Bitcoin

edited 1 December 2017 at 11:29AM in Boost Your Income
70 replies 22.2K views
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  • hey!
    Can anyone of you recommend me a good cryptocurrency exchange market?
  • AstroTurtleAstroTurtle Forumite
    290 Posts
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    AnneLis wrote: »
    hey!
    Can anyone of you recommend me a good cryptocurrency exchange market?


    I'd recommend putting it all on red.
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  • AstroTurtleAstroTurtle Forumite
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    pitkin2020 wrote: »
    etoro is a great start for beginners tbh its social trading and easier to get your head around than buying direct from the exchanges. You can set up an account for free and usuall a virtual account. Play around with it and get see what you can do


    Except Etoro locked a lot of crypto currency when the downturn happened. Restricted withdrawals and increased minimum investment to $500.


    People looking to invest for a quick buck have missed the train.
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  • piggehpiggeh Forumite
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    AnneLis wrote: »
    hey!
    Can anyone of you recommend me a good cryptocurrency exchange market?
    Reputable exchanges are:

    Binance
    Bittrex
    Coinbase/GDAX
    Kraken
    Huobi

    If you buy any tokens, try to store them in your own wallet, to protect against any exchange going bust.
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  • It's a scam. If a thing looks too good to be true it is.
  • piggehpiggeh Forumite
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    RED_KEN wrote: »
    It's a scam. If a thing looks too good to be true it is.

    What makes you think it's a scam?

    Your life will be affected by blockchain in the near future. You should look into it. I recommend 'The Internet of Money' as a good starter.
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  • speaking from experience, i have some crypto investments which are quite small as ive been testing it out.. coming from a world of don't knock it untill you try it..

    If you watch the market for long enough and can get to know it, only invest what you can afford to loose (in my case what was beer money) .

    I have managed to turn £50 into £57 in two weeks by picking a currency, watching it, then buying when i see its low without worrying it could go lower and selling when i see its high and i have a reasonable profit without worrying too much it may go higher... there is risk and you can loose your money, but if your careful and you learn, take notes, and work through the risks to develop your own strategy then its worth it for the enjoyment of making a small profit.

    Clearly i could have invested £500 and made proportionally a lot more around £70, but for me that risk of loosing is something i wanted to limit. My plan is to grow my beer money, and see what gives...

    crypto markets are well worth learning in my opinion.
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  • As others said, the upside potential with bitcoin is "limited" because of its explosive growth over the last years.

    There are tons of other cryptocurrencies.
    99% of them are trash and will fail, but you can try to catch the 1%.
    The crypto game is tough, some coins goes 50x in a months, and others does -90% in the same months. It's bubble, and it's not for everyone.

    Learn about the technology, what problem does it solve etc.
  • Championing the merits of Blockchain technology is clearly very different to !!!8216;investing!!!8217; in the current cryptocurrency market. If you don!!!8217;t know that you deserve to lose your money. Every cryptocurrently in existence is a Ponzi scheme.

    Only when one is state backed will it become valid investment and valid currency.
  • phoneguyphoneguy Forumite
    115 Posts
    Championing the merits of Blockchain technology is clearly very different to !!!8216;investing!!!8217; in the current cryptocurrency market. If you don!!!8217;t know that you deserve to lose your money. Every cryptocurrently in existence is a Ponzi scheme.

    Only when one is state backed will it become valid investment and valid currency.

    To be fair, it seems tainted and unstable - which is why there are big wins to make. I'm lucky enough to have made good money from it, because I bought a tenners worth in 2010 thanks to a post on MSE. I sold just before Christmas forgetting I even had it and it was like winning the lottery.

    But I'd certainly *not* put large sums of money in. I've stuck £100 in to Ripple and a couple of others - if I lose it, then mehhhh. If not, it might just be useful in old age if it makes a return. I suspect I'll get more back from it than I would using it to play the lottery.

    I agree with the sentiments about it being a Ponzi scheme of sorts. If you can make a few quid from any of these bit & altcoins, it doesn't really matter. Just don't put substantial money in.
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