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?

If you bought 100 coins at 100$ each 5 years ago, you could have cashed them out for 8k$ each at the beginning of this week.
But you might have only been able to cash out 10 to 20 coins at a time.
That can be a problem when lots of people are cashing out.
Still excellent profit for those investors.

Who gives you the cash. Other buyers? Do they transfer it to your bank or give notes.

It depends on where you sell it. If you use, for example, localbitcoins, you are dealing directly with other sellers and you can sell for either cash or a bank transfer (or some other weird methods depending on the buyer). If you use an exchange like Coinbase, the exchange will credit your account and then you can transfer it to your bank account.

Ok, thanks.
It just seems a bit of a ponzi scheme if the numbers produced aren't fixed. With shares there is a limit to the numbers of them.

It is really important to keep records of every transaction. If you are cashing out large amounts you will be asked to state the history of the coins you bought. This is because of money laundering regs.
My friend cashed out 20 coins last week. The transfer took several days because the exchange were scrutinising the trades. But it is important to do it all correctly. And pay your CTG.

If it's all on line how can you record it all? Take phone pics! how easy is it to set up

@silverysurfer can you tell me how you get on buying some and opening wallet please I want to buy a teeny amount too

@ noofly what's the easiest simplist first step to take please

I was proposing on buying about 100 of bitcoin today. Can I buy it, get used to it then start trading it!

Melony6 It’s the exact opposite of what you have stated. There is a limit to the total number of Bitcoins that can be mined. Once that is reached (and I think we’re at about 80% mines just now), no additional Bitcoins can be created. Ever. With shares, companies can certainly issue more shares if they want!

Aweek you’d be better off asking Lou about trading. I don’t know anything about trading sites. I buy and hold. I’m not clever enough to be a trader.

I found Coinbase easy to register with and use but it’s more for buying and holding for a while. I can’t remember exactly, but I think I had to send an image of my passport or drivers license before I could buy (or maybe it was before I could buy a larger amount - argh, I can’t remember but it was pretty straightforward). Having said that, Coinbase struggles when there’s high volume and the site can be down so if you would want to sell quickly it might not be the best.

I bought £50.00 worth on Thursday after reading this thread - I was curious.As of now they are at £51.08. A 2% rise in two days isn ‘t bad.

Noofly this is what I want to do, buy and hold

@hiptrip was it easy to set up, did you go with coinbase, how long did it take? Ten minutes? Longer? Sorry for all questions

I bought a few when they were $200, sadly not enough now for a house but have enough for a house deposit.

People called me crazy when I bought some and rolled their eyes when I said it was the biggest thing to happen since the internet (cryptocurrency rather than BTC). Now they ask me for advice

I set up and bought on Coinbase within 30 minutes - the longest wait is for ID processing.

I would like to buy some! May I please add some questions to the pile?

• So I can definitely take my money out at anytime?

• What do you think will happen once 100% of the coins have been bought?

• For you savvy investors - have you had good experiences with other areas of investment that you could recommend?

DH and I have some savings that just sit in an account with a rubbish rate so would like to spread a chunk of it out. Unfortunately we're both clueless when it comes to these things.

Hip! Thank you

Aweektilltheseason
@silverysurfer can you tell me how you get on buying some and opening wallet please I want to buy a teeny amount too

I'm afraid I'm defeated at the moment. I went on Coinbase to register and it then asked for my telephone number and said I would be given a short code I would need to use for transactions. Unfortunately I'm hard of hearing and when the phone rang it spewed out two numbers, eventually managed to scribble down the numbers which were 12 and 7 digits, both of which are too long for the code space. I'm getting hearing aids on Tuesday so may have to wait until then.

If this all becomes too complicated I may go back to trying matched betting. I did it a couple of times and made a modest profit, I just need to get my brain in gear to get back into it.

If you give bitcoin a try I hope you let us know how you get on and I that you make a profit

I've just bought £100 of Bitcoin, a bit of peeing about with regards to it recognising my passport, I had to do it about 5 times, anyhoo, Coinbase took about £3 something commission, it's teetering around £95 atm.

Exciting vitology!! Keep us updated! I will have a bash later. Ill in bed at the moment. Silver what is the shame. THERE should be other alternatives for hard of hearing

I will do.

endoftheline, thanks for the reminder about paying capital gains tax on the gain.

DH and I had a fair amount at one point several years ago but had to cash it all out. Back then a bitcoin cost about £400.

If we'd stayed in until now, we would be at least £30k up, probably more. Gutting.

All of you who are jumping into bitcoins and 'making' money - where do you think this money you are 'making' comes from?

All of you who are jumping into bitcoins and 'making' money - where do you think this money you are 'making' comes from? from the ether like the £ and $