Your browser isn't supported
It looks like you're using an old web browser. To get the most out of the site and to ensure guides display correctly, we suggest upgrading your browser now. Download the latest:

Welcome to the MSE Forums

We're home to a fantastic community of MoneySavers but anyone can post. Please exercise caution & report spam, illegal, offensive or libellous posts/messages: click "report" or email forumteam@. Skimlinks & other affiliated links are turned on

Search
  • FIRST POST
    • Cotta
    • By Cotta 9th Aug 17, 10:15 AM
    • 2,514Posts
    • 992Thanks
    Cotta
    Bitcoin Beginner - Am I doing it Correctly?
    • #1
    • 9th Aug 17, 10:15 AM
    Bitcoin Beginner - Am I doing it Correctly? 9th Aug 17 at 10:15 AM
    MoneySavingExpert Insert:

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

    Bitcoin: Four things you need to know

    Back to Cotta's original post...

    ----


    Hi All,

    I am hoping to get in and buy some virtual currency such as Bitcoins but I have been finding the process quite difficult and I was hoping for some advice.

    I have downloaded a wallet to hold the currencies in called "Electrum Wallet" and I have signed up to a site called "localbitcoins.com" to purchase them.

    Is this the right track to be following?

    Thanks
    Last edited by MSE Andrea; 01-12-2017 at 10:28 AM.
Page 3
    • Maelzoid
    • By Maelzoid 1st Sep 17, 2:20 PM
    • 16 Posts
    • 11 Thanks
    Maelzoid
    There are a lot of opinions out there on this, but one thing I'm certain of: anybody who says Bitcoin will definitely fail does not know what they're talking about, and anybody who says Bitcoin will definitely succeed also does not know what they're talking about. It is a very interesting but also very unpredictable area at the moment.

    Also, my experience is that as soon as someone mentions the words, Pyramid, Ponzi or Tulips, they are at best misinformed.

    This article is a great start for those seeking further knowledge.

    https://www.lrb.co.uk/v38/n08/john-lanchester/when-bitcoin-grows-up
    • Maelzoid
    • By Maelzoid 1st Sep 17, 2:23 PM
    • 16 Posts
    • 11 Thanks
    Maelzoid
    regarding banks, I have contacted First Direct (my bank) about bitcoin and they have categorically said they do not have a problem with transactions with bitcoin companies "to a small appetite" which is admittedly vague, but they clarified saying personal transactions (rather than high-volume trading) are acceptable.
    • easilyparted
    • By easilyparted 3rd Sep 17, 7:50 PM
    • 38 Posts
    • 9 Thanks
    easilyparted
    It may be of interest that there is now an ETF ( Exchange Traded Fund) and an investment trust dealing in bitcoins-XBT Bitcoin Tracker One (BIT XBT), and Bitcoin Investment Trust(US :GBTC).
    • dividendhero
    • By dividendhero 3rd Sep 17, 8:00 PM
    • 120 Posts
    • 94 Thanks
    dividendhero
    It may be of interest that there is now an ETF ( Exchange Traded Fund) and an investment trust dealing in bitcoins-XBT Bitcoin Tracker One (BIT XBT), and Bitcoin Investment Trust(US :GBTC).
    Originally posted by easilyparted
    Leaving bitcoin itself aside, i personally wouldn't go anywhere near GBTC - firstly it's traded "Over The Counter", ie not on any recognised exchange. Secondly it trades at a huge premium over the underlying bitcoins (if indeed any are actually held)
    • le loup
    • By le loup 14th Oct 17, 5:18 PM
    • 3,664 Posts
    • 3,594 Thanks
    le loup
    Until you are the last man standing.

    Why did you post this twice if you are not ramping?
    • chucknorris
    • By chucknorris 14th Oct 17, 6:50 PM
    • 9,345 Posts
    • 14,011 Thanks
    chucknorris
    I wish I had a time machine to go back to 2009 and buy bitcoins

    * I have no idea how it all works *
    Originally posted by Zola.
    I'd be too busy filling in lottery coupons, football and horse accumulator betting slips to be bothered with bitcoins.
    Chuck Norris can kill two stones with one bird
    The only time Chuck Norris was wrong was when he thought he had made a mistake
    Chuck Norris puts the "laughter" in "manslaughter".
    After running injuries I now also hike, cycle and swim, less impact on my joints.

    For the avoidance of doubt Chuck Norris is an actor and an ex martial artist (not me)
    • lucyfrancinetaylor
    • By lucyfrancinetaylor 19th Oct 17, 12:11 PM
    • 65 Posts
    • 1,266 Thanks
    lucyfrancinetaylor
    There is a really good helpful bitcoin tutorial on CoinCorner's page: https://goo.gl/zWgphp

    Enjoy!
    Last edited by lucyfrancinetaylor; 19-10-2017 at 12:13 PM.
Welcome to our new Forum!

Our aim is to save you money quickly and easily. We hope you like it!

Forum Team Contact us

Live Stats

1,500Posts Today

6,166Users online

Martin's Twitter
  • RT @bearface83: @MartinSLewis check out the @Missguided new 60% off offer. Upping the cost of items almost double to make us think it?s a?

  • RT @efitzpat: Thank you SO SO much @MartinSLewis for your Student Loans refund advice! I just got a grand refunded right before Xmas! Whoop?

  • Have a lovely weekend folks. Don't do anything (fiscally) that I wouldn't do!

  • Follow Martin