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  • FIRST POST
    • aardvaak
    • By aardvaak 1st Dec 17, 12:59 PM
    • 4,241Posts
    • 1,877Thanks
    aardvaak
    Bitcoins
    • #1
    • 1st Dec 17, 12:59 PM
    Bitcoins 1st Dec 17 at 12:59 PM
    I just saw a link on Facebook about starting a Bitcoin account.

    Does this work?

    How does it work?

    Has anyone here used it?
Page 1
    • EachPenny
    • By EachPenny 1st Dec 17, 1:13 PM
    • 3,262 Posts
    • 6,000 Thanks
    EachPenny
    • #2
    • 1st Dec 17, 1:13 PM
    • #2
    • 1st Dec 17, 1:13 PM
    I would give anything relating to financial matters which appears as a link on Farcebook a very wide berth.

    If you are interested in Bitcoin there is already reams of information about it on the internet just waiting to be researched.
    "In the future, everyone will be rich for 15 minutes"
    • ColdIron
    • By ColdIron 1st Dec 17, 1:17 PM
    • 3,653 Posts
    • 4,396 Thanks
    ColdIron
    • #3
    • 1st Dec 17, 1:17 PM
    • #3
    • 1st Dec 17, 1:17 PM
    You could Google it or look at the many threads here or maybe read this
    https://blog.moneysavingexpert.com/2017/11/30/invest-bitcoin-four-things-need-know/
    • bowlhead99
    • By bowlhead99 1st Dec 17, 1:20 PM
    • 6,981 Posts
    • 12,569 Thanks
    bowlhead99
    • #4
    • 1st Dec 17, 1:20 PM
    • #4
    • 1st Dec 17, 1:20 PM
    I just saw a link on Facebook about starting a Bitcoin account.

    Does this work?
    The last thing you should do is open some random account (bitcoin or other) you saw on Facebook. It could be a scam, or not.

    How does it work?
    How does what work? The specific service you saw on Facebook? Or buying, mining, storing and selling bitcoins in general? For the latter, you could probably get through a lot of research this weekend by googling.

    Has anyone here used it?
    A number of people have used accounts with bitcoin exchanges to buy and sell bitcoin, if that's what you mean. There is as thread on the front page of this board at the moment. If you use the search function you can find several other long threads from the last several years, so we don't have to repeat it all again
    • aroominyork
    • By aroominyork 1st Dec 17, 3:11 PM
    • 296 Posts
    • 72 Thanks
    aroominyork
    • #5
    • 1st Dec 17, 3:11 PM
    • #5
    • 1st Dec 17, 3:11 PM
    I wonder how much bitcoins were trading at when the first stream of threads started saying "I wish I'd invested in this ages ago... is it any good?" As and when they crash and burn (though of course they never will) I think they will need their own sub-Board; I won't want to see the tears.
    • Malthusian
    • By Malthusian 1st Dec 17, 5:06 PM
    • 3,421 Posts
    • 5,237 Thanks
    Malthusian
    • #6
    • 1st Dec 17, 5:06 PM
    • #6
    • 1st Dec 17, 5:06 PM
    Bitcoin already crashed. Between Wednesday and Thursday afternoon it fell by 20% - that's a crash, more than the UK stockmarket crashed on Black Wednesday. Now it's up again. It's a dead cat that's been embalmed in the material they use to make super bouncy balls.
    • frenchplonka
    • By frenchplonka 1st Dec 17, 6:22 PM
    • 267 Posts
    • 64 Thanks
    frenchplonka
    • #7
    • 1st Dec 17, 6:22 PM
    • #7
    • 1st Dec 17, 6:22 PM
    Personally I think its going to be crash rise crash bigger rise crash rise pretty much how its been since its inception I'm late to the party and its purely a punt on my part the question is are u silly enough to come for a ride up the wrong side of the dual carriage way!

