Buy bit coins???

knightstyle
knightstyle Posts: 6,988 Forumite
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in Savings & investments
So we may have a large pot of money for just a few months or maybe a couple of years when we sell our French house and put our UK house on the market.
A friend who seems to know what he is doing says we should buy £50k in bit coins. This is about 1/3 of the money.
What would you do in our place?
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Comments

  • ChesterDog
    ChesterDog Posts: 1,111 Forumite
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    Something else.
    I am one of the Dogs of the Index.
  • HappyHarry
    HappyHarry Posts: 1,575 Forumite
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    knightstyle wrote: »
    So we may have a large pot of money for just a few months or maybe a couple of years when we sell our French house and put our UK house on the market.
    A friend who seems to know what he is doing says we should buy £50k in bit coins. This is about 1/3 of the money.
    What would you do in our place?

    Can you afford to lose that £50k? If not, I would suggest that bitcoin is not the place for those funds.
    I am an Independent Financial Adviser. Any comments I make here are intended for information / discussion only. Nothing I post here should be construed as advice. If you are looking for individual financial advice, please contact a local Independent Financial Adviser.
  • ZenerDiode
    ZenerDiode Posts: 21 Forumite
    Tell your so called friend to keep his nose out of your business.
  • AnotherJoe
    AnotherJoe Posts: 19,622 Forumite
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    If you are the sort of person who would contemplate putting £50k on the 330 at Chepstow, by all means go ahead. It's probably even a bit safer in that you likely wouldn't lose more than half what you put in whereas you could lose it all on a horse. Of course other side of the coin, it could gain 50 to 100% but the horse would likely have better odds than that.

    Or, if you know so little you can't even spell them correctly, steer well clear.
  • ChesterDog
    ChesterDog Posts: 1,111 Forumite
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    The more that people with little, succesful, longterm investment experience (I am assuming your friend is onesuch) jump up and down excitedly about an 'opportunity' and urge you to risk large anounts of money in it, the more you should stand well back from it. And from them.
    I am one of the Dogs of the Index.
  • msallen
    msallen Posts: 1,494 Forumite
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    Advise your friend to educate them-self, and in the meantime ignore any financial advice they offer.
  • Theta101
    Theta101 Posts: 140 Forumite
    I have some money "invested" in Bitcoin and know a lot of people who do as well.
    The average amount of money I/we have put in is ALOT less than you are talking about.
    If you must risk some money don't put more than £1,000 in and have an exit strategy.
    I'm investing completely aware that I could lose all of my current investment
    Ignore the hype.
    We've all missed the boat on this, the opportunity to make millions was over a year ago.

    IMHO, DYOR.
  • BananaRepublic
    BananaRepublic Posts: 2,103 Forumite
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    For a short time period you should put the money into a 'safe as houses' place, such as a savings account with a guarantee for sums up to £85,000 per person. Poor interest, but safe. That's a nice word isn't it? Safe. Mmmm. Very nice. :)

    If you still like Bitcoin, also consider blowing it instead on wine, escorts and fast cards instead, same result, more fun.
  • bowlhead99
    bowlhead99 Posts: 12,295 Forumite
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    BananaRepublic wrote: »
    , also consider blowing it instead on wine, escorts and fast cards instead, same result, more fun.

    Slow cards can be fun as well, takes you longer to lose your money at the card tables that way; fewer hands per hour but still entertaining.
  • Lungboy
    Lungboy Posts: 1,953 Forumite
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    BananaRepublic wrote: »
    and fast cards instead, same result, more fun.

    Fast cards are fun? I've not noticed that while waiting for my Moonpig order to arrive :D

    e: darn you, bowlhead!
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