cryptocurrency and bitcoin

HunterBurgan

Seams to be the new rave at the moment. But I dont understand it! All the info on the internet is tecno-jargan!

What is it that you are actully buying?

When you buy from a comany like bitcoin, what do they actully give you

And how easy is it to resell again?

Thanks

tebbins

HunterBurgan said:

Seams to be the new rave at the moment. But I dont understand it! All the info on the internet is tecno-jargan!

What is it that you are actully buying?

When you buy from a comany like bitcoin, what do they actully give you

And how easy is it to resell again?

Thanks

If you don't understand Bitcoin, avoid it like the plague, especially with Bitcoin. Your post indicates you so not understand it nearly well enough and if you try to "invest" it Bitcoin with that level of knowledge I'd be worried you'd get scammed.

 There are plenty of resources for newbie investors:
Monevator.com
Lars Kruijer

The little book of common sense investing by Jack Bogle

PensionCraft on YouTube

Sorry to be harsh, your wallet will thank me later.

Buying an investment product because it's "the new rave at the moment" is probably the single worst reason to invest in anything.

Linton

Bitcoin:
Whar are you buying: a string of ones and zeros

What do they give you: a string of ones and zeros

How easy is to to resell again: very easy and will remain very easy for as long as people will want to pay £s for strings of ones and zeros, preferably more £s than they cost you.

grumiofoundation

Bitcoin is not a company (presume you meant company when you said comany?).

Simply putting the word bitcoin into a well known internet search engine would have told you that.

A common suggestion is never to invest in something you don't understand, and apologies if this seems harsh, but you clearly don't understand. 

There have been a number of news stories of people being scammed thinking they were investing in bitcoin (or other cryptocurrencies) so if you choose to invest in bitcoin make sure you do via a 'proper' route, and hence the importance of the understanding [note obviously the same applies to all other investments].


107 pages here if you are interested:
https://forums.moneysavingexpert.com/discussion/6218458/bitcoin/p1

RolandFlagg

Bitcoin is based on Blockchain tech.

Explained here:
https://www.youtube.com/watch?v=Pl8OlkkwRpc&ab_channel=TED

Crypto as an investment explained here:
https://www.youtube.com/watch?v=qsFw7N4TuGo&ab_channel=FLAIA

csgohan4

OP you need to do some serious reading. Do not invest in something until you fully researched it.

cryptocurrency isn't for everyone and the risks are significantly greater than passive investing. 

I am worried you couldn't find anything yourself. When a quick google has plenty of info, but you need to ensure you don't get scammed. 

Don't invest money you can't afford to lose

Adyinvestment

I would suggest you go to other forums to find out about Bitcoin/Cryptocurrency, unfortunately this forum has too many people who have closed their minds to it for you to get a rounded unbiased opinion.

There are many people/companies/institutions/countries etc (myself included) who believe that this is the future, and could well be the biggest wealth generation opportunity there has ever been for the everyday person.

Do your own research (elsewhere) and be careful with who you place your funds, Bitcoin itself is not a scam but as with fiat money there are plenty of people out there who are.

csgohan4

Adyinvestment said:

I would suggest you go to other forums to find out about Bitcoin/Cryptocurrency, unfortunately this forum has too many people who have closed their minds to it for you to get a rounded unbiased opinion.

There are many people/companies/institutions/countries etc (myself included) who believe that this is the future, and could well be the biggest wealth generation opportunity there has ever been for the everyday person.

Do your own research (elsewhere) and be careful with who you place your funds, Bitcoin itself is not a scam but as with fiat money there are plenty of people out there who are.

playing devil's advocate, nothing on this thread has suggested do not invest Bitcoin full stop if you understand it. As with any investment, there are risks, which the OP seems to have lacked significant research.

Going on to a Pro Crypto forum, how will that be impartial either??


Crypto can be part of one's portfolio as long as you understand it, your own risk appetite and the risk of investments. 

It isn't part of mine due to my own investment goals/strategy, but is yours, but one man's meat is another man's poison. 

Your money, your life, but if you don't invest the time and research in your investments, it will only go one way. 

tebbins

Adyinvestment said:

I would suggest you go to other forums to find out about Bitcoin/Cryptocurrency, unfortunately this forum has too many people who have closed their minds to it for you to get a rounded unbiased opinion.

There are many people/companies/institutions/countries etc (myself included) who believe that this is the future, and could well be the biggest wealth generation opportunity there has ever been for the everyday person.

Do your own research (elsewhere) and be careful with who you place your funds, Bitcoin itself is not a scam but as with fiat money there are plenty of people out there who are.

People on a specific crypto forum are already sold on the hype or in on the scam and will have completely closed minds. Those forums are echo chambers of pro-crypto nonsense spouted by people who understand it even less than the OP.

Adyinvestment

I generally agree with you csgohan4 (although I didn't recommend just going to a Pro Crypto forum), but unfortunately this forum has proven itself to be hostile with all things Crypto. Just check out the other threads which have all degenerated into arguments.

I would have loved to tell the OP my personal beliefs but will not as it will just cause arguments here, unfortunately I try to limit my posts on this forum now to comment on recent news and events rather than be too enthusiastic.

csgohan4

Sadly I do often find on the internet a proportion of Pro crypto getting others to buy into a specific coin, so they can short it themselves, often spouting YOLO, go all in, you'll get rich quick

https://www.youtube.com/watch?v=b5YpN4v1qBM

A random search on Youtube is easy to see these trying to entice you