BITCOIN

flaneurs_lobster

https://forums.moneysavingexpert.com/discussion/comment/82093873#Comment_82093873

Ah, I think I've finally twigged how this Bitcoin thing works.

You buy them when they are cheap.

You sell them when they have increased in price.

Then you have made some proper money. 👍️

AlwaysLearnin

https://forums.moneysavingexpert.com/discussion/comment/82093527#Comment_82093527

Why?

Genuine question.

MeteredOut

https://forums.moneysavingexpert.com/discussion/comment/82093873#Comment_82093873

"Although Bitcoin is meant to be cash"

Can you give one source/quote from someone credible who has suggested Bitcoin is cash?

MeteredOut

https://forums.moneysavingexpert.com/discussion/comment/82093527#Comment_82093527

Other than "because I'm holding it", on what basis?

User232002

https://forums.moneysavingexpert.com/discussion/comment/82093592#Comment_82093592

Its truly amazing that you quote that post and can't see how backwards you have it.

https://forums.moneysavingexpert.com/discussion/comment/82094204#Comment_82094204

Because none of the reasons I've identified in the last 200 or so posts have changed.

User232002

https://forums.moneysavingexpert.com/discussion/comment/82093873#Comment_82093873

I don't disagree. For the time being. But eventually, this relationship will break when the market is forced to confront the reality of the situation that outside money is the safe haven asset.

MeteredOut

https://forums.moneysavingexpert.com/discussion/comment/82094473#Comment_82094473

For those of us that don't want to trawl 200 or so posts, can you give the TL;DR version please? I truly can't recall reasons other than "a store of wealth" (which I think we can agree has not been the case for the past year) or "the greater fool theory" (which I do find hard to argue against).

MeteredOut

https://forums.moneysavingexpert.com/discussion/comment/82094478#Comment_82094478

Do you have a target timeframe for the market confronting your version of reality?

Reaper

https://forums.moneysavingexpert.com/discussion/comment/82094203#Comment_82094203

I am a bit surprised by your question when half the internet think it is currency/cash and the other half think it is an asset.

Actually it rather fails at both IMO being too volatile to be a useful currency and unlike other assets not backed by anything.

StewedApple

https://forums.moneysavingexpert.com/discussion/comment/82095858#Comment_82095858

It has value to those who want to move real money elsewhere and away from scrutiny (for whatever reason) - for that reason if you're willing to accept a haircut it is beneficial. You may want to compare with other money-laundering options though before buying!