Does Bitcoin work?

[lollipoprainbow]

Seriously broke and contemplating Bitcoin. Has anyone else tried ? Does it Work?

I got in (very cautiously) at an early stage and made enough to buy a house. Sorry I didnt invest more. I still have some invested but its much more volatile now.

Dont go for any of these robot trading schemes. They are a scam.

Work as a currency or work as an investment?

Yes to both but the market for it has been extremely volatile this year so really isn’t something to go into if you can’t afford to lose money

It doesn’t sound like the ideal thing for your current situation, sorry

I'd only lose £200 though wouldn't I? Sorry not sure how it works and can't seem to find any sensible info. To me it feels like a dodgy scam but I have also read good things about it. I went to the registration page and registered then got cold feet. I've now had a WhatsApp message from someone asking me to confirm my details !!!

I put in £100 2 months ago and it's now worth £60 so don't expect to be earning loads straight away or anything!

no. bitcoin is a gambling-style investment that is only for people who don't mind losing money.

if you are broke, do NOT invest in bitcoin. It is not a good strategy

get a job, sell stuff on ebay, look for other ways to earn. but NOT bitcoin.

There is no bitcoin website. I'm not sure.if you went on a scam website.

I agree with the poster above, i wouldn't put in money i would be upset to lose. Its just a little hobby for me, something new to learn about rather than an investment.

It works for what it is.
Decentralised currency.

But people usually buy it from an exchange.
So I'm not sure where you logged on- sounds like it could be a scam

As a general rule, don't invest in crypto funds that you can't afford to lose. If cash is tight, I would steer clear. My opinion: don't invest in crypto at all. Unbelievably volatile and loaded with scam platforms.

Bitcoin does work in essence. I am lucky enough to be a whole coiner, so today has seen som good gains.

As mentioned, there are no Bitcoin websites, especialy any conversing via whatts app.

I would guide you in the right direciton, however, it is wholly inappropriate for someone who is skint as you say, and looking for un realistic returns on your investment.

@lollipoprainbow

I'd only lose £200 though wouldn't I? Sorry not sure how it works and can't seem to find any sensible info. To me it feels like a dodgy scam but I have also read good things about it. I went to the registration page and registered then got cold feet. I've now had a WhatsApp message from someone asking me to confirm my details !!!

Yup, I would echo @fromdownwest

Bitcoin is a currency. It works, it has value and you can send it to people.

There is no "registration page". There is only the core software that runs it. There are places where you can buy it, but none of the legit ones I can think of would message you via whats app.

Its likely that you have discovered a scam.

and this is an explanatory guide to the Bitcoin White Paper, which explains how bitcoin works in straightforward language.

static1.squarespace.com/static/567bb4f069a91a95348fa0b2/t/5cd27c8bb208fcb3a45d2196/1557298317565/Intrepid+Ventures+Bitcoin+White+Paper+Made+Simple.pdf

Also, if you are seriously broke, the way to get into bitcoin is not by dumping £200 in one go.

Put in £5 per month until you have more money you can afford to lose.

It’s very power-hungry. According to the BBC it uses more energy than Argentina.
www.google.co.uk/amp/s/www.bbc.com/news/technology-56012952.amp

As others have said, please steer clear as it sounds like you’ve stumbled across a scam.

Bitcoin is crazy volatile and really shouldn’t be used as a “get rich quick” scheme unless you really know what you’re doing with day trading etc. I’ve got £100 invested more for novelty value, and it’s a whole $1.88 up this morning having spent the last couple of weeks $20 down.

If you’re skint I would not get involved in investing at all - most gains occur through being able to ride out dips to see the longer term rises, so you should only invest money you don’t need in the short term.

The website you have found sounds very dodgy

I’ve bought a small amount of Bitcoin using Revolut. This is ‘safe’ as it’s only a virtual bank account that I use for its debit card and online purchases etc

Nearly 3 months ago I spent £6.02 and currently I have £5.92

As an investment BitCoin has probably had its day - those who got in around the beginning have had their value increase, but now it’s just a fluctuating commodity - one day I’m in profit, another day I’m at a loss, but I’ve not actually made or lost anything until I sell

A quick profit can be made by someone if they put in enough money for a short time at the right point of a fluctuation
A quick loss can also be made at the wrong point

@Tommika - I would say you are totally off the mark. Although not early adopter prices, the future for crypto I feel has jsut begun.

Decentralized finance will revolutionise the markets, and even if it replaces 2% of FIAT, then BTC is massively undervalued.

[quote fromdownwest]@Tommika - I would say you are totally off the mark. Although not early adopter prices, the future for crypto I feel has jsut begun.

Decentralized finance will revolutionise the markets, and even if it replaces 2% of FIAT, then BTC is massively undervalued.[/quote]
I was referring to BitCoin as having had its day as ‘easy money’ just as with all investments that once everyone is talking about big profits that it’s no longer the one to go for. Certainly not that crypto has had its day

BitCoin will still make money for people if they buy and sell at the right moment, and other crypto commodities will make good money for those who get into the next big thing before everyone else jumps onto that one - as long as they pick the right one that picks up

In the longer term of course, I bought my BitCoin when it had dropped, this could rise back up and turn a profit

Do NOT invest in Bitcoin if you have no money, it’s extremely volatile. Bitcoin/other crypto currencies should only make up a small percentage of an otherwise sound investment portfolio. Also there are a ton of scammers, so you really need to know who you are dealing with.

@lollipoprainbow if you are struggling to find any decent information about it, The Financial Times had a podcast called The Money Clinic a few weeks ago about investing in Bitcoin. Interviewee was in a similar situation to you, invested his last £1000 in Bitcoin. It’s worth having a listen to.

Are you doing DeFi @fromdownwest?

Have you explored Sovryn? (running on the Rootstock btc sidechain). I've been defiing on Eth for a while, but this is my first toe-dip into doing directly on the btc chain.

I believe in bitcoin and think it will be up massively in the next 4 years. I would not lok at it as a quick term gain as if u need access to your money quickly it's too volatile, you could lose.
But if you can lockjt in for 4 years, I think it will do v well.

If you are broke I definitely would not be buying into Bitcoin or any other crypto.

If you do really want to buy some then there are several reputable exchanges you can sign up to - Binance, Coinbase, SwissBorg which has a nice user friendly app, & as said above you can get exposure via Revolut, but I don't think you actually 'own'/can trasfer any crypto on that platform.

@FurierTransform

If you are broke I definitely would not be buying into Bitcoin or any other crypto.

If you do really want to buy some then there are several reputable exchanges you can sign up to - Binance, Coinbase, SwissBorg which has a nice user friendly app, & as said above you can get exposure via Revolut, but I don't think you actually 'own'/can trasfer any crypto on that platform.

You can withdraw crypto on Revolut.
You might be thinking of Robinhood, where you cant.

Sorry yes you're right - I just checked and you do have the option to send bitcoin/crypto directly from Revolut to another bitcoin address.

I had it in my head that Revolut was more just for speculating against crypto value & you didn't actually have ownership of it at an address, so it's as good as any exchange really.