Bitcoin - where to buy?

Hasbeen

eskbanker said:

Retireby40 said:

So it just seems its going to continue rising and rising and rising. There must be millions of people in the world have decided to buy bitcoin, Ethereum and Litecoin along with other crytptos in literally the last few weeks and even more so the last few days. 

Is the working man really ploughing everything the have into crypto at this price? Incredible really. 

Only if he believes that "it just seems its going to continue rising and rising and rising", in which case more fool him....

My son advised me to by actual Bitcoin in March. I said rubbish. He was buying Bitcoin cash before that and made a few £1000.
The price then for coin was just over £3000 each.

On christmas day he advised me it was at £20,000 each. Just looked tonight at now at over £24,000 each. 

Somebody is making money?

eskbanker

Hasbeen said:

eskbanker said:

Retireby40 said:

So it just seems its going to continue rising and rising and rising. There must be millions of people in the world have decided to buy bitcoin, Ethereum and Litecoin along with other crytptos in literally the last few weeks and even more so the last few days. 

Is the working man really ploughing everything the have into crypto at this price? Incredible really. 

Only if he believes that "it just seems its going to continue rising and rising and rising", in which case more fool him....

My son advised me to by actual Bitcoin in March. I said rubbish. He was buying Bitcoin cash before that and made a few £1000.
The price then for coin was just over £3000 each.

On christmas day he advised me it was at £20,000 each. Just looked tonight at now at over £24,000 each. 

Somebody is making money?

Indeed, but for the avoidance of doubt I wasn't trying to deny the facts of recent massive rises, and was simply highlighting the naivety of anyone construing it as a one-way bet that can't possibly fail!

masonic

Retireby40 said:

So it just seems its going to continue rising and rising and rising. There must be millions of people in the world have decided to buy bitcoin, Ethereum and Litecoin along with other crytptos in literally the last few weeks and even more so the last few days.

The price is going to be governed by supply and demand. Trading volumes are not materially higher than they were a year ago when the price was less than a third of what it is today. All that has changed is what buyers and sellers think is a fair price to buy in at and/or sell at. It is estimated that there are a few million active bitcoin wallets, presumably defined as those with recent transactions, so you are probably correct that millions of people in the world have decided to buy bitcoin. Equally, there are probably millions of people in the world that have decided to sell bitcoin. Other crypto-currencies will have similar trends. What has happened in the past few days and weeks gives you little to no information about what will happen in the next few days and weeks, no more than you could predict previous surges and crashes before they happened.

Retireby40

For example I'm looking now thinking.....there's no chance I am going to plough £1000s in to try make money when it looks like the time to buy was anytime before about October time. 

But clearly millions of others are thinking let's get in now. 

Its something I don't understand. Maybe I'm not naive enough or maybe its the opposite I'm not stupid enough to plough money into something that is increasing at an unreliable rate.

eskbanker

Retireby40 said:

For example I'm looking now thinking.....there's no chance I am going to plough £1000s in to try make money when it looks like the time to buy was anytime before about October time. 

But clearly millions of others are thinking let's get in now. 

Its something I don't understand. Maybe I'm not naive enough or maybe its the opposite I'm not stupid enough to plough money into something that is increasing at an unreliable rate.

FOMO is a fairly natural human reaction to seeing massive spikes on charts, but your instinct not to get involved in something you don't understand is a better response!

Hasbeen

Retireby40 said:

For example I'm looking now thinking.....there's no chance I am going to plough £1000s in to try make money when it looks like the time to buy was anytime before about October time. 

But clearly millions of others are thinking let's get in now. 

Its something I don't understand. Maybe I'm not naive enough or maybe its the opposite I'm not stupid enough to plough money into something that is increasing at an unreliable rate.

LOL If I knew then what I know now, I would, have bought.

But it is now, and at £24,000 per coin it might end up as then? 

October was just over £8000.  

Bitcoin Price Chart (BTC) | Coinbase

masonic

Retireby40 said:

But clearly millions of others are thinking let's get in now.

It is not clear to me that "millions of others are thinking let's get in now". Just running some basic numbers, with an average of 2.1k transactions per block and an average 10 minutes per block, there have been about 302k transactions per day (of course there will be some off blockchain transactions as well). Many of those trades will be between a buyer and a trader, or a seller and a trader, or between two traders with opposing views. It is probable that a large number of those trades do not originate from a unique buyer or seller. So the price trend really tells you very little about how many people are thinking "let's get in now".

NottinghamKnight

The one undeniable thing in bitcoin's favour is QE, and that's the thing that isn't focussed upon in many other things like rising stockmarkets. It's certainly not a total explanation but is part of the story. 

symonsz

Go to the referral board so that you can get a bonus of some kind before you start.

Retireby40

eskbanker said:

Retireby40 said:

For example I'm looking now thinking.....there's no chance I am going to plough £1000s in to try make money when it looks like the time to buy was anytime before about October time. 

But clearly millions of others are thinking let's get in now. 

Its something I don't understand. Maybe I'm not naive enough or maybe its the opposite I'm not stupid enough to plough money into something that is increasing at an unreliable rate.

FOMO is a fairly natural human reaction to seeing massive spikes on charts, but your instinct not to get involved in something you don't understand is a better response!

I get that but who's sitting at home thinking I'm going to put £2000 into bitcoin today to make money? For you to make anything worthwhile at that price it would need to go to 50,000.