Please or to access all these features

Add post

Watch this thread

Save thread

Start a new thread

Flip thread

Hide thread

My feed

Active Unanswered threads

Getting started FAQ's

Unanswered threads Acronyms Talk guidelines

Hide shortcut buttons

Talk

AIBU?

Share your dilemmas and get honest opinions from other Mumsnetters.

Flip

Original poster

To think this is a great time to buy bitcoin?

24 replies

garybuseysdentist · 28/11/2017 15:56

From what I recall it was 2-3k around august, 5k maybe a monthish ago and right now it's about to break 10k...this is madness!!!

OP posts:

dreamies · 28/11/2017 16:00

Surely august would have been a better time to buy, or rather 3 or 4 years ago.
Value keeps going up but can it go up forever? I won't be buying bit coin when the price is so high but am looking into other cyber currencies, there's loads to choose from.

VileyRose · 28/11/2017 16:02

We have one but I have no idea what it is and My OH won't sell it...

BeetrootTart · 28/11/2017 16:05

I'd say now is a terrible time to buy it, surely? The "buy" boat has sailed and it seems increasingly likely that the bubble will burst. I'm quite sceptical about the amount of coverage it's receiving. I keep being inundated with bitcoin spam emails too. Can't be a coincidence.

dreamies · 28/11/2017 16:06

Viley I think now is the time to sell rather than buy. Do you know how much you paid for it?

ExcavatusGigantus · 28/11/2017 16:09

My friends in-laws are millionaires because they bought bitcoin, but they bought it years ago. I think the ship has sailed for making huge amounts on it now.

VileyRose · 28/11/2017 16:09

No, FIL who works in that kind if field gave it to my OH. I have had it explained to me but it does not make too much sense too me. Head fried with kids lol...

dingdongdigeridoo · 28/11/2017 16:11

Have they been able to withdraw their money ExcavatusGigantus? I looked into bitcoin a couple of years ago but it looked like withdrawls were really difficult which put me off.

Also people have had their bitcoins stolen from exchanges and never got their money back. Which is obviously offputting.

ContraryLollipop · 28/11/2017 16:11

Factually, it is the worst possible time there has ever been, to buy bitcoin - as they’re the highest price they’ve ever been!

That said, it might still be a great investment, but who knows if/when prices will come down. The risk is always factored into the price in my view.

I am gutted I didn’t buy some years ago though, and I might be saying the same thing in 5 years!

Nothingrhymeswithfamily · 28/11/2017 16:11

Id say its a bad time to buy, its been in the press, on the radio and on tv programmes.
Let it die down and then buy.

Pompadoo · 28/11/2017 16:13

Years ago would of been the great time to buy it, now not so much.

dreamies · 28/11/2017 16:18

Viley it's just like any other commodity with the value going up and down, value is currently at an all time high. Now is the time to sell. I can't see the value going up by much more although I'm no expert.
There are hundreds of cyber currencies available, some of those would be a better bet for buying whilst they are newer and cost less

10thingsIhateAboutTheDailyMail · 28/11/2017 16:23

But you can't just buy bitcoin, can you?

Lots of scammers claim to sell them

But you can only earn them, by mining data, right?

You need to invest a lot of computing power and time to gain bitcoin

catmumof1 · 28/11/2017 16:29

Its the best time to sell rather than buy. DP has part of a bitcoin and doesn't know how to cash it in is waiting for the perfect moment to cash in! Although there's way to know if it will keep going up in value or not I guess.

ExcavatusGigantus · 28/11/2017 17:16

I don't know dingdongdigeridoo. I assume so because they own an island, a small one, but a real actual island. And my friends sister got married in a Cathedral with no expense spared.

garybuseysdentist · 28/11/2017 17:20

This reply has been deleted

Message deleted by MNHQ. Here's a link to our Talk Guidelines.

ExcavatusGigantus · 28/11/2017 17:25

Yeah I remember reading about that, she was kicking herself

OhMyGoddd · 28/11/2017 17:27

Are you selling them OP?

dingdongdigeridoo · 28/11/2017 17:28

What would you do with that many bitcoins though? You can’t use them, and I assume exchanges have limits. So how do you get your 2 billion off a screen and into your account?

Pompadoo · 28/11/2017 17:31

But you can only earn them, by mining data, right?

At home mining is pointless now, you need to buy custom gear as it's pretty much impossible to mine using standard cpu/gpu ,
Unless you have lots of money and live in a place with cheap electricity, you will spend more money on gear, electricity bills then you will gain back in bitcoins.

You can buy it via brokers, they're rating sites, so you can choose one with a good rating. But again your better jumping on another cryptocurrency unless you have thousands in the bank to spend on this, the bitcoin boat has sailed off really now, thepoint to get in was several years ago.

BusinessMum1 · 16/12/2017 19:37

To those of you tempted to dabble in bitcoin, I have a referral link for Coinbase, if you sign up you get £7 worth of bitcoin for free.

I'd say Coinbase is the easiest way to get started for a beginner, with the simplest app.

www.coinbase.com/join/599841daf2e11e023c049bd2

EmilyChambers79 · 16/12/2017 20:03

To those of you tempted to dabble in bitcoin, I have a referral link for Coinbase, if you sign up you get £7 worth of bitcoin for free.

I'd say Coinbase is the easiest way to get started for a beginner, with the simplest app

Really spamming posts tonight aren't you?!

Noofly · 16/12/2017 20:30

Coinbase is easy to use, but anyone purchasing through it needs to be aware that it has been horrendously unstable during periods of high volatility so if you might want to sell quickly, you might not be able to.

It also puts limits on how much you can buy or sell at any given time. As you buy more, your limits are increased, but if selling a large chunk, even over a stable period, will take time.

Finally, you can’t sell it directly for pounds. You need to transfer whatever you want to cash in to your Euro wallet and then Coinbase will do a Sepa transfer to your UK bank.

I have Bitcoins (bought in 2012 and patiently held. Oh, I’ve been so patient! . ) I’m not selling any yet, however, I’m not buying more.

Stompythedinosaur · 16/12/2017 21:08

We bought back in August and have just sold for a tidy profit. I don't think we'd buy again, it will crash sometime.

PricklyBall · 16/12/2017 21:21

Given that the Torygraph's business page has an article with top tips on "how to short bitcoin", I'd say now is not the moment to buy.

Flip