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  • FIRST POST
    • Moneygrabber89
    • By Moneygrabber89 10th Jun 17, 10:00 PM
    • 61Posts
    • 5Thanks
    Moneygrabber89
    Bitcoin
    • #1
    • 10th Jun 17, 10:00 PM
    Bitcoin 10th Jun 17 at 10:00 PM
    MoneySavingExpert Insert:

    Martin's blogged on Bitcoins and cryptocurrencies. You can read it here:

    Bitcoin: Four things you need to know

    Back to Moneygrabber89's post...

    ----


    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
    Last edited by MSE Andrea; 01-12-2017 at 10:29 AM.
Page 2
    • zzzt
    • By zzzt 9th Aug 17, 7:54 PM
    • 238 Posts
    • 243 Thanks
    zzzt
    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.
    Originally posted by majorwally
    Yes it's real, and extremely easy to turn Bitcoin into fiat currency. If you had bought 100 BTC at £1 each and held until today, you would be very happy I imagine.
    • Beartricks
    • By Beartricks 9th Aug 17, 8:40 PM
    • 180 Posts
    • 154 Thanks
    Beartricks
    It's not worth mining bitcoin now. Instead it's more like a stock that people buy and sell as the price rises and falls.

    It is also completely traceable and that's partly why there are other currencies springing up trying to solve that problem. You can see every Bitcoin transaction online, and while the identities are hidden it's apparently fairly easy to figure it out from context.

    The OP's colleague is pretty naive to think that they can make money from it, unless they're actually investing in the blockchain rather than Bitcoins themselves. Or maybe they're actually investing tens of thousands, in which case you'd probably have more luck with exchange traded funds.
    • Moneygrabber89
    • By Moneygrabber89 24th Aug 17, 1:14 PM
    • 61 Posts
    • 5 Thanks
    Moneygrabber89
    how can I but some? what website?

    do you buy using paypal for security?
    • extraJam
    • By extraJam 24th Aug 17, 10:06 PM
    • 154 Posts
    • 62 Thanks
    extraJam
    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 !
    Originally posted by Aced2016
    Erm it's worth 4000 dollars each right now, and it's gone up a factor of ten over the last year, over 20 over the last two years, not to mention all the other currencies that have exploded in value.... I'd hate to be your husband's friend if he sold at the bottom of the market and didn't buy back. (But then again there are a lot of people who did that!)
    • phillw
    • By phillw 29th Aug 17, 8:10 PM
    • 1,095 Posts
    • 645 Thanks
    phillw
    how can I but some? what website?

    do you buy using paypal for security?
    Originally posted by Moneygrabber89
    No, you generally have to transfer money into an exchange account & hope they don't steal it.

    Because sometimes, they steal it... https://en.wikipedia.org/wiki/Mt._Gox

    Exchanges have had their UK bank accounts seized under money laundering rules, so you normally have to send the money to less regulated countries to buy into it.

    BTC could be the next big thing, or the next Tulip https://en.wikipedia.org/wiki/Tulip_mania

    Of course I wish I'd put a grand in when it was less than $1 (People used to give them away). Buying now when I don't have money to gamble, maybe not.

    Some guy bought the most expensive pizza ever http://uk.businessinsider.com/bitcoin-pizza-day-passes-2000-20-million-2017-5
    Last edited by phillw; 29-08-2017 at 8:16 PM.
    • lucycoin
    • By lucycoin 6th Sep 17, 11:06 AM
    • 5 Posts
    • 0 Thanks
    lucycoin
    Buy Bitcoin
    Hi,

    You can buy Bitcoin from CoinCorner. No paypal needed, you can purchase buy card.

    Really easy to do once you have registered.

