Bitcoins/Cryptocurrency

oxford_yellow
oxford_yellow Posts: 12 Forumite
in Savings & investments
whats people's views on Crypto Currency?

Bitcoin is all over the news with massive gains in recent months, but no main broker seems to touch it.

is it safe? not from view of price going up/down like stocks and shares but more security/legal? heard many horror stories of coins being stolen (plain text on computers?) when you sell - you have to advertise and wait for a bid, banks cancelling accounts as fraud etc...

does many people trade in it or have views?
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Comments

  • bowlhead99
    bowlhead99 Posts: 12,295 Forumite
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    There are multiple existing bitcoin threads - you have been here a couple of years so should be able to use the search tool :)

    Stockbrokers do not sell bitcoin because it is not a stock

    High street banks do not exchange bitcoin because it is not a mainstream national currency

    It is legal in the UK to own bitcoin

    I have used Bitstamp to buy and sell and they were professional about it with plenty of liquidity
  • robdogg11
    robdogg11 Posts: 43 Forumite
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    I had to use it last week to pay for something online.

    I downloaded an app called BlockChain and was up and running within a few minutes. I made a deposit and paid for what I needed. After my initial deposit I noticed was blocked from purchasing any more through the app until I had gone through some kind of verification process (This has now been removed and i can spend up to £2000)

    My bank didn't seem to have an issue with it but I did only deposit a small amount.

    I haven't had the need to sell so I don't know how the process works yet but as I miscalculated the amount I needed I was left with around £8 in my wallet. I have just logged into the app and this is now apparently worth nearly £12. I can only imagine if i were to sell it would be as smooth a process as my initial deposit but I might just leave it in there to see how it performs over the course of a few months.

    So my initial thoughts are positive, it was all pretty seamless, no more difficult than paying any other way. My only confusion came with the fee's involved but that was my fault for rushing.
  • Arthurian
    Arthurian Posts: 796 Forumite
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    I expect a huge future for blockchain deals and cryptocurrencies. However, I don't know if Bitcoin will be the cryptocurrency which prevails, or if some other cryptocurrency will be used. So "I'm out."
  • ifti
    ifti Posts: 349 Forumite
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    everyone wants to get on the bitcoin boat as its hit $10k lol
    its close to $11k overnight.
  • Zola.
    Zola. Posts: 2,204 Forumite
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    oh to have a time machine!

    That ship has long sailed... probably!
  • jimjames
    jimjames Posts: 17,592 Forumite
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    ifti wrote: »
    everyone wants to get on the bitcoin boat as its hit $10k lol
    its close to $11k overnight.

    And that is exactly the problem I have with it. What use is something as a currency or method of exchange when you don't know what it will be worth tomorrow? Current trend only seems to be based on speculation and seeing blatant ramping by those claiming you can make 1% or more a day just reinforces my view that it's unsustainable.
    Remember the saying: if it looks too good to be true it almost certainly is.
  • badger09
    badger09 Posts: 11,200 Forumite
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    It is apparently being discussed on Jeremy Vine show Radio 2 today. Which is a sure sign the boat has well and truly sailed.

    (I don't listen as his would be adversarial style, not to mention the inane topics often covered, annoys me:()
  • BananaRepublic
    BananaRepublic Posts: 2,103 Forumite
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    ifti wrote: »
    everyone wants to get on the bitcoin boat as its hit $10k lol
    its close to $11k overnight.

    Many people are now buying it purely as an investment rather than as a token for buying and selling. That should tell you that there is a bubble, and at some point it will burst. My view is avoid it like the plague unless you have to use it, so if you're a drug/gun/!!!!!! dealer/buyer, go ahead.
  • [Deleted User]
    [Deleted User] Posts: 0 Newbie
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    Jeremy Vine was on about the guy who lost a fortune when he threw a computer away by mistake, if that's the case, what happens when your HDD kicks the bucket?
  • badger09
    badger09 Posts: 11,200 Forumite
    First Post First Anniversary Name Dropper
    jack_pott wrote: »
    Jeremy Vine was on about the guy who lost a fortune when he threw a computer away by mistake, if that's the case, what happens when your HDD kicks the bucket?

    You lose the lot:cool:
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