Bitcoins

jimjames · 12 September 2017 at 5:11PM

Alexland wrote: »

Maybe the OP sees something in Bitcoins that we cannot see. However for my money I will stick to the economic fundamentals that I understand.

If the OP could see something we couldn't see then I don't think they'd be asking such a question on a forum like this.

joeypesci wrote: »

This is what annoys me with this forum and forums in general. People won't simply answer your question but instead question you spending YOUR money the way you want to.

I think the replies tend to be appropriate based on the sort of question being asked whether Bitcoins or shares. This is a money saving site after all, if it was a money wasting site then there would be no need to suggest alternatives and caution to any scheme you could lose your money on.

onomatopoeia99 · 13 September 2017 at 10:37AM

I mined 0.24 bitcoins a while back when it was still viable using the GPU on my computer and the blockchain was less that 20GB in size, I calculate that it cost me ~£200 in electricity, though some of that would have been spent anyway as the computer would have been on due to me using it (the computer hardware I already had and still have). Still got them somewhere, though would have to boot up a different computer to find them in the blockchain. Looks like they're worth around £750 at the moment, so wasn't a complete waste of time.

es5595 · 13 September 2017 at 11:04AM

I used to mine bitcoins, I had four antminers each with a PSUs. My electric bill went up a bit, but my gas bill dropped as I no longer needed the central heating on!

In the end I had six bitcoins (I pool mined). The miners and PSUs hasn't devalued, so I lost nothing on selling them, and I sold two bitcoins which covered the increased electric costs. Over the last four years I've sold of bits of bitcoin and I'm all gone now. I do wish I'd ignored the bf at the time who complained constantly about them and was the reason I got rid of them when I did!

So how did I store them? The pool moved them across to my ukbitcoins account when I had a whole one, and I kept that secure with double encryption and never had a problem. I also found selling on there very easy!

lucyfrancinetaylor · 13 September 2017 at 3:43PM

I store mine online - safe from hackers, hacking your computer.

CoinCorner ( https://goo.gl/nPZcZX) - The company I use are good as long as your transfer the money via bank transfer.

They also have great support.

Hope this helps

markj113 · 13 September 2017 at 4:26PM

Never store your coins online.

Create a paper wallet on an offline computer or use a hardware wallet like a trezor or Nano ledger.

bery_451 · 13 September 2017 at 6:54PM

There could be only 21million bitcoins in existence. In 2009 each bitcoin was worth a few pennies, now each bitcoin is worth £3000 each.

Is it a bubble or deflation due to its limited supply is thats increasing its price?

Bitcoin was in a bubble in 2013 when it reached £1000 back then but crashed to £100-£200. Bitcoin been through many bubbles, can it survive this?

Looks like the bubble of £3700 has been burst last week I guess or I believe china came with alot of fake news of banning bitcoin that caused a lot of panic selling causing the price to drop £700?

By summer 2020 bitcoins will be harder to mine and I can assure everyone reading this that they be banging their heads then of why they didnt buy now.

John mcafee the inventor of the anti-virus said each bitcoin will be worth 5000000 by summer 2020.

bery_451 · 13 September 2017 at 6:59PM

Sorry not 5000000 but 500000:D

For bitcoin to reach a million value each there must be widespread adoption of it everywhere. When you will see bitcoin logos on shop fronts etc. then it will easily be worth minimum £million each but can bitcoin have the transaction capacity of visa/mastercard?

Aegis · 13 September 2017 at 7:33PM

bery_451 wrote: »

By summer 2020 bitcoins will be harder to mine and I can assure everyone reading this that they be banging their heads then of why they didnt buy now.

What sort of assurance are you willing to give? If nothing, then simply assuring others isn't good enough, there needs to be a valid case for investing in bitcoin other than "it must continue to go up!"

In my own case, I reviewed bitcoin and found that it's an interesting novelty, but there's no real financial controls supporting its value, it's not linked to any economy to give it value, it has no real prospects of widespread adoption, and I cannot for the life of me work out why each unit of code should be valued at any given level, let alone anything like £1,000 per coin.

Ultimately it stinks of tulip mania to me, and as a result it is not any sort of holding I will consider for my investment portfolio or for any of my clients. I may well lose out on some potential gains, but without knowing the whys and hows of future increases in value, I will not regret avoiding this even if it continues to go up for some years.

dividendhero · 13 September 2017 at 8:49PM

bery_451 wrote: »

By summer 2020 bitcoins will be harder to mine and I can assure everyone reading this that they be banging their heads then of why they didnt buy now.

By Summer 2021 I predict there'll be Bitcoin 2.0 and the old Bitcoins will revert to their natural value - string of 1's & 0's on umpteen hard drives round the world

JohnRo · 13 September 2017 at 9:52PM

dividendhero wrote: »

By Summer 2021 I predict there'll be Bitcoin 2.0 and the old Bitcoins will revert to their natural value - string of 1's & 0's on umpteen hard drives round the world

Have you a clue what you're talking about?

The blockchain is designed to allow future protocol enhancement and feature adoption as and when a distributed consensus is met.

'coins' exist on all forks, in parallel, at all times, so which ever protocol features and enhancements are eventually adopted, as belonging to the main chain, it matters not in terms of coins already held.

Bitcoins

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