    I'm in the car and steadily moving forward will I lose I don't know am I putting in a lot of money no around 50 a week gamble what you can afford to lose any profits a bonus
    Sealed Pot Challenge 10 - #571
    • Billco
    • By Billco 2nd Dec 17, 6:30 PM
    • 43 Posts
    • 12 Thanks
    Billco
    • #8
    • 2nd Dec 17, 6:30 PM
    • #8
    • 2nd Dec 17, 6:30 PM
    Yeah it crashed....sure big crash.....

    and now its worth more than it was before the crash?

    Wake up will ya
    • Billco
    • By Billco 2nd Dec 17, 6:32 PM
    • 43 Posts
    • 12 Thanks
    Billco
    • #9
    • 2nd Dec 17, 6:32 PM
    • #9
    • 2nd Dec 17, 6:32 PM
    Oh and to answer the OP.

    There's hundreds of companies that offer bitcoin wallets. Perhaps one of the better known ones, that I use, is Coinbase.

    Its a simple process to exchange pounds into bitcoin and then just sit on it to see what happens tot he value.

    Other posters are dead right in what they are saying though, there are hundreds of companies out there more than willing to take your money for nothing in return.

    But, I do believe there are alternatives that will actually give you something for you taking a chance on them.

    Research research research before spending a penny. Thats my advice.
    • ChesterDog
    • By ChesterDog 3rd Dec 17, 8:33 AM
    • 809 Posts
    • 1,475 Thanks
    ChesterDog
    Yeah it crashed....sure big crash.....

    and now its worth more than it was before the crash?

    Wake up will ya
    Originally posted by Billco
    I think your post highlights the conflict between the views of crypto-fans and those of conventional investors.

    Bitcoin (which I hold, incidentally) is behaving as a very volatile commodity with (as yet) a price driven by speculation, uninformed interest and straightforward gambling rather than utility. If it establishes itself as a currency with real utility and some stability of value, then the level at which that will occur is unknown.

    Those are (quite properly) alarm bells to seasoned investors.

    When people jump up and down excitedly about something and dismiss legitimate concerns as foolish, the wise people step well back from it. Not because it is defintely going to fail, but because there is no way to predict, judge or ascertain the prospects of it doing so or, indeed, of succeeding.

    The fact that bitcoin's price crashed but then recovered so quickly reinforces the opposing views of both camps!

    Short-term market predictions (in any market) are impossible: the fluctuations are too random. Longer-term forecasting is - I would say - equally impossible in this particular case, unlike more established investment instruments.

    That means bitcoin is not an investment. It is a simple gamble.

    Good luck to anyone who holds it. That is what's needed for success: luck, not skill, knowledge, insight or wisdom.

    I am happy to hold some bitcoin, but it is on the basis that I have absolutely no idea at all what will happen to its value in the near or long term. The important thing is that if my holding falls to zero (as I tend to think it will), it will make no discernible difference to me financially; the value of my conventional investments rises and falls daily by the same amount that my bitcoin is currently worth.
    Last edited by ChesterDog; 03-12-2017 at 9:01 AM. Reason: Typo
    I am one of the "Dogs of the Index".
    • BananaRepublic
    • By BananaRepublic 3rd Dec 17, 11:19 AM
    • 904 Posts
    • 655 Thanks
    BananaRepublic
    What we have at the moment is a Ponzi scheme. The price goes up, so people buy, so the price goes up. Once the number of buyers has been exhausted, the price will collapse. Of course you could argue that it will merely stabilise, but since most buyers see it as an investment, once the growth stops, they'll sell up and move funds into the next big thing. At that point it will crash. After all, this is driven by herd instinct, and at present all the stories are buy buy buy. Once the stories become sell sell sell, people will sell en masse.
    • TBC15
    • By TBC15 3rd Dec 17, 3:11 PM
    • 259 Posts
    • 86 Thanks
    TBC15
    This band wagon is going up like a rocket, as its based-on sound financial investment strategy what could possibly go wrong?
    Last edited by TBC15; 03-12-2017 at 3:14 PM.
    • Billco
    • By Billco 3rd Dec 17, 4:56 PM
    • 43 Posts
    • 12 Thanks
    Billco
    Yeah i'd never claim to be an investor. I'm not that clued up on it in the slightest so can't argue with you.

