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  • FIRST POST
    • Moneygrabber89
    • By Moneygrabber89 10th Sep 17, 8:37 PM
    • 50Posts
    • 3Thanks
    Moneygrabber89
    Bitcoins
    • #1
    • 10th Sep 17, 8:37 PM
    Bitcoins 10th Sep 17 at 8:37 PM
    I am going to buy some bitcoin. Could somebody please advise simple way to store the coins. It will be a paper wallet as everything sounds complicated. Does anybody know any secure sites to store or create wallet?

    Any advice would be greatly appreciated. Going to dive in with £500. Hopefully watch this rollercoaster bring in some money
Page 2
    • sorcerer
    • By sorcerer 11th Sep 17, 1:02 PM
    • 806 Posts
    • 383 Thanks
    sorcerer
    You know I didn't used to be such a cynic, but infesting in the stock market for the last 10 years, has turned me into somebody who trusts nobodies opinion, and doesn't believe anything unless their are facts to back it up.

    I have seen stock market companies fall apart, because boards lie, auditers fail to audit correctly or ignore shareholders and do what ever they want. I guess experience turns you this way.
    • kauto
    • By kauto 11th Sep 17, 1:21 PM
    • 24 Posts
    • 28 Thanks
    kauto
    Would you not regret it if it does up to around 20k in 2 years?
    Originally posted by Moneygrabber89
    I don't understand what your trying to get out of this thread. If your so sure that Bitcoin's will make you a pile of money then buy some

    The returns your seeking don't exist and you seem to have very speculative tendencies based on your messages. Your also not going to find the advice from anyone on this forum because we are savers and investors, not Bitcoin speculators.
    "Be Fearful when's others are Greedy and Greedy only when others are Fearful"
    • jimjames
    • By jimjames 11th Sep 17, 2:00 PM
    • 12,008 Posts
    • 10,449 Thanks
    jimjames
    Would you not regret it if it does up to around 20k in 2 years?
    Originally posted by Moneygrabber89
    Not at all. In the same way I have no regrets when an AIM stock has gone up 1000x
    Remember the saying: if it looks too good to be true it almost certainly is.
    • ChesterDog
    • By ChesterDog 11th Sep 17, 2:10 PM
    • 772 Posts
    • 1,334 Thanks
    ChesterDog
    Not at all. In the same way I have no regrets when an AIM stock has gone up 1000x
    Originally posted by jimjames
    Very true. And very important.

    I was teaching a friend backgammon (observed by another friend).

    Going over the pros and cons of a particular move, it was fairly plain what the correct choice of move was.

    Subsequently, the next roll of the dice meant that (with hindsight) a different choice would have produced a much better result.

    Nevertheless, the friend whom I was teaching recognised that the move chosen was still the 'right' one, given the probabilities of what might happen subsequently.

    The 'observing' friend could not or would not grasp that fact. To him, subsequent developments meant the move had been "a mistake".

    As we cannot see into the future, the decisions we make can only be based on our assessment of the probability of particular outcomes, and the impact of those upon us. What the outcome actually turns out to be should not be a cause for regretting the decision if it was arrived at appropriately.
    I am one of the "Dogs of the Index".
    • Malthusian
    • By Malthusian 11th Sep 17, 3:00 PM
    • 2,866 Posts
    • 4,096 Thanks
    Malthusian
    Would you not regret it if it does up to around 20k in 2 years?
    Originally posted by Moneygrabber89
    Did you regret not buying Apple when shares were less than a dollar apiece?
    • joeypesci
    • By joeypesci 11th Sep 17, 4:05 PM
    • 379 Posts
    • 120 Thanks
    joeypesci
    I am going to buy some bitcoin. Could somebody please advise simple way to store the coins. It will be a paper wallet as everything sounds complicated. Does anybody know any secure sites to store or create wallet?

    Any advice would be greatly appreciated. Going to dive in with £500. Hopefully watch this rollercoaster bring in some money
    Originally posted by Moneygrabber89
    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.

    Anyway, to answer the question. You need to look up Bitcoin Wallets. That is where you'll store them. I'm not sure if there is a cloud version of wallets or not. If not, you want to make sure you 100% remember your password and account to your wallet otherwise you'll lose the coins. There is a story of a guy who bought a few when they were very cheap and his wallet was on a HDD that he threw out because he forgot all about them (was the very early days of Bitcoin).
    • JohnRo
    • By JohnRo 11th Sep 17, 5:00 PM
    • 2,424 Posts
    • 2,178 Thanks
    JohnRo
    OP, one option is a Trezor but they're not cheap, on £500 worth they're too much.

