BITCOIN

User232002

Scottex99 said:

You’ve been reading Hayes 👍

Indeed. That article is now the first link I pass on when my friends ask me about Bitcoin. Not only does it do a good job outlining the current broken system and the potential payoffs of crypto, but it encourages people to actually read the damn whitepapers rather than relying on whatever hot altcoin their favourite influencer is shilling this week.

https://blog.bitmex.com/yes-i-read-the-whitepaper/

HansOndabush

darren232002 said:

HansOndabush said:

Bitcoin is not a company, does not produce anything or pay dividends, you can't use it in industry or make anything from it like you can with gold,

Only a fraction of the value of gold derives from its actual use cases. The majority of its value is its monetary premium. Bitcoin does pretty much everything that gold does, but it does it far better so in time that monetary premium accrues to Bitcoin and not gold.

The hilarious thing is this entire thread is about Bitcoin and how people still can't wrap their heads around it, but most people in the space are way more interested and see far more potential in other crypto assets. I often think that crypto will separate those that can think and reason abstractly or from first principles from those that can not.

HansOndabush said:

The only way that Scottex99 can profit is by the fact that some greater fool is willing to pay a higher price for the Bitcoin tokens that he bought at a lower price. i.e. the latecomers to the party are paying the profits of the early arrivers; is that not the nature of a ponzi scheme?

As I've stated before, we don't need MSE'rs to buy our bags. Its a $1T asset, so whatever people from this forum throw at it is not going to move it in any meaningful way. Tesla, Microstrategy, Massmutual, Square et al have bought billions of $ of BTC. Chances are Elon probably has a better idea of managing money than you do. Chances are that he consulted with several people before that purchase; people who all also probably have a better chance of managing money than you do.

A 'fraction' you say? See here:

https://www.physicalgold.com/insights/15-uses-gold

https://www.statista.com/statistics/299609/gold-demand-by-industry-sector-share/

"Figures estimate that around 52% of the world’s total production of gold is used exclusively by the jewellery industry"

Well over half is used in industry and jewelry; the majority in fact so you are wrong on that one.

You might not need MSE'rs to buy Bitcoin but if the bitcoin price is to go up you certainly do need someone else to be buying it. Bitcoin is not a company and produces nothing; it's value cannot go up by itself, and you can only profit if someone is willing to pay a higher price than you did.

As for 'Elon' having a 'better idea of managing money'; Elon is an entrepreneur not a money manager. I would imagine there are many Tesla shareholders deeply unhappy that Elon is gambling on bitcoin with their money. Jim Rickards and Peter Schiff are money managers and they say bitcoin is a bubble:

https://www.youtube.com/watch?v=nt96CIppfkU

https://www.youtube.com/watch?v=ibRPaCeCYLg

I'd say they also have a better chance of managing money than you do

deejaybee

ETH & ETH2 are exactly the same price on coinbase.

Is there any reason to buy one over the other ?

Scottex99

ETH 2.0 doesn’t exist yet, it’s in the pipeline, so buy ETH

onthebench

P1 said:

deejaybee said:

Hi,

I'm considering dipping my toe into Bitcoin..

I live in a small market town in DEvon, and funny enough they have had a Bitcoin ATM in the local Tourist office since 2018 ish.

I popped in there today to ask some questions,they could only give me some basics, as it is actually operated by "ALPHAVEND"

They told me i needed to have a Bitcoin wallet, so that i could scan a QR code, then follow on-screen instructions and basically feed it banknotes. Its currently set at £100 minimum , and there is a £5 charge per transaction - i'm not sure whether there is a seperate % commission fee..

The manageress said that someone bought ONE Bitcoin for £5K back in the day, which must have taken a while to get the notes in.

So, anyone had any dealings/experience with ALPHAVEND ATMs ?  Which wallet would be suitable for use with them ?

Ideally i would keep wallet on my Android mobile.

Thanks

Buying from a bitcoin ATM is a very expensive way of doing it.  Its a lot cheaper to buy off an exchange.  If you are able to use eBay or Amazon you can get an exchange account.  I recommend Bitstamp or Kraken.  

I use Luno. It is totally commission free for market-maker orders on the exchange (ie limit orders that are not filled immediately).
The liquidity is not always brilliant but that can work to your advantage because if there is a bit of a spread you can often get filled at a better price than the "going rate" on other exchanges.

P1

onthebench said:

P1 said:

deejaybee said:

Hi,

I'm considering dipping my toe into Bitcoin..

I live in a small market town in DEvon, and funny enough they have had a Bitcoin ATM in the local Tourist office since 2018 ish.