    But, I dunno I don't wanna go all Del Boy on it. But I just finally feel like he who dares wins, actually makes sense this time round.

    I'm sure a lot of clever, more intelligent educated men than myself looked at Bitcoin when it first started off as nothing to be interested in.

    Some guys, threw money at it. Took a gamble.

    Those same guys have long since cashed out on that and legged it with the money.

    Some other guys are probably still sitting on it waiting/hoping its gonna go up more.

    I'm late to the party but I feel like taking a gamble. Yeah course its a risk that might not pay off. But my god if it does I'll be one happy chappy.

    I threw £100 at it a couple weeks back as a, no big loss thing. Watched it grow for a while. Then I threw 2500 at it.

    Huge risk I know. But I only need it to last 6 months to pull my original 2500 back out and have 2500 left in to play with.

    Just gonna cross my fingers for the next 6 months then
    • TBC15
    • By TBC15 3rd Dec 17, 5:39 PM
    • 259 Posts
    • 86 Thanks
    TBC15
    Keep it ridiculously low if you must, it will be a scar that makes you a better investor.
    • jimjames
    • By jimjames 3rd Dec 17, 6:01 PM
    • 12,234 Posts
    • 10,760 Thanks
    jimjames
    Seen a post today offering 1% a day returns on Bitcoin. I think there are some people going to be seriously burned by this
    Remember the saying: if it looks too good to be true it almost certainly is.
    • EachPenny
    • By EachPenny 3rd Dec 17, 6:17 PM
    • 3,262 Posts
    • 6,000 Thanks
    EachPenny
    But I only need it to last 6 months to pull my original 2500 back out and have 2500 left in to play with.
    Originally posted by Billco
    Words which echo through centuries of investment history, spoken by people on the brink of losing it all
    "In the future, everyone will be rich for 15 minutes"
    • Eco Miser
    • By Eco Miser 4th Dec 17, 1:29 AM
    • 3,218 Posts
    • 2,979 Thanks
    Eco Miser
    What we have at the moment is a Ponzi scheme.
    Originally posted by BananaRepublic
    In a Ponzi scheme, dividends (from other people's investments rather than real earnings) are paid to the investors (who are encouraged to re-invest them), and lots of money floods in to the promoter.

    With bitcoin, no dividends are paid, there is no flood of money to the promoter (except insofar as the promoter sells coin they have mined when mining was easy), but demand for a scarce resource drives prices higher, to a ridiculous extent, comparable to tulip mania.

    A Ponzi scheme is a deliberate scam, bitcoin is just finding the bigger fool.
    Eco Miser
    Saving money for well over half a century
    • TBC15
    • By TBC15 4th Dec 17, 3:39 AM
    • 259 Posts
    • 86 Thanks
    TBC15
    The more I read about this, the sound of Danny Kaye singing in the background gets louder.
    • onlyroz
    • By onlyroz 4th Dec 17, 11:31 AM
    • 13,634 Posts
    • 25,957 Thanks
    onlyroz
    I attempted to buy £100 in bitcoin the other day as a bit of an experiment (via the Blockchain wallet and through the Coinify exchange) and my transaction was immediately blocked and flagged up as fraudulent. I had a talk with my bank (First Direct) and they have unlocked my account - but I'm unsure whether a repeat attempt will have the same result.


    So to all who have dabbled in bitcoin, how do you buy them? And do you have any problems with your bank?
    • fun4everyone
    • By fun4everyone 4th Dec 17, 11:35 AM
    • 850 Posts
    • 1,385 Thanks
    fun4everyone
    Banks hate bitcoin transactions. Try coinbase for starters. There are some fees but not as bad as some. You can do small debit card transactions there. Look into getting hold of a hardware wallet (trezor or nano s). You want to be in complete control of your private keys so you benefit from any future forks.
    Last edited by fun4everyone; 04-12-2017 at 11:38 AM.
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