BITCOIN

Sumselkb

Hello, my first time commenting in this thread.

I am thinking of buying some Bitcoin if the price falls down low enough, say below £20,000. Around December 2022 when it was about £13k/£14k for a BTC I considered buying some Bitcoin but never got around to it.

What would people recommend as an exchange for a desktop user? And what about for transferring it to a hardware device? What company/type of device would you recommend?

I don't plan on buying a lot of Bitcoin, just whatever I am willing to risk. but if it goes up to 1 BTC = £1,000,000 in 2050 then at least I will have something for retirement

fwor

Sumselkb said:

I am thinking of buying some Bitcoin if the price falls down low enough, say below £20,000.

Current price is just under £50,000 - so you have probably got your timing wrong? 

I don't claim to have any skill at all at predicting the price of Bitcoin (and I don't believe anyone else who claims to be able to) but I think you're not likely to see £20k again any time soon...

Sumselkb

fwor said:

Sumselkb said:

I am thinking of buying some Bitcoin if the price falls down low enough, say below £20,000.

Current price is just under £50,000 - so you have probably got your timing wrong? 

I don't claim to have any skill at all at predicting the price of Bitcoin (and I don't believe anyone else who claims to be able to) but I think you're not likely to see £20k again any time soon...

Yeah I wouldn't be buying it the now, just want to set up the account and get the external hardware storage and try to understand how it all works so that in the future if it does drop down to a low price of eg £20k I will be ready to buy.

Cus

If you fear it will rise to 1 BTC = £1,000,000 by 2050, then does it matter if it's £20k or £50k now?  
At some point this investment asset class may not be the volatile element it is currently, so maybe it never goes down to £20k, but also never goes above £150k. 

Sorry just not seeing your logic here, but to your original question, I found using coinbase for small amounts of the years (single figure £thousands) very simple, easy, and probably very cost ineffective but right up my luddite profile 🙂
 

silvercue

Sumselkb said:

Hello, my first time commenting in this thread.

I am thinking of buying some Bitcoin if the price falls down low enough, say below £20,000. Around December 2022 when it was about £13k/£14k for a BTC I considered buying some Bitcoin but never got around to it.

What would people recommend as an exchange for a desktop user? And what about for transferring it to a hardware device? What company/type of device would you recommend?

I don't plan on buying a lot of Bitcoin, just whatever I am willing to risk. but if it goes up to 1 BTC = £1,000,000 in 2050 then at least I will have something for retirement

I use Kraken mainly.  This exchange has less crypto pairs than Binance but is easy to send GBP to and does not charge for that.

BTC is very close to All Time High v USD and has actually just passed it v GBP.     There is a chance that once it hits USD ATH it may retrace a bit, but it is not likley to be heading to £20k any time soon.

Frequentlyhere

I don't plan on buying a lot of Bitcoin, just whatever I am willing to risk. but if it goes up to 1 BTC = £1,000,000 in 2050...

This just confirms that doubters are wrong about Bitcoin not continuing to evolve. Their FOMO marketing department has clearly learned some lessons in keeping the shimmering mirage targets a solid quarter century away. 

Sumselkb

Cus said:

If you fear it will rise to 1 BTC = £1,000,000 by 2050, then does it matter if it's £20k or £50k now?  
At some point this investment asset class may not be the volatile element it is currently, so maybe it never goes down to £20k, but also never goes above £150k. 

Sorry just not seeing your logic here, but to your original question, I found using coinbase for small amounts of the years (single figure £thousands) very simple, easy, and probably very cost ineffective but right up my luddite profile 🙂
 

The logic is that if I buy it at £20k and it goes up to £1m then I will make 50x my investment. If I buy it as £50k and it goes up to £1m then I will make 20x my investment.

As you can see, I am new to this :lol

Sumselkb

silvercue said:

Sumselkb said:

Hello, my first time commenting in this thread.

I am thinking of buying some Bitcoin if the price falls down low enough, say below £20,000. Around December 2022 when it was about £13k/£14k for a BTC I considered buying some Bitcoin but never got around to it.

What would people recommend as an exchange for a desktop user? And what about for transferring it to a hardware device? What company/type of device would you recommend?

I don't plan on buying a lot of Bitcoin, just whatever I am willing to risk. but if it goes up to 1 BTC = £1,000,000 in 2050 then at least I will have something for retirement

I use Kraken mainly.  This exchange has less crypto pairs than Binance but is easy to send GBP to and does not charge for that.

BTC is very close to All Time High v USD and has actually just passed it v GBP.     There is a chance that once it hits USD ATH it may retrace a bit, but it is not likley to be heading to £20k any time soon.

Ok I will have a look at Kraken. Thanks.

RichTips

Sumselkb said:

Cus said:

If you fear it will rise to 1 BTC = £1,000,000 by 2050, then does it matter if it's £20k or £50k now?  
At some point this investment asset class may not be the volatile element it is currently, so maybe it never goes down to £20k, but also never goes above £150k. 

Sorry just not seeing your logic here, but to your original question, I found using coinbase for small amounts of the years (single figure £thousands) very simple, easy, and probably very cost ineffective but right up my luddite profile 🙂
 

The logic is that if I buy it at £20k and it goes up to £1m then I will make 50x my investment. If I buy it as £50k and it goes up to £1m then I will make 20x my investment.

As you can see, I am new to this :lol

You may find that you're not psychologically prepared to buy Bitcoin when/if it goes back to £20k. You'd be faced with a cacophany of accusations from "experts", the media and armchair analysts that it's going to zero, it's dead, crypto is a scam etc. just like when it went from £50,000 to £13,000, and £15,000 to £2500 before that. You do you though.

Sumselkb

RichTips said:

Sumselkb said:

Cus said:

If you fear it will rise to 1 BTC = £1,000,000 by 2050, then does it matter if it's £20k or £50k now?  
At some point this investment asset class may not be the volatile element it is currently, so maybe it never goes down to £20k, but also never goes above £150k. 

Sorry just not seeing your logic here, but to your original question, I found using coinbase for small amounts of the years (single figure £thousands) very simple, easy, and probably very cost ineffective but right up my luddite profile 🙂
 

The logic is that if I buy it at £20k and it goes up to £1m then I will make 50x my investment. If I buy it as £50k and it goes up to £1m then I will make 20x my investment.

As you can see, I am new to this :lol

You may find that you're not psychologically prepared to buy Bitcoin when/if it goes back to £20k. You'd be faced with a cacophany of accusations from "experts", the media and armchair analysts that it's going to zero, it's dead, crypto is a scam etc. just like when it went from £50,000 to £13,000, and £15,000 to £2500 before that. You do you though.

I wont have a problem buying it. I'll buy it when its cheap and sell it when its high.

The problem is that it seems technologically complicated. I'm not very good with apps and computers and programs and it seems there's a lot things to learn/do eg software, signing up, verifying, transferring, save passwords, keep secure, exchange rates, fees, Capital Gains Tax. etc. I don't know where to start.