Bitcoin

NineDeuce
NineDeuce Posts: 997 Forumite
in Savings & investments
There are so many websites regarding this giving complicated explanations of what it is and how it works.

However, is it worth investing in?

Where and how can you buy things?

Or is it better to buy and watch the value of it?

Are there any alternatives to Bitcoin that exist or are up and coming which might be a better investment... if it is indeed a good investment at all?.....
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Comments

  • enjoyyourshoes
    enjoyyourshoes Posts: 1,093 Forumite
    First Post First Anniversary Combo Breaker
    Risky........... read MSE article on bitcoin
    Debt is a symptom, solve the problem.
  • ColdIron
    ColdIron Posts: 9,038 Forumite
    First Anniversary Name Dropper Photogenic First Post
    Try this or do forum search, there are many threads
    https://blog.moneysavingexpert.com/2017/11/30/invest-bitcoin-four-things-need-know/
  • Browntoa
    Browntoa Posts: 49,299 Forumite
    Name Dropper Photogenic First Post First Anniversary
    Long running thread

    http://forums.moneysavingexpert.com/showthread.php?t=5751985&highlight=bitcoin
    Ex forum ambassador

    Long term forum member
  • bowlhead99
    bowlhead99 Posts: 12,295 Forumite
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    NineDeuce wrote: »
    There are so many websites regarding this giving complicated explanations of what it is and how it works.

    However, is it worth investing in?

    Where and how can you buy things?
    Why don't you read some of the many websites that give explanations of what it is and how it works. Rather than turn this website into yet another of those websites.

    If it is complicated for you to understand, it's because it's a fundamentally complex product.

    You can of course treat it as a very simple product that will either go up or down in value. Without doing any analysis yourself, you won't know which conclusion to form.

    Have you read any of the many existing threads here? Why not do a search for them and add your comments on the more recent ones.
    Or is it better to buy and watch the value of it?
    You should probably decide if you want to risk your money in it and whether you would prefer to buy and watch it go up and down, or not buy and watch it go up and down.

    Ignoring it is certainly an option.
    Are there any alternatives to Bitcoin that exist or are up and coming which might be a better investment.
    Yes, many of them. But investments involve risking your capital, you might lose everything -with bitcoin or any of the rivals. The people with belief /hope that they won't, drives the market up until more people start to believe the opposite which drives it down. It could "settle" at $200k or $0.02.
  • Malthusian
    Malthusian Posts: 10,936 Forumite
    First Anniversary First Post Name Dropper Photogenic
    BitCoin seems to have turned into the new London Capital & Finance.
  • NineDeuce
    NineDeuce Posts: 997 Forumite
    bowlhead99 wrote: »
    Why don't you read some of the many websites that give explanations of what it is and how it works. Rather than turn this website into yet another of those websites.

    If it is complicated for you to understand, it's because it's a fundamentally complex product.

    You can of course treat it as a very simple product that will either go up or down in value. Without doing any analysis yourself, you won't know which conclusion to form.

    Have you read any of the many existing threads here? Why not do a search for them and add your comments on the more recent ones.

    You should probably decide if you want to risk your money in it and whether you would prefer to buy and watch it go up and down, or not buy and watch it go up and down.

    Ignoring it is certainly an option.


    Yes, many of them. But investments involve risking your capital, you might lose everything -with bitcoin or any of the rivals. The people with belief /hope that they won't, drives the market up until more people start to believe the opposite which drives it down. It could "settle" at $200k or $0.02.

    I dont know what to make of this post. I am slightly appreciative and also baffled. You suggest I should go and look somewhere else and through the many other websites rather than turn this discussion into one while raising points for discussion.

    The reason that I post on here is with the hope of it reaching people who can explain in a less technical way.

    Using your logic, 'look at other posts and websites' could be advice directed towards anything on here. Every day sees threads which could be deemed as repetition on something else posted earlier.
  • JohnRo
    JohnRo Posts: 2,887 Forumite
    First Anniversary Combo Breaker First Post
    Browntoa wrote: »
    Long running thread

    http://forums.moneysavingexpert.com/showthread.php?t=5751985&highlight=bitcoin

    A week is a long time..

    http://forums.moneysavingexpert.com/showthread.php?t=4513615

    most of the detractors there have skulked off but you can always rely on BTC discussion to attract new ones.
    'We don't need to be smarter than the rest; we need to be more disciplined than the rest.' - WB
  • jamei305
    jamei305 Posts: 635 Forumite
    First Anniversary Name Dropper First Post
    If it carries on at the current rate bitcoin will be using more electricity than the USA in 18 months time.
  • fun4everyone
    fun4everyone Posts: 2,339 Forumite
    First Anniversary Name Dropper Photogenic First Post
    NineDeuce wrote: »
    The reason that I post on here is with the hope of it reaching people who can explain in a less technical way.

    It is extremely hard to have a reasoned and informed discussion on bitcoin here but try this video for starters.

    https://www.youtube.com/watch?v=l1si5ZWLgy0&app=desktop
  • msallen
    msallen Posts: 1,494 Forumite
    First Anniversary Name Dropper First Post
    NineDeuce wrote: »
    I dont know what to make of this post. I am slightly appreciative and also baffled. You suggest I should go and look somewhere else and through the many other websites rather than turn this discussion into one while raising points for discussion.

    The reason that I post on here is with the hope of it reaching people who can explain in a less technical way.

    Using your logic, 'look at other posts and websites' could be advice directed towards anything on here. Every day sees threads which could be deemed as repetition on something else posted earlier.

    I think the point is that there are many other websites which specialise in bitcoin (and other similar "currencies").

    This site's forums have been infested with a small handful of "true believers"© recently who have spawned a number of threads - there is no need for another similar one, you could simply use the search function to find and contribute to one of these.

    The experienced investors here have all given their opinion on bitcoin (and etherium etc etc) numerous times. You are unlikely to be told anything new by them that has not already been said on previous threads, although conversely the aforementioned "true believers"© will no doubt be only too happy to tell you what a fantastic "investment" it is and how will you be a millionaire in no time.
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