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  • FIRST POST
    • Moneygrabber89
    • By Moneygrabber89 10th Jun 17, 10:00 PM
    • 50Posts
    • 3Thanks
    Moneygrabber89
    Bitcoin
    • #1
    • 10th Jun 17, 10:00 PM
    Bitcoin 10th Jun 17 at 10:00 PM
    Can anybody offer any advice on this in general. Is it worth buying?

    A guy from my work has just left as now starting to work with Bitcoin. He is an it technician so he said he can make major money with it.

    Basically what im trying to get at is there a way to make big money with these and how
Page 1
    • asajj
    • By asajj 11th Jun 17, 2:03 PM
    • 4,124 Posts
    • 10,302 Thanks
    asajj
    • #2
    • 11th Jun 17, 2:03 PM
    • #2
    • 11th Jun 17, 2:03 PM
    Bitcoin is a complex matter and in order to do "big money", you need more than forum advice.
    £2015 in 2015 / £2015

    No buying unnecessary stuff.
    Clearing out by selling on Ebay, donating to charity etc.
    • angryparcel
    • By angryparcel 11th Jun 17, 2:23 PM
    • 910 Posts
    • 520 Thanks
    angryparcel
    • #3
    • 11th Jun 17, 2:23 PM
    • #3
    • 11th Jun 17, 2:23 PM
    The trouble with Bitcoin is it draw the criminality crowds as it is untraceable.
    Being in an industry that i could accept bitcoin as a payment method but due to its use by criminals i wont offer this and many in my industry are the same. it is just not worth it.
    You wont make any real money from Bitcoin as it will end up like Liberty Reserve which was closed down by the authorities as it was being used by criminals.
    • damoC
    • By damoC 11th Jun 17, 3:42 PM
    • 33 Posts
    • 10 Thanks
    damoC
    • #4
    • 11th Jun 17, 3:42 PM
    • #4
    • 11th Jun 17, 3:42 PM
    In simple terms No. Bitcoin was profitable when it came out. You can mine for it (not much left) but your bills and computer maintanence will cost you more than you make. It's not worth it.
    • FREEBIELOVER247
    • By FREEBIELOVER247 11th Jun 17, 4:01 PM
    • 2 Posts
    • 0 Thanks
    FREEBIELOVER247
    • #5
    • 11th Jun 17, 4:01 PM
    • #5
    • 11th Jun 17, 4:01 PM
    at the moment bitcoin is still growing (market price) aslo its growing tech wise ,more and more tech companies,banks and governments are looking at bitcoins pros and cons.As for the someone on here saying that bitcoin is untraceable,IT ISNT ,its there for evryone to see on the blockchain(its a ledger) which shows ALL transactions,its only untyraceable if you use something like a vpn and bitcoin tumblers,the notion that biotcoin is untracable is only half true because it isnt automatically untracable,you have to take stapes to make it that way,also the thing about it being used by criminals is stupid because fiat currancy is also used by criminals so should that be band too?Incidentally cex and scan.co.uk both accept bitcoin,amongst others.Anyz back to your original question,yes at the moment its profitable but at the moment your best bet is probably ethereum,its still relitavley low price wise but is going up a lot,its now the second largest cryptocurrency(ethereum is invested by microsoft ,amongst others)Hope this info helps one way or another
    • parking_question_chap
    • By parking_question_chap 11th Jun 17, 4:12 PM
    • 1,408 Posts
    • 1,232 Thanks
    parking_question_chap
    • #6
    • 11th Jun 17, 4:12 PM
    • #6
    • 11th Jun 17, 4:12 PM
    I doubt you will see the huge growth you have already seen from a few cents to thousands of dollars again. At best you might double up, but ask yourself this, what do you actually own?

    I wouldnt touch it at this stage, it is still high risk, and not much more upside imo.
    • Aced2016
    • By Aced2016 11th Jun 17, 4:22 PM
    • 225 Posts
    • 442 Thanks
    Aced2016
    • #7
    • 11th Jun 17, 4:22 PM
    • #7
    • 11th Jun 17, 4:22 PM
    No it actually recently crashed and lost 3 billion in value on one day. My husbands friend a few years back, had a lot. Fast forward to now it's worth peanuts !

