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?

Vitalogy, you only need to be a premium member to buy cryptocurrency.
It's free to open and to use it to send money from your bank into it, change currency (I change mine into euros to send into Coinbase) and also free Sepa payments.

I use gdax to trade (only small amounts whilst I am learning the ins and outs) and can set it to buy currency at a set price and then also to sell at a set price.
There are no fee's to do it this way.

I mentioned lite coin earlier! My wallet has 326 in only a few days.

@endofthelinefinally absolutely I was being sarcastic - I find it very worrying that inexperienced traders/investors are flocking to crypto and are all expecting to make money.

And I expect experienced crypto traders and loving the surge of inexperienced newbs who are pushing up the pyramid pricing.

I'm not trading fluffy and I'm not betting the family silver, it's a little gamble and exciting to be part of

It doesn't get a little over bearing when this has to be repeated all the time that it's a bubble etc.

Posted in the thread earlier about how we sold our 10 BTC last year when we needed to access all of our money. We'd have £130k if we'd been able to keep it in 😩

Still, my husband was throwing in the odd £200 here and there, and we put in £2k a couple of weeks ago - more than doubled our money as of right now.

The thing you have to remember with BTC is that the supply is limited enough that people selling their large supplies or lots of people selling when it reaches their target price will crash the price somewhat. If you look at the recent fluctuations, there's sell activity once it reaches a certain price, then everyone floods in to buy more at the lower price and it rises again.

Based on our experiences a few years ago, my advice would be to stick with a major coin (BTC, litecoin, or Ethereum looks interesting) and leave it there. Trading in and out is far riskier. I do think the current growth of BTC is not sustainable longterm but that doesn't mean it's going to massively plummet. Too many people who know the deal are ready to get back in whenever there's a price drop, and up it goes again. Just don't see a drop and panic and get out unless that drop is sustained over a considerable period. In the last few days there's been a nearly £3k variation in price. Hang in there!

I've only been interested in in this is the past few days and even I can see this 😂😂 ie not panic and sell.

I’m not happy about the influx of new inexperienced buyers at all. This price surge isn’t a good thing unless you are planning on selling imminently. All that’s going to happen now is that the inevitable crash will be exacerbated by people who bought high, panic and sell low. Coinbase actually suspended Litecoin trading earlier as the price was skyrocketing. Trading is now back up and the price is off its peak which I see as a good thing. Too much too fast is not good and I doubt anyone in it for the long term would disagree.

I’ve been intrigued by bitcoin but never dared buy as I don’t feel I know enough. I’ve read about buying a share in a mine that promises profits of 13k for a buy in of a couple of hundred pounds.
I’m assuming this is a scam but does anyone know for certain please?

Well I'm relatively inexperienced and I've made £66 today. That's about £30 less than I made at work as a nurse.

Everyone starts off as inexperienced, surely?

Just to add to that, if I wasn't at work today and had more time to faff with it I could have made more - probably more than I made at work.

Noofly don't advertise it on threads like this then two of us brought because of it and I brought lite coin for exactly why another commentator said.. We went to coinbase website, saw that litecoin was the lowest of the three and brought it, along with the futures thing it made price go mad

It's already been pointed out up-thread by someone else, but I'll say it again: if you're buying bitcoin to make money, where do you think that money is coming from?

If you do end up in profit, every pound you make will be a pound someone else has lost.

(By contrast, this isn't true of the stock-market. On average over time the returns from shares are paid for by company profits.)

Fire - not nessarily, some people just decide to sell once they've made a certain profit. It doesn't mean they've lost money. I sometimes sell at a certain price and then the price goes up ... so whoever bought mine can cash in at a higher price.

Can somebody advise which app/website is best for someone starting out please?

I’ve been following the cyrptos (just the ones on bitcoin) since August, and I find the whole thing fascinating. I’ve also made a few quid!

Raging that I cashed out my litecoin but I guess thats a rookie error* and I put the money into bitcoin which has done well.
This is an area I’m going to study in 2018.
*I’m only playing for fun. For now...

Jade, many beginners use coinbase. More seasoned people seem to move off it after a while as it crashes/suspends during mad peaks. But just to get a feel for things starting out, it’s simple enough to use.

I'm not trading fluffy and I'm not betting the family silver, it's a little gamble and exciting to be part of

Good - that is a fair attitude. Just worried a lot of people seem to think it is foolproof and a sure thing get rick quick scheme.

You’d want to be mad fluffy to throw the farm at something you hadn’t a bulls notion about

I think we are all sensible adults on here - anyone who thinks anything is a get rich quick scheme needs more than a stern word on here

Fire - I dont understand that,.

As PP said - people sell and people buy! There are an awful lot of puppet masters out there controlling this as much as they can for their own ends, we are just little minows in their wake really....as long as no one is betting family savings then if we make some money brilliant! BUt I have no doubt that there are far larger strategies at work here - we are being played all over the place with this.
This isn't marks and spencer going down a bit and needing to do a b and c..these are highly qualified experts playing a much higher game for far higher stakes.

Fire, that's inaccurate.

People are making money because people are buying it for a higher price than they did. If I buy a house for £100k and sell it years later for £300k because that's the market value, those people haven't lost £200k - they still have an asset that's worth what they've paid for it.

There are an awful lot of puppet masters out there controlling this as much as they can for their own ends, we are just little minows in their wake really I thought you were talking about the powers that be and regular currency then .

I'm not at conspiracy theorists but this group is much smaller.