    Enjoy!
    • lucycoin
    • By lucycoin 6th Sep 17, 11:10 AM
    • 5 Posts
    • 0 Thanks
    lucycoin
    I would buy Bitcoin and hold it for three years and watch the value go up. Better interest than your money being in the bank
    • C_Mababejive
    • By C_Mababejive 6th Sep 17, 11:10 AM
    • 10,324 Posts
    • 9,364 Thanks
    C_Mababejive
    Everyone is talking about bitcoin now and talking about how it can only go up and make money. The truth is that by the time the bottom feeders (thats most of us) get in on the act, the big money has been made and we are just being suckered in to bolster the remaining profits of others before it drops and we pay the price.
    Feudal Britain needs land reform. 70% of the land is "owned" by 1 % of the population and at least 50% is unregistered (inherited by landed gentry). Thats why your slave box costs so much..
    • bones85
    • By bones85 7th Sep 17, 9:39 PM
    • 67 Posts
    • 511 Thanks
    bones85
    i've got 0.0026004 bitcoins lol, worth £9! they worth £4 a couple of months ago
    • phillw
    • By phillw 7th Sep 17, 10:13 PM
    • 1,095 Posts
    • 645 Thanks
    phillw
    Everyone is talking about bitcoin now and talking about how it can only go up and make money. The truth is that by the time the bottom feeders (thats most of us) get in on the act, the big money has been made and we are just being suckered in to bolster the remaining profits of others before it drops and we pay the price.
    Originally posted by C_Mababejive
    It's too late to make big money, there are a lot of people with hugs stashes of them who are slowly selling out (otherwise it triggers a crash).

    However you can still make money as you just need to find a bigger sucker.
    • Moneygrabber89
    • By Moneygrabber89 8th Sep 17, 5:21 PM
    • 61 Posts
    • 5 Thanks
    Moneygrabber89
    So yes still buy? If I put in 300 quid is it likely to make money
    • Moneygrabber89
    • By Moneygrabber89 10th Sep 17, 1:08 PM
    • 61 Posts
    • 5 Thanks
    Moneygrabber89
    What website can I buy from?

    Do I have to pay for a wallet thing to store them? Is the process of selling easy
    • Maelzoid
    • By Maelzoid 14th Sep 17, 11:55 AM
    • 16 Posts
    • 11 Thanks
    Maelzoid
    What website can I buy from?

    Do I have to pay for a wallet thing to store them? Is the process of selling easy
    Originally posted by Moneygrabber89
    I have bought from Bittylicious.com and coinfloor.co.uk and would recommend them both. I have also bought from coinbase.com but find their customer service to be terrible.

    You can download a wallet for free - there are a lot out there which can be quite confusing to start with. I use breadwallet which is a mobile-only wallet.

    Many wallets are reviewed here:

    https://99bitcoins.com/best-bitcoin-wallet-comparison-review/

    I would recommend reading a fair bit about bitcoin before jumping in so that you are familiar with it and the jargon. Coindesk.com is a good source of news and info.

    Do not invest money you cannot afford to lose!
    • Maelzoid
    • By Maelzoid 14th Sep 17, 11:58 AM
    • 16 Posts
    • 11 Thanks
    Maelzoid
    So yes still buy? If I put in 300 quid is it likely to make money
    Originally posted by Moneygrabber89
    Although I personally think it will make you money, especially in the long term, I and indeed nobody can make any guarantees about this.

    Money in a savings account will never go down, although the interest is minimal, so can be considered safe. By that standard, bitcoin is speculative and cannot be considered at all safe.
    • DigForVictory
    • By DigForVictory 29th Nov 17, 4:18 PM
    • 7,268 Posts
    • 19,930 Thanks
    DigForVictory
    I've a cousin who's happily involved in mining bitcoins. He has a real job, which helps pay the electricity bills.
    Me, as a loving trusting soul, I worry about any currency you can buy food & clothes with but not travel. (The how far can you go from London using X currency challenge - Bitcoin candidate couldn't leave the city.)

    Also, come the End of the World as we know it, I can trade jam, krugerrands & medication for life's little essentials. One solid powercut & all bitcoin millionaires are going to be dashed peckish.

    Anything that looks too good to be true? Usually isn't. I lump all the crypto currencies under the too good to be true heading & prefer a sov in a sock...
    • pappadruid
    • By pappadruid 29th Nov 17, 8:41 PM
    • 78 Posts
    • 13 Thanks
    pappadruid
    I own some crypto currency and have seen the value if it rise considerably. I dont own the main coins such as BTC/ETC/LTC but have invested in new funds where the risk is spread over various coins and altcoins (SIFT Fund and Crypto20). About £1k invested so will forget about it and come back in 10 years.

