Buy bit coins???

knightstyle

So we may have a large pot of money for just a few months or maybe a couple of years when we sell our French house and put our UK house on the market.
A friend who seems to know what he is doing says we should buy £50k in bit coins. This is about 1/3 of the money.
What would you do in our place?

ChesterDog

Something else.

HappyHarry

knightstyle wrote: »

So we may have a large pot of money for just a few months or maybe a couple of years when we sell our French house and put our UK house on the market.
A friend who seems to know what he is doing says we should buy £50k in bit coins. This is about 1/3 of the money.
What would you do in our place?

Can you afford to lose that £50k? If not, I would suggest that bitcoin is not the place for those funds.

ZenerDiode

Tell your so called friend to keep his nose out of your business.

AnotherJoe

If you are the sort of person who would contemplate putting £50k on the 330 at Chepstow, by all means go ahead. It's probably even a bit safer in that you likely wouldn't lose more than half what you put in whereas you could lose it all on a horse. Of course other side of the coin, it could gain 50 to 100% but the horse would likely have better odds than that.

Or, if you know so little you can't even spell them correctly, steer well clear.

ChesterDog

The more that people with little, succesful, longterm investment experience (I am assuming your friend is onesuch) jump up and down excitedly about an 'opportunity' and urge you to risk large anounts of money in it, the more you should stand well back from it. And from them.

msallen

Advise your friend to educate them-self, and in the meantime ignore any financial advice they offer.

Theta101

I have some money "invested" in Bitcoin and know a lot of people who do as well.
The average amount of money I/we have put in is ALOT less than you are talking about.
If you must risk some money don't put more than £1,000 in and have an exit strategy.
I'm investing completely aware that I could lose all of my current investment
Ignore the hype.
We've all missed the boat on this, the opportunity to make millions was over a year ago.

IMHO, DYOR.

BananaRepublic

For a short time period you should put the money into a 'safe as houses' place, such as a savings account with a guarantee for sums up to £85,000 per person. Poor interest, but safe. That's a nice word isn't it? Safe. Mmmm. Very nice.

If you still like Bitcoin, also consider blowing it instead on wine, escorts and fast cards instead, same result, more fun.

bowlhead99

BananaRepublic wrote: »

, also consider blowing it instead on wine, escorts and fast cards instead, same result, more fun.

Slow cards can be fun as well, takes you longer to lose your money at the card tables that way; fewer hands per hour but still entertaining.

Lungboy

BananaRepublic wrote: »

and fast cards instead, same result, more fun.

Fast cards are fun? I've not noticed that while waiting for my Moonpig order to arrive

e: darn you, bowlhead!