Bitcoin

[Hairyhat]

Sorry if this has been done before but can someone explain Bitcoin to me please? And whether I should invest in some or not?
Is it dodgy and dark web or totally fine as a short or long term investment?

'whether I should invest in some or not?'

Without appearing blunt, this question is one no one can answer, but you.

If you are looking at investing in such high risk and speculative investments, then taking some time to read up on them is the least that you can do. Asking if you should or shouldn't do it on a forum is not the way to go. We know nothing of your attitude to risk, your savings, your goals etc

Sorry if this appears blunt.

Ok thanks for replying fromdownwest. Anyone got any other helpful advice? Is it for risk adverse people or not? I'm not risk adverse and would only invest what I can afford to lose. However, I have no real idea how it works ...

This ship has sailed. Invest elsewhere 😁

Thanks Elder. That's what I needed to hear.

I hope you don't have bad experience of Bitcoin Elder? Is it really not a viable option? What has replaced it and why please?

No not at all. Around a year and a half or two years ago DP put in £25 and it doubled very quickly. We had about £700 that we were going to put in as a joint investment but decided to buy a dog instead. We have kept an eye on that £25 and last we looked it's at about £13. There was a lot of hype when he first looked but after that it went down for whatever reason and hasn't picked up again.

There are other types of crypto currency around that have done slightly better but again it's all died down.

Thanks for taking the time to reply Elder. I appreciate it

Sorry I couldn't give you any advice on something to replace it

No problem Elder. I'm such a novice I appreciate any feedback at all

Bitcoin prices and the prices of some of the other crypto currencies are starting to pick up again. Bitcoin's price has doubled in the last month, highest price it's been for over a year. Though still only worth about half of its value at its peak (end of 2017 I think that was).

I have a very small amount of bitcoin, ethereum and litecoin but only invested what I was willing to lose. Currently worth around double what I bought them for (bought a few months pre 'peak') but would've been worth 4-5 times more if I'd sold back in 2017 🤷🏻‍♀️ I just enjoy watching it go up and down to be honest but know I can take it out if I need it. I wouldn't invest a large amount as it's risky, but if you've got a few quid you want to gamble with, try Coinbase. The app is really easy to use, probably not the best rates out there but good for amateurs like me!

Fantastic thanks sweetheart. That's just what I'm about to do. Have a little gamble

No one knows what will happen with crypto currency but if you do some research into it you’ll find it may be worth investing. It’s bullish at the moment and prices / value have rapidly increased for Bitcoin & Eth (probably some others but these are the two I follow). It’s worth researching into the future of the crypto whichever you choose to dabble with. Bitcoin is looking to split its value again next year which usually increases the interest / prices again. Although it’s been around for years it’s still very new with companies looking into
How to best implement it into their services etc so although it’s volatile - if you have money you won’t miss no matter how little or a lot you’ll probably get better return on investment long term compared to it being sat in a bank with no interest. But it’s risky so don’t go too crazy 🤣

The other thing you need to be careful about is where / how you would buy the cryptocurrency

Even if you did make a profit, some people find when they go to withdraw the cash that their account has been hacked or the exchange is dodgy and makes it impossible to withdraw. Some exchanges have gone completely under!

Also, you would be supporting something that many criminals and terrorists around the world use. Plus, apparently the amount of energy used to mine bitcoin is equivalent to the energy usage of an African nation - would you be happy supporting this?

Facebook are talking about releasing a crypto currency like bitcoin so the whole thing may take off again. Bitcoin has a finite supply like gold and so I reckon it will become more valuable over time.

I have a small amount of bitcoin and other crypto currency. My tip is to be thorough in researching who is looking after your bitcoins for you. I use the Blockchain wallet which has a decent app and seems to be secure.

As to buying bitcoin, I think it is too risky as a serious investment (stick to bonds and funds) so I use a faucet called freebitcoin to get a small amount for free (they pay out a share of advertising revenue and their mining business). Freebitcoin is one of the few that is actually legitimate and I wasted time on others that were just a scam. It's not a lot of money but you never know how much the price will rise. Maybe I'll be glad of a tenth of a bitcoin when I am 85!
Bitcoin is just a bit of fun, but it's nice to have a finger in the pie.
Good luck!