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?

Disintermediation.

The point of crypto currency is to cut out banks.

Cryptocurrencies undermine our current financial system. Why anyone would be willing to support that for the sake of making themselves a few quid is baffling.

A financial system where banks create money out of thin air and an economy built on debt? Why anyone wouldn’t want to revolutionise that is baffling to me...... unless of course they’re a banker!

Just be careful and as with all investments do not invest more than you can afford to lose.

A year or so ago bitcoin crashed from over $1200 a coin down to a few hundred per coin. This could certainly happen again.

Whilst anyone who has bought in this year has made a good return on their investment it is almost certain that at some point it will go down.

Buying in now when the price is at an all time high as it is is pretty risky and far from a sure thing.

This thread is interesting, live example of "the madness of crowds."

My brother is doing this and has made 9 grand so far. His friend has stopped work to do it and is loaded.

I don't understand really why. And would be terrified of the risk!!

Ive started with bitcoin just a small amount and im keeping an eye on it. Im not going to put in £££ just a nominal amount that i can afford to "lose" in a sense

I have a wallet somewhere I have lost the logins to and the backup file. I think it's in an old yahoo account that for some reason yahoo have now bloody closed.

I have 10 bitcoins in it I bought when they went up on reddit. They have probably been raided years ago but I would like them back if I ever could but Yahoo wont help me sort out the now defunct email. So I'm screwed.

I just know they were there. Like a dream a long time ago

Cryptocurrencies undermine our current financial system. Why anyone would be willing to support that

Our current financial system is terrible...

A financial system where banks create money out of thin air and an economy built on debt? Why anyone wouldn’t want to revolutionise that is baffling to me...... unless of course they’re a banker!

A financial system that we are all entwined with with our mortgages and our pensions. It might not be perfect but it's not something you can suddenly get rid of.

A system where there is no trace of transactions made and no security is hardly revolutionary. The people at the top who are benefiting from this are in any case as bad as the bankers if you want to put it like that.

And cryptocurrencies are a prime example of money created "out of thin air".

I bought bitcoins years back when they were £10 a coin. We have a very lonely thread over in the Money section if anyone wants to join the discussion.

I also own Ethereum and Litecoin. I’m hanging onto all of mine at he moment, but may sell a few within the next 6 months or so. When I first bought them I was mocked and mocked and sneered at by anyone I mentioned it to.

I don’t think I’m comparable to being as bad as a banker though.

And cryptocurrencies are a prime example of money created "out of thin air".

Like all currencies, since the gold standard was dropped.

I don't get this because surely if your bitcoins are now worth 8,000 + quid each surely everyone would be selling them off and running to the bank.
Hence it doesn't quite square up.

I have some share investments and one thing that is always true is that once a company share is in the public eye eg recommended in the Daily Mail or Telegraph Money pages then it's too late to buy. The bounce up in price has happened and if you buy you're more likely to suffer a loss once those who bought early sell theirs (as the price is now high). So I am very suspicious about the publicity about this - it can suck in 'punters' who will be stung when the price falls suddenly.

On the other hand for the first time ever everyone in the world who has lots of bitcoins will be millionaires

it's the blockchain element of cryptocurrencies (i.e. the bit far fewer understand) that's more intriguing. Here to stay.

I’ve not had any sort of problem with my bank. I used a credit card on Coinbase to buy the Ethereum and Litecoin. I also switched some of my SIPP into XBT over the summer via Hargreaves and that was seamless and an option for anyone who doesn’t want the security hassles of direct ownership (though XBT is obviously just as if not more risky than holding direct!)

Melony6 There’s no way I’m selling my coins yet. I suspect we’ll have a massive correction (40-50%) sometime in Q1 2018 and that will shake out lots of “me too”buyers who will panic and sell. I’m in it for the long run and have already watched it dropped from £800ish to £140ish.

I don’t know if Bitcoin will last long term (10 years +), but I’m fairly certain one of the big current cryptos will and others will come into play.

Melony my brother has apparently taken back out the money he initially invested (several thousand) so that any money now in it is to play with. He's taken out an extra 2 grand for fun and is still investing the remaining thousands....

My dh decided to buy bitcoin earlier this year with some money (about £1500) we had in an old ISA (which wasn't making anything). We decided that we could afford to lose it if it all went wrong as we'd almost 'forgotten' about the ISA.

I was sceptical as I'm not a risk taker at all, but he told me yesterday we've made about £9000 in 8 months or so!!! I want to sell and do something safe with the cash for our dds but we're probably going to keep it in and see what happens. We're not generally investors and don't have a lot of spare cash- we tried to see it as a bit of a game rather than becoming rich from it.

I could talk about Bitcoin all day. I just wanted to add that I’m a high risk speculator. That’s what I do- mostly AIM stocks, but have been obsessed with crypto currencies for quite a few years now and I fully understand what I’m dealing with. As with any other high risk gamble, you need to be willing to lose everything if you decide to dabble.

Reading !

Noofly, do you have any experience with Maxcoins?

My dh wanted to buy some about 7/8 years ago and I put him off

Bitcoins that is.