    Personally things like that aren't for me. Id prefer real money !
    • FREEBIELOVER247
    • By FREEBIELOVER247 11th Jun 17, 4:34 PM
    • 2 Posts
    • 0 Thanks
    FREEBIELOVER247
    • #8
    • 11th Jun 17, 4:34 PM
    • #8
    • 11th Jun 17, 4:34 PM
    HOw can it be worth peanuts? ,btc is currently worth £2337 per coin
    • asajj
    • By asajj 11th Jun 17, 9:11 PM
    • 4,124 Posts
    • 10,302 Thanks
    asajj
    • #9
    • 11th Jun 17, 9:11 PM
    • #9
    • 11th Jun 17, 9:11 PM
    Well, you need to farm the bitcoin, don't you? Also, please also use some punctuations and paragraphs. To me, it looks like OP doesn't have knowledge or equipment to do that, therefore, needs more than a forum post to understand it.
    £2015 in 2015 / £2015

    No buying unnecessary stuff.
    Clearing out by selling on Ebay, donating to charity etc.
    • RDF
    • By RDF 14th Jun 17, 9:14 AM
    • 5 Posts
    • 1 Thanks
    RDF
    It would be very useful if Martin could put together a report on how to and where to get a crypto wallet and then buy cryptocurrency such as Bitcoin, Ethereum and others. My concern is trying to find companies who are well financed and capitalised so they do not go bust. These forms of currency are going to become major currencies in their own right.
    • The_Grateful_Ghoul
    • By The_Grateful_Ghoul 14th Jun 17, 12:15 PM
    • 165 Posts
    • 56 Thanks
    The_Grateful_Ghoul
    I would like to see Martin run a feature on cryptocurrencies.
    Dismissing all of them as something frequented only by criminals is legacy thinking.

    For example, Ripple is being backed by the world's biggest banks and
    Ethereum is backed by JPMorgan, Intel, Microsoft And many others.

    It is an incredibly volatile market that is still in its infancy, but it is something that we should be watching very closely because make no mistake blockchain will transform the financial industry.

    The fact that you could purchase 1 Ethereum coin for $8.51 in January this year and 6 months later cash out for $400 shows that early adopters and risk takers are making a lot of cash.

    Yesterday a startup used Ethereum to raise $150 million in three hours.

    This is a topic that will go mainstream later this year and would be great to see Martin leading from the front.
    • glentoran99
    • By glentoran99 14th Jun 17, 12:33 PM
    • 4,801 Posts
    • 3,815 Thanks
    glentoran99
    I would like to see Martin run a feature on cryptocurrencies.
    Dismissing all of them as something frequented only by criminals is legacy thinking.

    For example, Ripple is being backed by the world's biggest banks and
    Ethereum is backed by JPMorgan, Intel, Microsoft And many others.

    It is an incredibly volatile market that is still in its infancy, but it is something that we should be watching very closely because make no mistake blockchain will transform the financial industry.

    The fact that you could purchase 1 Ethereum coin for $8.51 in January this year and 6 months later cash out for $400 shows that early adopters and risk takers are making a lot of cash.

    Yesterday a startup used Ethereum to raise $150 million in three hours.

    This is a topic that will go mainstream later this year and would be great to see Martin leading from the front.
    Originally posted by The_Grateful_!!!!!


    for someone to be making a lot of money others hav eto be losing a lot of money
    • glentoran99
    • By glentoran99 14th Jun 17, 12:35 PM
    • 4,801 Posts
    • 3,815 Thanks
    glentoran99
    at the moment bitcoin is still growing (market price) aslo its growing tech wise ,more and more tech companies,banks and governments are looking at bitcoins pros and cons.As for the someone on here saying that bitcoin is untraceable,IT ISNT ,its there for evryone to see on the blockchain(its a ledger) which shows ALL transactions,its only untyraceable if you use something like a vpn and bitcoin tumblers,the notion that biotcoin is untracable is only half true because it isnt automatically untracable,you have to take stapes to make it that way,also the thing about it being used by criminals is stupid because fiat currancy is also used by criminals so should that be band too?Incidentally cex and scan.co.uk both accept bitcoin,amongst others.Anyz back to your original question,yes at the moment its profitable but at the moment your best bet is probably ethereum,its still relitavley low price wise but is going up a lot,its now the second largest cryptocurrency(ethereum is invested by microsoft ,amongst others)Hope this info helps one way or another
    Originally posted by FREEBIELOVER247
    only thing that's on the blockchain are numbers, there is nothing to link or trace this to a person
    • Maelzoid
    • By Maelzoid 16th Jun 17, 6:54 PM
    • 16 Posts
    • 10 Thanks
    Maelzoid
    There is a lot of misinformation out there on bitcoin. Personally I think it is a technology with a great future and a hell of a lot of potential.

