Bitcoins

Options
1…167168169171173

Comments

  • ben501
    ben501 Posts: 668 Forumite
    Name Dropper First Anniversary First Post
    Options
    $nake_eye$ wrote: »
    Just curious.. have you spent any Bitcoin?

    I helped out a friend a couple of years ago. He found a special Bitcoin offer on web-hosting, anti-virus or something like that. Buy one year's subscription, get one free. It was a flash sale and he didn't have time to buy any himself, so I 'lent' him some of my stash.
  • VeroWright
    VeroWright Posts: 4 Newbie
    Options
    Hi, everyone!

    I'm interested in investing my money in bitcoins, but I have a few questions:

    1) Is it real to have profit from trading them?
    2) How to make passive income from them?

    Thanks in advance!
  • Malthusian
    Malthusian Posts: 10,941 Forumite
    First Anniversary First Post Name Dropper Photogenic
    Options
    1) Yes, if someone in the future wants to buy them for more than you paid for them. The chances that anyone will want to are, at best, random.
    2) You can't, their yield is zero.

    Bitcoins are a currency and buying them in the hope they go up is speculation, not investment.
  • jdw2000
    jdw2000 Posts: 418 Forumite
    First Anniversary First Post
    Options
    There are a few different threads on Bitcoin.

    I read a year or so ago about a bloke who bought some Bitcoin about 10 years ago in order to write about it. He forgot about it, recently came across it, and has since bought a house outright with it's new value.


    Is Bitcoin a worthwhile investment? Do you have some? Does anyone here have knowledge on this which may convince others to buy or stay away?
  • bowlhead99
    bowlhead99 Posts: 12,295 Forumite
    Name Dropper First Post First Anniversary Post of the Month
    Options
    jdw2000 wrote: »
    Is Bitcoin a worthwhile investment? Do you have some? Does anyone here have knowledge on this which may convince others to buy or stay away?
    I have a few (like two or three); I used to have more, but not loads. As mentioned by others above they would be a highly specialist and speculative investment - a gamble on what of anything will be paid for them in the future.

    As you mention, they have been around for years. From here, it is not specifically bitcoin per se which is interesting, is the underlying technology as a concept that has the future value for the way people set up all manner of systems.

    To you as a relative newbie who is only just getting to grips with pension and isa and unwrapped fund investing, I would say your money can be put to better use.

    But just to repeat your question:
    jdw2000 wrote: »
    Is Bitcoin a worthwhile investment? Do you have some? Does anyone here have knowledge on this which may convince others to buy or stay away?
    - did you notice that you were posting this onto a thread that already had 1704 posts, largely attempting to answer those questions? Personally I don't have the time or patience to go back and sum up all the key messages from the original conversations for you. Suggest you just keep scrolling back pages until you have your answers or get bored...

    :beer:
  • jdw2000
    jdw2000 Posts: 418 Forumite
    First Anniversary First Post
    Options
    Many thanks for that. Will have a read. But you're right, I have better things to focus on right now.

    Cheers!
  • sabretoothtigger
    sabretoothtigger Posts: 10,035 Forumite
    First Post Photogenic Combo Breaker First Anniversary
    edited 24 November 2016 at 4:58PM
    Options
    Bitcoin isnt an investment, its a currency maybe token some call it a commodity but you arent investing into anything specific.

    Even the intellect behind bitcoin is not something you are buying into, its not unique or copyright in any way. The code to bitcoin is open source, which means anyone at all can copy it and make a very similar version.
    There are hundreds of bitcoin networks, some almost exactly the same and some very different but nobody owns these exactly. All compete with each other for custom. They are just operated by users and people hold onto some of the products of the blockchain which is the bitcoin or whatever its called for each one.

    Owning a business that part takes in bitcoin code would be investment. I had royalty shares for one, it allowed trading but was broken in a kind of confidence scam by a trojan horse. The company is now going through courts as it lost customer funds. It grew for a while (300%) and I sold enough to not lose anything much, shame though
  • tim_n
    tim_n Posts: 1,607 Forumite
    First Post First Anniversary Combo Breaker
    Options
    Bought £15 worth. Spend £10 of it. The £5 went up to £75. I spent £15 of it. Now it's gone back to £66. It's worked well for me, if I'd sunk my life savings into it at the time I'd be a very rich chap. Remember some of the faucet sites (give away free coins ) used to give away 1-2 coins for nothing. Now they give tiny fractions away and coins can be worth several hundred quid. It's not investment, it's speculation.
    Tim
  • hildosaver
    hildosaver Posts: 360 Forumite
    First Anniversary Name Dropper Combo Breaker First Post
    Options
    Bitcoin is on the move again - just cracked $900 for the first time in several years. Also ATH marketcap. If it goes past the ATH $1200 which is perfectly possible then I predict it could rise to $3000-4000 fairly quickly. Best performing commodity in 2016.


    http://www.marketwatch.com/story/and-2016s-best-performing-commodity-is-bitcoin-2016-12-22
    I am insane and have 4 mortgages - total mortgage debt £200k. Target to zero = 10 years! (2030)
  • andrewthomas2008
    andrewthomas2008 Posts: 164 Forumite
    edited 1 January 2017 at 6:27PM
    Options
    I've got a my cellium wallet which is watch only as I've just copied my public key from a my cold storage wallet without adding my private key. I've lost the 12 word seed for my cellium, I'm now worried that if anyone finds my 12 word key that'll they be able to access my wallet from my cellium and steal my bitcoin. Is it possible for anyone to do this if they find my 12 word seed for mycellium

    I've found it now

    Sorry
    Girlie Girl
★ ★ ★ Meet your Ambassadors

Categories

  • All Categories
  • 343.2K Banking & Borrowing
  • 250.1K Reduce Debt & Boost Income
  • 449.7K Spending & Discounts
  • 235.3K Work, Benefits & Business
  • 608.1K Mortgages, Homes & Bills
  • 173.1K Life & Family
  • 247.9K Travel & Transport
  • 1.5M Hobbies & Leisure
  • 15.9K Discuss & Feedback
  • 15.1K Coronavirus Support Boards