Bitcoin

edited 1 December 2017 at 11:29AM in Boost Your Income
70 replies 22.2K views
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  • What website can I buy from?

    Do I have to pay for a wallet thing to store them? Is the process of selling easy
  • What website can I buy from?

    Do I have to pay for a wallet thing to store them? Is the process of selling easy

    I have bought from Bittylicious.com and coinfloor.co.uk and would recommend them both. I have also bought from coinbase.com but find their customer service to be terrible.

    You can download a wallet for free - there are a lot out there which can be quite confusing to start with. I use breadwallet which is a mobile-only wallet.

    Many wallets are reviewed here:

    https://99bitcoins.com/best-bitcoin-wallet-comparison-review/

    I would recommend reading a fair bit about bitcoin before jumping in so that you are familiar with it and the jargon. Coindesk.com is a good source of news and info.

    Do not invest money you cannot afford to lose!
  • So yes still buy? If I put in 300 quid is it likely to make money

    Although I personally think it will make you money, especially in the long term, I and indeed nobody can make any guarantees about this.

    Money in a savings account will never go down, although the interest is minimal, so can be considered safe. By that standard, bitcoin is speculative and cannot be considered at all safe.
  • DigForVictoryDigForVictory Forumite
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    I've a cousin who's happily involved in mining bitcoins. He has a real job, which helps pay the electricity bills.
    Me, as a loving trusting soul, I worry about any currency you can buy food & clothes with but not travel. (The how far can you go from London using X currency challenge - Bitcoin candidate couldn't leave the city.)

    Also, come the End of the World as we know it, I can trade jam, krugerrands & medication for life's little essentials. One solid powercut & all bitcoin millionaires are going to be dashed peckish.

    Anything that looks too good to be true? Usually isn't. I lump all the crypto currencies under the too good to be true heading & prefer a sov in a sock...
  • pappadruidpappadruid Forumite
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    I own some crypto currency and have seen the value if it rise considerably. I dont own the main coins such as BTC/ETC/LTC but have invested in new funds where the risk is spread over various coins and altcoins (SIFT Fund and Crypto20). About £1k invested so will forget about it and come back in 10 years.

    For those wanting to buy crypto, set up an account with Coinbase and purchase a Ledger Nano S to store everything securely. Have a play, watch the markets and get a feel for what it is all about.

    High risk, high reward. BTC at £7445 as I type after a high today of £8464.

    He who dares, Rodders!
  • I was very late jumping on the Bitcoin bandwagon. As in like 8 weeks ago late. So i've been burying my head in every document, video and any information that I can find to learn as much about it as possible and see what the chances are of actually making any money.

    To be honest, I'm rather hopeful. I didn't just buy Bitcoin and sit on it (which in itself would have turned a profit already) but I'm allowing a company to use my Bitcoin to generate an even bigger profit for me.

    In about 10 more weeks I will have doubled on my initial investment and I'm more than happy with that. I can't see Bitcoin going anywhere in the short term, not when more and more companies are getting on-board. Hell majority of CEX stores across UK accept bitcoin. Even Amazon is looking to get onboard early next year.

    Everyones telling me its too late to earn any money and the ship has sailed etc etc.

    They said the same thing to me 8 years ago when I wanted to buy a few bitcoins as a "risk" then.

    If I had, I coulda been a millionaire by now!

    Like the poster above me said. He who dares!
  • scaredofdebtscaredofdebt Forumite
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    The value of the first bitcoin transactions were negotiated by individuals on the bitcoin forum with one notable transaction of 10,000 BTC used to indirectly purchase two pizzas delivered by Papa John's.[12]

    That is £84M in today's BC value!

    I bet whoever bought those pizzas is a bit sick.
    Make £2018 in 2018 Challenge - Total to date £2,108
  • Kayalana99Kayalana99 Forumite
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    Everyone is talking about bitcoin now and talking about how it can only go up and make money. The truth is that by the time the bottom feeders (thats most of us) get in on the act, the big money has been made and we are just being suckered in to bolster the remaining profits of others before it drops and we pay the price.

    Exactly. The time to buy bitcoin was before it was being advertised left right and centre (and even a lot further before then). I've got bitcoin in my adverts, in here, in my e-mail ....it's a blatant marketing push and exactly what will happen is people will buy into it so the price will go up slightly, a few rich kids will sell their bitcoins for a massive profit then you'll see it drop again once this all dies down and they will either purchase again at the lower price or roll in their money whilst all these recent investors lose out.
    People don't know what they want until you show them.
  • edited 10 December 2017 at 11:02AM
    phillwphillw Forumite
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    edited 10 December 2017 at 11:02AM
    Kayalana99 wrote: »
    a few rich kids will sell their bitcoins for a massive profit then you'll see it drop again once this all dies down and they will either purchase again at the lower price or roll in their money whilst all these recent investors lose out.

    The people with the huge number of bitcoins from day 1 are slowly selling them to avoid a crash. They are like diamonds, but not as pretty.
    That is £84M in today's BC value!

    I bet whoever bought those pizzas is a bit sick.

    Laszlo Hanyecz received the pizzas, I thought he said he didn't regret it but I can't find anything about him now. The guy who sold him the pizzas didn't keep the bitcoin either, supposedly he made 10x his money back on the deal. I would imagine the people who made the pizzas would be sick if they realised they missed out on the chance of selling pizzas for bitcoins.

    http://bitcoinwhoswho.com/blog/2016/01/30/a-living-currency-an-interview-with-jercos-party-to-first-bitcoin-pizza-transaction/
  • CharlieBillyCharlieBilly Forumite
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    Its getting more like a ponzi scheme all time. Some people are going to seriously get there fingers burnt before long, of course on flip side those that bought early are going to make some serious money if they haven't already done so
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