    I would recommend investing, but not blindly. If you're interested, I recommend learning a bit about it first and then follow developments to be aware of any problems that might affect its price. With anything that is risky, don't invest any cash you cannot afford to lose.

    A great primer on all things bitcoin is an article in the London Review of Books: When bitcoin grows up. Google it - I can't post a link due to anti spam rules.

    And I follow @Coindesk on twitter for up to date news.

    I don't think it's really in the MSE remit to cover this kind of investment - after all, they are about money saving and consumer affairs. This is far more a risky investment than they usually cover. However, with savings offering rates of 2% seen as market leaders, it is understandable that you may want to branch out.
    • aduffell
    • By aduffell 7th Aug 17, 10:42 PM
    • 12 Posts
    • 7 Thanks
    aduffell
    I bought £10 in March. It's now worth £24 in August.
    Yes, I wish I had invested £1000, but then it could have crashed - always a risk.

    My advice - Don't invest money you can't afford to lose!
    • Udiloro
    • By Udiloro 8th Aug 17, 12:58 PM
    • 1 Posts
    • 1 Thanks
    Udiloro
    I bought £10 in March. It's now worth £24 in August.
    Yes, I wish I had invested £1000, but then it could have crashed - always a risk.

    My advice - Don't invest money you can't afford to lose!
    Originally posted by aduffell
    I think so too
    • zzzt
    • By zzzt 9th Aug 17, 1:51 PM
    • 222 Posts
    • 227 Thanks
    zzzt
    I've been investing in Bitcoin and other cryptocurrencies for a while now.

    The opportunity to make huge gains there, and long-term, it's very likely that your initial investment will be worth significantly more in 2-5 years. But there is obviously a risk.

    It's not worth trying to day trade or make short-term gains. These currencies are extremely volatile. They can gain and lose 25% in a day, you'd need absolute balls of steel to ignore your emotion with the wild swings. If you're gonna invest in Bitcoin or other cryptocurrencies, just buy and hold.

    There is also the opportunity to mine, not BTC of course, too late for that, but other coins are still profitable to mine, such as Ethereum. I wouldn't get into it now if you don't already have the equipment, but if you are into PC gaming and have a high end PC with a very recent graphics card, you could make an extra £30-40 per month or so mining Ethereum or an ASIC-resistant altcoin.
    • scaredofdebt
    • By scaredofdebt 9th Aug 17, 2:02 PM
    • 914 Posts
    • 364 Thanks
    scaredofdebt
    As stated, you may make good returns if you are prepared for the risk, so only invest what you can afford to lose.

    Treat it like a very volatile/risky share.

    Mining Bitcoin for profit requires cutting edge technology and very cheap electricity, or your costs will most likely outweight the benefits.

    The interesting thing with Bitcoin is that it is finite, there will eventually be a time when there are no more to be "found" - so what happens to the price then? This has never happened with any other traditional form of currency that I am aware of, even gold is still to be mined.

    There are various apps that let you buy and sell Bitcoin (and other cryptocurrency) and I beleive charges are low, but do your own research!
    Matched Betting novice - Earnings to date - £161.16 so far this month.
    • zzzt
    • By zzzt 9th Aug 17, 2:08 PM
    • 222 Posts
    • 227 Thanks
    zzzt
    The interesting thing with Bitcoin is that it is finite, there will eventually be a time when there are no more to be "found" - so what happens to the price then? This has never happened with any other traditional form of currency that I am aware of, even gold is still to be mined.
    Originally posted by scaredofdebt
    With scarcity comes increase in value. I think that's what will be expected. I wouldn't be surprised to see BTC work £10k by 2020.

    People describe BTC as the gold of the crypto world. It's not even particularly good as a currency (because of the long transaction times and fees, which is what caused the recent fork). But as a hold of value it seems to do very well. It's the gold standard against which the other cryptocurrencies are measured. You want any other you pretty much have to trade BTC for it, which means their value tends to trail BTC.
    • majorwally
    • By majorwally 9th Aug 17, 4:24 PM
    • 127 Posts
    • 45 Thanks
    majorwally
    Is Bitcoin real?
    I was offered 100 bitcoins at £1each in 2010 I think it was and now I read its worth £2,500
    So I'm a bit gutted as you can imagine.
    But is it all as it seems?
    I see many stories about people holding massive wallets but not many seem to be selling and getting the money in their bank accounts.

    Are they really getting paid out as being totally selfish I'm hoping it's all a scam but knowing my luck it's not.
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