Bitcoin Beginner - Am I doing it Correctly?

Cotta

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...

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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

ColdIron

I'd want to know exactly how to get my money out before tackling the hurdles of getting it in

Cotta

ColdIron wrote: »

I'd want to know exactly how to get my money out before tackling the hurdles of getting it in

All aspects will be fully analysed before I part with a penny.

Zola.

I wish I had a time machine to go back to 2009 and buy bitcoins

* I have no idea how it all works *

sorcerer

I starting making my own BitCoin a few years ago, but realised after a while I was spending more on electricity than I was making on Coins, that was when the price was at $300 a coin. But I recently sold what I made all those years ago.

But the whole thing is very dodgy, it was hard to find a buyer, and in the end I did a private deal. But I was told to be careful when using your bank account because British banks hate bitcoin and you account could end up being closed.

Made even worse that when bitcoin started getting popular I almost bought £1000 worth, and they were like less than a £1 a coin. But I thought at the time it would die a death. Ahhhhh :-(

I will stick to stocks now.

EdGasketTheSecond

If you don't understand it; don't buy it. (...unless of course you want to buy drugs online or hire a hitman)

aldershot

Zola. wrote: »

I wish I had a time machine to go back to 2009 and buy bitcoins

* I have no idea how it all works *

With time machines, you don't need new fangled things you don't understand, you could have bought Apple or Amazon. Sadly we don't have time machines so we just have to stick to boring old long run investments like low cost funds and just keep chipping away at saving up for the future. With hindsight everyone would do something differently in their life but you have to live it forwards....

Cotta

What is a good reference point to start learning about Bitcoins?

dividendhero

A bitcoin is essentially just a number and the current frenzy is an example of the "greater fool theory", not my thing at all TBH

Alexland

Sorry despite interesting maths theory I struggle to understand how they are worth more than magic beans.

Cotta

Surely they've been performing consistently well for several years.