    For those wanting to buy crypto, set up an account with Coinbase and purchase a Ledger Nano S to store everything securely. Have a play, watch the markets and get a feel for what it is all about.

    High risk, high reward. BTC at £7445 as I type after a high today of £8464.

    He who dares, Rodders!
    • Billco
    • By Billco 1st Dec 17, 12:04 AM
    • 45 Posts
    • 18 Thanks
    Billco
    I was very late jumping on the Bitcoin bandwagon. As in like 8 weeks ago late. So i've been burying my head in every document, video and any information that I can find to learn as much about it as possible and see what the chances are of actually making any money.

    To be honest, I'm rather hopeful. I didn't just buy Bitcoin and sit on it (which in itself would have turned a profit already) but I'm allowing a company to use my Bitcoin to generate an even bigger profit for me.

    In about 10 more weeks I will have doubled on my initial investment and I'm more than happy with that. I can't see Bitcoin going anywhere in the short term, not when more and more companies are getting on-board. Hell majority of CEX stores across UK accept bitcoin. Even Amazon is looking to get onboard early next year.

    Everyones telling me its too late to earn any money and the ship has sailed etc etc.

    They said the same thing to me 8 years ago when I wanted to buy a few bitcoins as a "risk" then.

    If I had, I coulda been a millionaire by now!

    Like the poster above me said. He who dares!
    • scaredofdebt
    • By scaredofdebt 4th Dec 17, 2:32 PM
    • 946 Posts
    • 374 Thanks
    scaredofdebt
    The value of the first bitcoin transactions were negotiated by individuals on the bitcoin forum with one notable transaction of 10,000 BTC used to indirectly purchase two pizzas delivered by Papa John's.[12]
    That is £84M in today's BC value!

    I bet whoever bought those pizzas is a bit sick.
    Make £2018 in 2018 Challenge - Total to date £29
    • Kayalana99
    • By Kayalana99 10th Dec 17, 8:47 AM
    • 3,352 Posts
    • 6,023 Thanks
    Kayalana99
    Everyone is talking about bitcoin now and talking about how it can only go up and make money. The truth is that by the time the bottom feeders (thats most of us) get in on the act, the big money has been made and we are just being suckered in to bolster the remaining profits of others before it drops and we pay the price.
    Originally posted by C_Mababejive
    Exactly. The time to buy bitcoin was before it was being advertised left right and centre (and even a lot further before then). I've got bitcoin in my adverts, in here, in my e-mail ....it's a blatant marketing push and exactly what will happen is people will buy into it so the price will go up slightly, a few rich kids will sell their bitcoins for a massive profit then you'll see it drop again once this all dies down and they will either purchase again at the lower price or roll in their money whilst all these recent investors lose out.
    People don't know what they want until you show them.
    • phillw
    • By phillw 10th Dec 17, 9:53 AM
    • 1,095 Posts
    • 645 Thanks
    phillw
    a few rich kids will sell their bitcoins for a massive profit then you'll see it drop again once this all dies down and they will either purchase again at the lower price or roll in their money whilst all these recent investors lose out.
    Originally posted by Kayalana99
    The people with the huge number of bitcoins from day 1 are slowly selling them to avoid a crash. They are like diamonds, but not as pretty.

    That is £84M in today's BC value!

    I bet whoever bought those pizzas is a bit sick.
    Originally posted by scaredofdebt
    Laszlo Hanyecz received the pizzas, I thought he said he didn't regret it but I can't find anything about him now. The guy who sold him the pizzas didn't keep the bitcoin either, supposedly he made 10x his money back on the deal. I would imagine the people who made the pizzas would be sick if they realised they missed out on the chance of selling pizzas for bitcoins.

    http://bitcoinwhoswho.com/blog/2016/01/30/a-living-currency-an-interview-with-jercos-party-to-first-bitcoin-pizza-transaction/
    Last edited by phillw; 10-12-2017 at 10:02 AM.
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