Bitcoin.. seeking advice please

Kmk84

Hi I'm thinking of investing a small deposit into bitcoin to start with. I don't know a big lot about it but sounds too good to be true. Can anyone on here advise me on it please... thanks in advance, kevin

masonic

Don't do it.

Kmk84

Why not? Can you explain further please.

ChesterDog

What in particular about it do you think sounds too good to be true?

cloud_dog

Kmk84 wrote: »

Why not? Can you explain further please.

Yes. You don't know much about it. If you don't understand it, don't invest in it.

masonic

Kmk84 wrote: »

Why not? Can you explain further please.

Well I'm presuming you are trying to make money rather than just try it out as a means of paying for things, otherwise you wouldn't be posting in a savings and investments forum.

Even though it has fallen over 60% from its peak almost a year ago, it could still fall another 60% after you "invest". It has no intrinsic value and will likely be superseded by better alternatives in the long term, in which case its value will fall close to zero.

Tom99

Try 'Jumping Jack' in the 2:20 this afternoon at Plumpton. The odds are 11/10 so possibly a better bet than Bitcoin.

Aegis

As indicated above, you shouldn't invest in anything unless you either know that it's generating a dependable income stream for you in the form of interest or dividends (i.e. paying in actual spendable currency) or you know where the growth is coming from and why (e.g. you've invested in a company which has a good amount of intellectual capital and is making inroads into turning those ideas into saleable products). To my mind, you can't realistically find either of those things with bitcoin. Some are convinced that the mere scarcity of the coin will lead to growth, but I'm personally unconvinced, hence I do not hold any bitcoin.


If you do decide to dive in, good luck, but be prepared for the possibility of losing the majority of what you invest if the hype dies down a bit.

Bacman

Indeed, you're better off giving your money to charity than using Bitcoin; at least you know how much money you will lose and be able to control it!

FatherAbraham

Kmk84 wrote: »

Hi I'm thinking of investing a small deposit into bitcoin to start with. I don't know a big lot about it but sounds too good to be true. Can anyone on here advise me on it please... thanks in advance, kevin

Sometimes, posts sounding like this one are written by investigative journalists' researchers, looking to generate material for breathless articles about the dangers of turning to public discussion boards and fora for help.

Sometimes, it can even be sock puppets of the regulator, looking to uncover unauthorized advice-giving, as part of an enforcement campaign. Not every "inexperienced" poster is a sock puppet, but some smell like one.

Note, Kevin is obviously neither a sock puppet nor a stooge, and I expect he'll be happy to help us to help him, by telling us what is financial goal is, and giving a summary of his current financial position and prospects.

AnotherJoe

Kmk84 wrote: »

Hi I'm thinking of investing a small deposit into bitcoin to start with. I don't know a big lot about it but sounds too good to be true. Can anyone on here advise me on it please... thanks in advance, kevin

Did you write this five years ago and only just press the submit button yesterday ?