    My advise would be to more know, than not, what you're getting into before buying anything.

    What do you know about BTC other than the wild bucking bronco rise in their speculative price that you're chasing after?
    'We don't need to be smarter than the rest; we need to be more disciplined than the rest.' - WB
    • dividendhero
    • By dividendhero 11th Sep 17, 5:34 PM
    • 94 Posts
    • 68 Thanks
    dividendhero
    Bitcoin reminds of the tale about Wall Street - when the shoe shine boy starts talking about stocks, it's time to get out....
    • Alexland
    • By Alexland 12th Sep 17, 1:08 PM
    • 199 Posts
    • 104 Thanks
    Alexland
    Did you regret not buying Apple when shares were less than a dollar apiece?
    Originally posted by Malthusian
    Nolan Bushnell regretted not buying 1/3 of Apple for 50,000 dollars when it needed cash! But then he was happy to have his health, family and the money he did earn without taking excessive risks.

    This is all a question of risk adjusted return. If you make too many wild bets you will eventually loose everything. That's how casinos can afford to give out free drinks. Warren Buffet admits to missing thousands of good business opportunities over the years because he limits himself to those he understands and can see certainty of return. Rule number 1 is not to loose money.

    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.
    • atush
    • By atush 12th Sep 17, 2:33 PM
    • 16,239 Posts
    • 9,910 Thanks
    atush
    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.

    Anyway, to answer the question. You need to look up Bitcoin Wallets. That is where you'll store them. I'm not sure if there is a cloud version of wallets or not. If not, you want to make sure you 100% remember your password and account to your wallet otherwise you'll lose the coins. There is a story of a guy who bought a few when they were very cheap and his wallet was on a HDD that he threw out because he forgot all about them (was the very early days of Bitcoin).
    Originally posted by joeypesci
    What annoys me is people asking a question and dont want to hear any answer but the one supporting the action have already decided on.
    • Malthusian
    • By Malthusian 12th Sep 17, 2:50 PM
    • 2,866 Posts
    • 4,096 Thanks
    Malthusian
    This is all a question of risk adjusted return. If you make too many wild bets you will eventually loose everything. That's how casinos can afford to give out free drinks. Warren Buffet admits to missing thousands of good business opportunities over the years because he limits himself to those he understands and can see certainty of return. Rule number 1 is not to loose money.
    Originally posted by Alexland
    Exactly. If you are going to regret not making thousands in Apple you also have to regret not losing tens of thousands in Boo.com and Webvan.com and Pets.com, and the hundreds of other shares which also used to trade at less than a dollar, and are now worth precisely zero dollars.
    • jimjames
    • By jimjames 12th Sep 17, 5:11 PM
    • 12,008 Posts
    • 10,449 Thanks
    jimjames
    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.
    Originally posted by Alexland
    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.

    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.
    Originally posted by joeypesci
    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.
    Remember the saying: if it looks too good to be true it almost certainly is.
    • onomatopoeia99
    • By onomatopoeia99 13th Sep 17, 10:37 AM
    • 3,325 Posts
    • 7,347 Thanks
    onomatopoeia99
    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.
    INTP, nerd, libertarian and scifi geek.
    Home is where my books are.
    • es5595
    • By es5595 13th Sep 17, 11:04 AM
    • 22 Posts
    • 17 Thanks
    es5595
    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
    • By lucyfrancinetaylor 13th Sep 17, 3:43 PM
    • 60 Posts
    • 726 Thanks
    lucyfrancinetaylor
    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
    • By markj113 13th Sep 17, 4:26 PM
    • 106 Posts
    • 84 Thanks
    markj113
    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
    • By bery_451 13th Sep 17, 6:54 PM
    • 973 Posts
    • 27 Thanks
    bery_451
    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
    • By bery_451 13th Sep 17, 6:59 PM
    • 973 Posts
    • 27 Thanks
    bery_451
    Sorry not 5000000 but 500000

    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
    • By Aegis 13th Sep 17, 7:33 PM
    • 4,762 Posts
    • 2,841 Thanks
    Aegis
    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.
    Originally posted by bery_451
    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.
    I am an Independent Financial Adviser
    Anything I say on the forum is for discussion purposes only and should not be construed as personal financial advice. It is vitally important to do your own research before acting on information gathered from any users on this forum.
    • dividendhero
    • By dividendhero 13th Sep 17, 8:49 PM
    • 94 Posts
    • 68 Thanks
    dividendhero

    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.
    Originally posted by bery_451
    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
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