Bitcoin

edited 1 December 2017 at 11:29AM in Boost Your Income
70 replies 22.2K views
24567

Replies

  • glentoran99glentoran99 Forumite
    5.8K Posts
    Debt-free and Proud!
    ✭✭✭✭
    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.



    for someone to be making a lot of money others hav eto be losing a lot of money
  • glentoran99glentoran99 Forumite
    5.8K Posts
    Debt-free and Proud!
    ✭✭✭✭
    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
    only thing that's on the blockchain are numbers, there is nothing to link or trace this to a person
  • MaelzoidMaelzoid Forumite
    16 Posts
    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.
  • aduffelladuffell Forumite
    19 Posts
    Eighth Anniversary 10 Posts Combo Breaker
    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!
  • aduffell wrote: »
    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!
    I think so too
  • zzztzzzt Forumite
    364 Posts
    Part of the Furniture 100 Posts Combo Breaker
    ✭✭
    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.
  • scaredofdebtscaredofdebt Forumite
    1.6K Posts
    Ninth Anniversary 1,000 Posts Combo Breaker
    ✭✭✭
    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!
    Make £2018 in 2018 Challenge - Total to date £2,108
  • zzztzzzt Forumite
    364 Posts
    Part of the Furniture 100 Posts Combo Breaker
    ✭✭
    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.
    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.
  • majorwallymajorwally Forumite
    127 Posts
    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.
  • zzztzzzt Forumite
    364 Posts
    Part of the Furniture 100 Posts Combo Breaker
    ✭✭
    majorwally wrote: »
    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.
    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.
This discussion has been closed.
Latest MSE News and Guides

Reclaim payday loans

Get £100s or £1,000s back for being mis-sold

MSE Guides

25% off Dyson eBay outlet

Selected items, via code

MSE Deals