Bitcoin

edited 1 December 2017 at 11:29AM in Boost Your Income
70 replies 22.2K views
Moneygrabber89Moneygrabber89 Forumite
181 Posts
Fourth Anniversary 100 Posts
edited 1 December 2017 at 11:29AM in Boost Your Income
MoneySavingExpert Insert:

Martin's blogged on Bitcoins and cryptocurrencies. You can read it here:

Bitcoin: Four things you need to know

Back to Moneygrabber89's post...

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Can anybody offer any advice on this in general. Is it worth buying?

A guy from my work has just left as now starting to work with Bitcoin. He is an it technician so he said he can make major money with it.

Basically what im trying to get at is there a way to make big money with these and how
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Replies

  • asajjasajj Forumite
    5K Posts
    Sixth Anniversary 1,000 Posts Name Dropper Rampant Recycler
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    Bitcoin is a complex matter and in order to do "big money", you need more than forum advice.
    ally.
  • angryparcelangryparcel
    926 Posts
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    The trouble with Bitcoin is it draw the criminality crowds as it is untraceable.
    Being in an industry that i could accept bitcoin as a payment method but due to its use by criminals i wont offer this and many in my industry are the same. it is just not worth it.
    You wont make any real money from Bitcoin as it will end up like Liberty Reserve which was closed down by the authorities as it was being used by criminals.
  • damoCdamoC Forumite
    62 Posts
    In simple terms No. Bitcoin was profitable when it came out. You can mine for it (not much left) but your bills and computer maintanence will cost you more than you make. It's not worth it.
  • at the moment bitcoin is still growing (market price) aslo its growing tech wise ,more and more tech companies,banks and governments are looking at bitcoins pros and cons.As for the someone on here saying that bitcoin is untraceable,IT ISNT ,its there for evryone to see on the blockchain(its a ledger) which shows ALL transactions,its only untyraceable if you use something like a vpn and bitcoin tumblers,the notion that biotcoin is untracable is only half true because it isnt automatically untracable,you have to take stapes to make it that way,also the thing about it being used by criminals is stupid because fiat currancy is also used by criminals so should that be band too?Incidentally cex and scan.co.uk both accept bitcoin,amongst others.Anyz back to your original question,yes at the moment its profitable but at the moment your best bet is probably ethereum,its still relitavley low price wise but is going up a lot,its now the second largest cryptocurrency(ethereum is invested by microsoft ,amongst others)Hope this info helps one way or another
  • parking_question_chapparking_question_chap Forumite
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    I doubt you will see the huge growth you have already seen from a few cents to thousands of dollars again. At best you might double up, but ask yourself this, what do you actually own?

    I wouldnt touch it at this stage, it is still high risk, and not much more upside imo.
  • Aced2016Aced2016 Forumite
    293 Posts
    No it actually recently crashed and lost 3 billion in value on one day. My husbands friend a few years back, had a lot. Fast forward to now it's worth peanuts !

    Personally things like that aren't for me. Id prefer real money !
  • HOw can it be worth peanuts? ,btc is currently worth £2337 per coin
  • asajjasajj Forumite
    5K Posts
    Sixth Anniversary 1,000 Posts Name Dropper Rampant Recycler
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    Well, you need to farm the bitcoin, don't you? Also, please also use some punctuations and paragraphs. To me, it looks like OP doesn't have knowledge or equipment to do that, therefore, needs more than a forum post to understand it.
    ally.
  • RDFRDF Forumite
    5 Posts
    It would be very useful if Martin could put together a report on how to and where to get a crypto wallet and then buy cryptocurrency such as Bitcoin, Ethereum and others. My concern is trying to find companies who are well financed and capitalised so they do not go bust. These forms of currency are going to become major currencies in their own right.
  • I would like to see Martin run a feature on cryptocurrencies.
    Dismissing all of them as something frequented only by criminals is legacy thinking.

    For example, Ripple is being backed by the world's biggest banks and
    Ethereum is backed by JPMorgan, Intel, Microsoft And many others.

    It is an incredibly volatile market that is still in its infancy, but it is something that we should be watching very closely because make no mistake blockchain will transform the financial industry.

    The fact that you could purchase 1 Ethereum coin for $8.51 in January this year and 6 months later cash out for $400 shows that early adopters and risk takers are making a lot of cash.

    Yesterday a startup used Ethereum to raise $150 million in three hours.

    This is a topic that will go mainstream later this year and would be great to see Martin leading from the front.
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