Bitcoin - where to buy?

Retireby40

masonic said:

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. Many of those trades will be between a buyer and a trader, or a seller and a trader. 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".

How much money would have to be poured into something to go from around 14000 2 weeks ago to 24000 now? From my perspective it would need to be a hell of a lot of demand.

masonic

Retireby40 said:

masonic said:

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. Many of those trades will be between a buyer and a trader, or a seller and a trader. 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".

How much money would have to be poured into something to go from around 14000 2 weeks ago to 24000 now? From my perspective it would need to be a hell of a lot of demand.

Technically, if only one person is selling, and one person is willing to buy in at any price, then the seller can name their price and that will be the market price once they make their sale. Supply and demand.

Scale it up and a relatively small excess of people with FOMO can drive up prices considerably, and a relatively small excess of people taking profits can drive it downward.

Hasbeen

Retireby40 said:

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.

£2000 would not get you Actual Bitcoin now at £24,000 EACH. As said it was last March at circa £3000 each

You would get Bitcoin cash which son bought at £170 ish and sold at if I remember at about £400 each?

Had a quick look and it appears cash, to be at just under £300 at the moment? Ups and Downs

Bitcoin Cash Price Chart (BCH) | Coinbase

masonic

Hasbeen said:

Retireby40 said:

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.

£2000 would not get you Actual Bitcoin now at £24,000 EACH

I don't think many people are trading whole bitcoins. You can buy and sell fractional units. You might be able to buy 0.0002 BTC for around a fiver - bargain!

No real need to buy more as the price will just keep going up exponentially. It only needs to go through another 17 doublings and you'll be a millionaire.

Hasbeen

masonic said:

Hasbeen said:

Retireby40 said:

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.

£2000 would not get you Actual Bitcoin now at £24,000 EACH

I don't think many people are trading whole bitcoins. You can buy and sell fractional units. You might be able to buy 0.0002 BTC for around a fiver - bargain!

Perhaps at the time it was suggested to me to buy whole coin. So would assume some others now are still buying whole?
Some peoples pounds  are other peoples hundreds.

masonic

Hasbeen said:

masonic said:

Hasbeen said:

Retireby40 said:

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.

£2000 would not get you Actual Bitcoin now at £24,000 EACH

I don't think many people are trading whole bitcoins. You can buy and sell fractional units. You might be able to buy 0.0002 BTC for around a fiver - bargain!

Perhaps at the time it was suggested to me to buy whole coin. So would assume some others now are still buying whole?

Some will be. There are some very large transactions. For example, in a recent block there was a transfer of >10 BTC to a single wallet (though it wasn't a round number). Probably not one of the millions of people thinking let's get in now.

Retireby40

masonic said:

Hasbeen said:

Retireby40 said:

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.

£2000 would not get you Actual Bitcoin now at £24,000 EACH

I don't think many people are trading whole bitcoins. You can buy and sell fractional units. You might be able to buy 0.0002 BTC for around a fiver - bargain!

No real need to buy more as the price will just keep going up exponentially. It only needs to go through another 17 doublings and you'll be a millionaire.

Yeah you don't need to buy a whole coin. Your buying the % of one so you can still invest 2000 to gain something. Its just pointless unless at the moment 

planteria

Wildsound said: When it's dropped 95% of it's value again I will buy back in most likely.

just look at the increasingly higher lows. it will be an extraordinary change of direction if Bitcoin drops 95% from this point.

Retireby40

planteria said:

Wildsound said: When it's dropped 95% of it's value again I will buy back in most likely.

just look at the increasingly higher lows. it will be extraordinary change of direction if Bitcoin drops 95% from this point.

It may not drop 95% but there's no way it can continue rising like this. If you've bought at £3000 or even £10000 with the unpredictably of crypto and the cycles it goes on surely you would take the 24k and watch it crash and do the process over again. 

The smart rich people throw their big money in, start the craze again just after Christmas where all the working class people are thinking there has to be another way to make a few quid, the look at crypto and start firing money in. They are the ones that lose out.

planteria

Hasbeen said: me to by actual Bitcoin in March. I said rubbish. He was buying Bitcoin cash before that and made a few £1000.

fwiw i wouldn't go near Bitcoin Cash... 'Bitcoin' is the one to buy. and as already pointed out, we all buy bitcoins in fractions to 8 decimal places: 1 Bitcoin is 100,000,000 Satoshis.
the trading volumes don't need to increase, just the price. many new buyers are putting their bitcoin straight into cold storage. that is good for those holding, as the supply & demand referred to above benefits us.
back to the original question, i have used Coinbase, but Kraken are far better cs-wise, and most recently i've bought bitcoin to deposit directly into my interest-generating account. i've guided some friends in to pick up some freebies and to generate some interest on their holdings.