it a high risk investment which comes with the usual caveats of understanding exactly what you are purchasing, being aware of the risk and not investing more than you would be happy to lose etc.

For share purchase in general, I use HL because I like its setup but my understanding is that it is very expensive compared to other platforms. You would need to set up an account, then purchase shares in whatever company. There are charges involved so you would need to make yourself familiar with these to ensure it’s worth the purchase (e.g. I think their dealing charge for infrequent traders is £11.99 maybe? Something like that...)

Well I'm starting a new strategy with mine. I'm going to hold it until end of January and then cash in and pay my credit card off. DH is doing the same and but paying for our holiday next year with his. Hoping to god the price doesn't crash back down!

Sanshin - that’s a risky strategy.

Titty, do you think I should carry on day to day trading?

I am not an expert but I have been advised to hold on for the long term now.
The important thing is to look at the percentage rise/fall. Not the dollars.
It will be a bumpy ride. Always sell high and buy low.

Day trading requires a lot of expertise and experience.

Day trading is just gambling really. If it was a matter of skill or knowledge them someone would programme a machine to make billions.

Always sell high and buy low.

LOL! Of course, thank you! So simple.

Now... please tell me why not everyone makes money from the stock market / trading...?

Because some people don't follow the very simple rules.
Some people are not very good at it.
Some people are inexperienced.
I assume you are being sarcastic fluffy, but there are an awful lot of people who have lost money due to the above.
The friends I take advice from have made huge amounts of money from cryptocurrency and all of them have spent years learning about it, following it, reading everything they possibly can about it. Every transaction they make is made with great care.
There has to be a correlation between their diligence and the profits they have made.

Agree with endof, it's not as simple as but low sell high.

At the end of last week I put £1300 on bitcoin which was trading at £12890. I had predicted it would raise in value to £14k. By Sunday it was valued at £11300 and predicted to drop further so I panicked and sold what I had at a loss of £150. Almost immediately the price jumped back up to £13k.

If I'd waited, I wouldn't have lost any money BUT it COULD have dropped down to £9k and I would be even further out of pocket.

If it was easy to predict you could well say buy low, sell high but the problem with bitcoin is it is near on impossible to predict.

I could buy now at £13k value but who knows if tonight it will be sat at £14k or £10k? The point is, you don't know what is high or low with bitcoin until you do it, that's why it's a gamble.

(I've just made £33, bought this morning at £12800 and sold just now at £13150).

No matter how much experience you have there is a black swan every so often and many so called experts lose everything. Markets are unpredictable. Bitcoin the way to make money was to just buy when you knew a surge was around the corner.

I'm still managing to make around £50 a day to be fair but sometimes, it will all go wrong and I'll lose 3 days worth of profits. Other days it will go remarkably well and I'll make £120 in a day but you never know.

That banking app does sound good but I'm as tight as a drum I'm not paying £7 a month to be a premium customer. I'll just see how it goes I think. My building society will let me know soon enough if they aren't happy . Hopefully they don't bother now like you say.

Slightly OT, but if anyone else follows other cryptos, have a look at Litecoin. My Litecoin has doubled in price since yesterday . Absolutely crazy. Even it’s founder has said it’s crazy and to watch out for a crash. I’m finding it all mind boggling.

Just cashing some out now.

Litecoin doubled wow!

Useful tool, if you're really interested

gekko.wizb.it/docs/introduction/about_gekko.html

Personally, I'd steer well clear of anything "automated". But for backtesting strategies, it can be fun.