bitcoin trading.

Thinking of investing some cash in to trade in bitcoins. Been looking at cryptoallday and was wondering if anyone had used them before.

Any advice would be great...

TIA...
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Comments

  • stoneman
    stoneman Posts: 4,517
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    I use coinfloor. You can set a limit order at which you want to sell.
    Mind you are going to need some serious cash to buy a coin or 2. I bought 2 at about £1998 each and sold them 2 weeks later for £2600 each. £1200 profit and the charge to withdraw the money to my bank was £10
    The common law of business balance prohibits paying a little and getting a lot. If you deal with the lowest bidder, it is well to add something for the risk you run, and if you do that you will have enough to pay for something better.
  • Before you invest in bitcoin. I give you suggestion please read the description. In order to send or receive bitcoins, all you need to have is a bitcoin address and internet access. You only need to be online long enough for the transaction to process. Similarly to traditional bank accounts, you can receive bitcoins to your bitcoin address even if you’re offline. When you want to ‘’collect’’ your coins however, you’ll have to find an internet connection.
  • jimjames
    jimjames Posts: 17,515
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    I have bought 2 packages £50 each 2 weeks ago and my return is £7.88 so far. I am letting this work up to £50 so i can buy another package.
    If you are interested i can refer you to my team?

    Referrals aren't permitted here
    Remember the saying: if it looks too good to be true it almost certainly is.
  • TBC15
    TBC15 Posts: 1,443
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    Please forgive my ignorance but why do bitcoins have any tangible value?
  • Shashy
    Shashy Posts: 139 Forumite
    TBC15 wrote: »
    Please forgive my ignorance but why do bitcoins have any tangible value?

    They don't. But then neither does any other money/currency, really.
  • TBC15 wrote: »
    Please forgive my ignorance but why do bitcoins have any tangible value?

    The tangible value is the hype.

    Same reason why Snapchat was valued at $29b (when there's tons of instant messaging platforms / apps (https://en.wikipedia.org/wiki/Comparison_of_instant_messaging_clients and https://en.wikipedia.org/wiki/Comparison_of_instant_messaging_protocols)).

    Hype. It's new. It's flashy. No one understands it, but everyone is doing it, therefore it must be good. Anonymity (even though the blockchain is a distributed ledger, so people can see the transactions).

    And of course, let's not forget greed.

    Maybe it's the mystique - no one (of the public) knows who is the creator, Satoshi Nakamoto. To understand the system, I get the impression you would need an advanced degree with subjects in distributed computing, computational theory, and cryptography.

    One of the hot topics these days in IT is the distributed ledger, which I assume shares some ideas from the Distributed Hash Tables used in later versions of BitTorrent.

    The initial mining phase may have been interesting, and you could say you were giving the system some value, but I think the idea was to make it worth something (exchange of time and electric power for bitcoins), as a means of currency. The hype causes the large pricing fluctuation, not inherent value.

    It's a bit like how someone might get terribly excited to learn that £20 is nearly 3000 Japanese Yen.

    It's just Foreign eXchange. And FX is not really what I'd class an investment.



    But then.... what do I know - I've not followed BitCoins ("Coins of BitTorrent" :-D ), never bought any and never plan to. It's just hype. If you want, take that as me being biased against BitCoin, and apply your appropriate trust weighting to my post ;-)
    Goals
    Save £12k in 2017 #016 (£4212.06 / £10k) (42.12%)
    Save £12k in 2016 #041 (£4558.28 / £6k) (75.97%)
    Save £12k in 2014 #192 (£4115.62 / £5k) (82.3%)
  • chrisgg
    chrisgg Posts: 68 Forumite
    Saw an interesting article the other day on bitcoins saying that the quick gains made this year will excite many, but many will be unaware that CGT will be due on sale. This could cause investors in bitcoin to hold their investments longer than they otherwise would to avoid crystallising the gain and incurring the tax liability. If bitcoin does crash, many investors will be affected as their once eye watering profits could be shattered. I'd re post the article here but I saw it on the site of a DFM so feel like there might be rules against that.
  • chrisgg wrote: »
    but many will be unaware that CGT will be due on sale.

    Oh! I didn't know that.
    That could become interestingly complex for people then.
    Goals
    Save £12k in 2017 #016 (£4212.06 / £10k) (42.12%)
    Save £12k in 2016 #041 (£4558.28 / £6k) (75.97%)
    Save £12k in 2014 #192 (£4115.62 / £5k) (82.3%)
  • spam.

    Reported....
  • Bitcoin is now valued at about $16,000 each. this is up about 200% in the last month. I certainly wouldn't buy shares in a company that had risen that much in a month, therefore on this basis I wouldn't buy a bitcoin. Just looking at the chart, there is a massive spike in the last month and I can't help but think that just like the dotcom bubble it is just waiting to burst.
    IF THIS POST HAS BEEN HELPFUL - PLEASE CLICK ON THANKS :j
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