BITCOIN

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.

Malthusian

Sumselkb said:

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.

A simpler solution would be to bookmark the website of a gold dealer (on the assumption you want self-custody), then wait for gold to dump to £550 an ounce.

If you're not good with apps and computers are you sure Bitcoin is your game?

The entire point of Bitcoin is that it substitutes technological complexity for the old and busted fiat system where the ownership of an asset is determined by the rule of law. Many people who thought they had a very high level of expertise in programming have lost / forgotten their keys or lost their Bitcoin to hackers (and those losses go towards the profits cashed out). 

Sumselkb

Malthusian said:

Sumselkb said:

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.

A simpler solution would be to bookmark the website of a gold dealer (on the assumption you want self-custody), then wait for gold to dump to £550 an ounce.

If you're not good with apps and computers are you sure Bitcoin is your game?

The entire point of Bitcoin is that it substitutes technological complexity for the old and busted fiat system where the ownership of an asset is determined by the rule of law. Many people who thought they had a very high level of expertise in programming have lost / forgotten their keys or lost their Bitcoin to hackers (and those losses go towards the profits cashed out). 

I don't know yet if Bitcoin is my game or not. I'll have to read up on it.

Thanks for the reply though.

silvercue

Sumselkb said:

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.

If you are not comfortable with tech there are some hurdles you will need to get passed.

You can buy on very simple exchanges, like Crypto.com or Kraken's new basic interface.  You simply say how much you want and click a button.  I always use the exchange interfaces as you can more easily do limit orders and spread will be very tiny.

If you want to leave your coins on the exchange, that is simple, but most don't recommend it unless you want fast access to sell.  If you move it to a wallet, then you need to understand how that works AND you simply must remember the phrases/passwords.  Lose them and lose your coins.  

Sumselkb

I will have to read up on how to move it to a wallet because I wouldn't want to leave my coins on an exchange. Thanks.