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Bitcoins/Cryptocurrency

edited 30 November -1 at 1:00AM in Savings & Investments
230 replies 29K views
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  • edited 30 November 2017 at 9:00PM
    markj113markj113 Forumite
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    edited 30 November 2017 at 9:00PM
    Malthusian wrote: »
    Last time I wanted to make a large transaction I did it online. I don't even own a cap.


    The last time I tried to make a large transaction I couldn't do it online as it was over the limit.

    I then rang the number that popped up and that was out of service.

    I then rang a number I googled and got through, they couldn't make the transfer as it was too much despite answering all the security questions.

    I was then put through to another department and they couldn't do it as my mobile phone had only been on file for 2 years apparently.

    Then had to travel in to the town center with all my I.D and get the bank to do it which was all very inconvenient.

    I also had a similar problem buying my last car that was being delivered. Notified the bank around a week in advance I wanted to withdraw £9k cash. Turned up on the notified day with all my I.D and they still refused to give me MY money. All very embarrassing when the garage involved were traveling around 3 hours to deliver it and they were on their way. Had to get them to bank transfer instead.

    Bitcoin - I can send as little or as much as I like to whoever I want anywhere in the world from my secure hardware wallet with no hassle or fuss instantly.
  • chockydavid1983chockydavid1983 Forumite
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    My feeling is that the point when everyone is saying buy something is the point at which you've missed the opportunity to make big money in it.
  • edited 30 November 2017 at 9:11PM
    jimjamesjimjames Forumite
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    edited 30 November 2017 at 9:11PM
    markj113 wrote: »
    The ability to send money anywhere in the world without getting hit with large transaction fees?

    But the value of what you sent dropped by 20% in the process of sending. Not much use as a store of value
    markj113 wrote: »
    Bitcoin - I can send as little or as much as I like to whoever I want anywhere in the world from my secure hardware wallet with no hassle or fuss instantly.

    I can send money from my bank to whoever I want. Transferring £40k is instant with no hassle. You can't compare cash transactions to bitcoin, compare electronic money transfers
    Remember the saying: if it looks too good to be true it almost certainly is.
  • doe808doe808 Forumite
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    Sold mine today and invested in tulips instead :wink:
    Total - £340.00

    wins : £7.50 Virgin Vouchers, Nikon Coolpixs S550 x 2, I-Tunes Vouchers, £5 Esprit Voucher, Big Snap 2 (x2), Alaska Seafood book
  • My feeling is that the point when everyone is saying buy something is the point at which you've missed the opportunity to make big money in it.

    This is just the start. A bit over the top to say 'everyone' just because of s milestone/press...there were other milestone and press...and still 0.0000000001% of the population has any crypto
  • This is just the start. A bit over the top to say 'everyone' just because of s milestone/press...there were other milestone and press...and still 0.0000000001% of the population has any crypto

    given a world population of 7.6 billion, that equates to 0..076 people in the world who owns Cryptos...
  • atillaatilla Forumite
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    markj113 wrote: »
    The last time I tried to make a large transaction I couldn't do it online as it was over the limit.

    I then rang the number that popped up and that was out of service.

    I then rang a number I googled and got through, they couldn't make the transfer as it was too much despite answering all the security questions.

    I was then put through to another department and they couldn't do it as my mobile phone had only been on file for 2 years apparently.

    Then had to travel in to the town center with all my I.D and get the bank to do it which was all very inconvenient.

    I also had a similar problem buying my last car that was being delivered. Notified the bank around a week in advance I wanted to withdraw £9k cash. Turned up on the notified day with all my I.D and they still refused to give me MY money. All very embarrassing when the garage involved were traveling around 3 hours to deliver it and they were on their way. Had to get them to bank transfer instead.

    Bitcoin - I can send as little or as much as I like to whoever I want anywhere in the world from my secure hardware wallet with no hassle or fuss instantly.
    Perhaps the bank were being sensible and looking after your account as you would hope?

    Or just a non story.
    Bought a car myself earlier this year.
    One quick call to the bank and £20k moved across to the dealer there and then.
    No issues.

    Or do the bank have you marked down as a "wrong 'un"?
  • MalthusianMalthusian Forumite
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    markj113 wrote: »
    The last time I tried to make a large transaction I couldn't do it online as it was over the limit.

    I then rang the number that popped up and that was out of service.

    I then rang a number I googled and got through, they couldn't make the transfer as it was too much despite answering all the security questions.

    I was then put through to another department and they couldn't do it as my mobile phone had only been on file for 2 years apparently.

    Then had to travel in to the town center with all my I.D and get the bank to do it which was all very inconvenient.

    Whereas Gallant here transferred his house deposit in slices of £20,000 each day to his solicitor, well in advance of the completion date.

    This seemed a much simpler solution than transferring Bitcoins, which potentially could have taken days, and then finding I needed to transfer an extra 20% to my solicitor because the price had fallen.

    Personally I expect the bank to make it difficult to get a large sum of money out of my bank account.
    Bitcoin - I can send as little or as much as I like to whoever I want anywhere in the world from my secure hardware wallet with no hassle or fuss instantly.

    Except it's not instant - some blockchain transactions take days due to the overload on the network.
  • msallenmsallen Forumite
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    markj113 wrote: »
    I also had a similar problem buying my last car that was being delivered. Notified the bank around a week in advance I wanted to withdraw £9k cash.

    I take it that wasn't your "Lambo" that you proudly posted a picture of yesterday, then hastily removed again, as they tend to go for a couple of hundred grand more than that.
  • BananaRepublicBananaRepublic Forumite
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    This is just the start. A bit over the top to say 'everyone' just because of s milestone/press...there were other milestone and press...and still 0.0000000001% of the population has any crypto

    I guess you didn't live through the tech boom then? Everyone was saying buy tech stocks, and explaining how they could not fall as it was the future. Valuations were often stratospheric. Your statement is exactly the same. The truth is that most bitcoin purchases are for investment. In other words, it is not users that are driving up the price. That means that when the investors lose confidence, the price WILL plummet. That is fact rather than opinion. When it plummets is anyone's guess. It may be that the big institutional buyers will take profits at some predefined level. Of course after the drop, it may rise again, but slowly over a decade or more, as the currency becomes more widely adopted.
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