I popped in there today to ask some questions,they could only give me some basics, as it is actually operated by "ALPHAVEND"

They told me i needed to have a Bitcoin wallet, so that i could scan a QR code, then follow on-screen instructions and basically feed it banknotes. Its currently set at £100 minimum , and there is a £5 charge per transaction - i'm not sure whether there is a seperate % commission fee..

The manageress said that someone bought ONE Bitcoin for £5K back in the day, which must have taken a while to get the notes in.

So, anyone had any dealings/experience with ALPHAVEND ATMs ?  Which wallet would be suitable for use with them ?

Ideally i would keep wallet on my Android mobile.

Thanks

Buying from a bitcoin ATM is a very expensive way of doing it.  Its a lot cheaper to buy off an exchange.  If you are able to use eBay or Amazon you can get an exchange account.  I recommend Bitstamp or Kraken.  

I use Luno. It is totally commission free for market-maker orders on the exchange (ie limit orders that are not filled immediately).
The liquidity is not always brilliant but that can work to your advantage because if there is a bit of a spread you can often get filled at a better price than the "going rate" on other exchanges.

Nothing wrong with using limit orders to purchase!  There are lots of exchanges out there and there is a few in every cycle that gets rugged. I hope you are using cold storage.  FTX is also a good option for UK.  Check the exchange rankings below

https://coinmarketcap.com/rankings/exchanges/

prowla

Well, some years ago I decided to see what this bitcoin thing was about and ended up wasting my spare time doing silly little freebie games and faucets.

Just less than a week ago I was chatting with my son and mentioned I had these old accounts lying around and he suggested having a look at the current state of play of bitcoin and lo-and-behold, they were worth over £2k; I never put a penny into it, it was all from free pastime point & click.

I created a binance account last Friday and I put £100 into it (just to get a feel for it) and also shifted what I could from my old accounts into there, though I seem to have a couple of old accounts I've lost the keyphrases too, so they may be stuck/lost (one has around 600 DOGE in it).

In the past 6 days my value of £2.5k has gone up to £3.4k; that includes the single £100 deposit I made and the rest were freebies (well, my time was the cost).

I had 4000 DOGE coin and I sold 1000 at $0.52 and have another sell order of at $0.75; that will leave me with 2000 there, which I may just let sit.

I decided to have a bit of a play trading some around and I sold 100 DOGE to BTC and used that and some of my BTC balance to buy some ETH, just because I wanted some of them.

So now the status is I've now got £3k+ I didn't know I had. I could cash it all in, I suppose, and take a chunk off my mortgage balance.

Scottex99

prowla said:

Well, some years ago I decided to see what this bitcoin thing was about and ended up wasting my spare time doing silly little freebie games and faucets.

Just less than a week ago I was chatting with my son and mentioned I had these old accounts lying around and he suggested having a look at the current state of play of bitcoin and lo-and-behold, they were worth over £2k; I never put a penny into it, it was all from free pastime point & click.

I created a binance account last Friday and I put £100 into it (just to get a feel for it) and also shifted what I could from my old accounts into there, though I seem to have a couple of old accounts I've lost the keyphrases too, so they may be stuck/lost (one has around 600 DOGE in it).

In the past 6 days my value of £2.5k has gone up to £3.4k; that includes the single £100 deposit I made and the rest were freebies (well, my time was the cost).

I had 4000 DOGE coin and I sold 1000 at $0.52 and have another sell order of at $0.75; that will leave me with 2000 there, which I may just let sit.

I decided to have a bit of a play trading some around and I sold 100 DOGE to BTC and used that and some of my BTC balance to buy some ETH, just because I wanted some of them.

So now the status is I've now got £3k+ I didn't know I had. I could cash it all in, I suppose, and take a chunk off my mortgage balance.

Nice. I wouldn't get too tied to DOGE or any of the other pump and dump retail sh1tcoins. I've got a bag of DOGE but wouldn't say I rate it as a good investment. Inflationary as the community can print an extra 5% of supply per year, possibly more I'm not sure who controls it. It's also pumping because Elon is about to go on SNL. Maybe he has giant bags and just enjoys pumping them?

Always good to take profit, if you dont need the money for anything, I'd buy BTC and ETH and hold them long term.

Cheers

P1

Don't sell the ETH and BTC now.  We could be coming to the last few months of this bull cycle and that is when prices will be more violent.  There is too much chance of upside here.  DOGE is the Boaty Mcboatface of crypto.  Merge mined with LTC so will have relative security I believe, but it is still stupid though. Still $1000 in Jan would have made me $1000000 buy now! It probably will hit $1 at this rate.  Crazy to think in the last few weeks $50bn has been parked in a coin because Elon Musk and dogs face.  

BearWhite

I'm cautious on Crypto so I'm 60% BTC, 30% ETH, then the rest in various smaller cap coins that have done well for me. I wouldn't touch DOGE with a bargepole but fair play to those who have got lucky on it.