Bitcoins/Cryptocurrency

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  • bostonerimus
    bostonerimus Posts: 5,617 Forumite
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    I work with a computer guy who owns CBGT and mines several crypto currencies. He's riding the price of bitcoin up, but doesn't know if he should sell some now or keep rolling the dice. He's doing well, but without a plan it's easy to get distracted and make bad choices
    “So we beat on, boats against the current, borne back ceaselessly into the past.”
  • EachPenny
    EachPenny Posts: 12,239 Forumite
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    dividendhero wrote: »
    Maybe UK should pay its "EU divorce bill" with bitcoins - 5 Million bit coins doesn't sound too much if you say it quickly - as a bonus, many of the Brexiteers won't even know what they are and hence won't be venting their spleen on the Daily Mail website

    Brilliant plan. Let's do the deal today on current values, and then in March 2019 we can buy all the bitcoins we'll need to cover our exit bill for 94p. :)
    "In the future, everyone will be rich for 15 minutes"
  • maxie014
    maxie014 Posts: 190 Forumite
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    bostonerimus wrote: »
    I work with a computer guy who owns CBGT and mines several crypto currencies. He's riding the price of bitcoin up, but doesn't know if he should sell some now or keep rolling the dice. He's doing well, but without a plan it's easy to get distracted and make bad choices
    Just out of interest how do you mine the crypto currencies??

    Got no bitcoins or anything like it myself but good luck to anyone making money off it.
  • bostonerimus
    bostonerimus Posts: 5,617 Forumite
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    To mine BTC you use software to do accounting on BTC transactions. The ledger of transactions is broadcast and anyone can do some up keep and then rebroadcast it. You earn BTC by doing this.
    “So we beat on, boats against the current, borne back ceaselessly into the past.”
  • Billco_2
    Billco_2 Posts: 61 Forumite
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    edited 30 November 2017 at 4:10AM
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    Things have changed dramatically in the Bitcoin world. I seriously wish I had jumped on the bandwagon when it first came out and I could well be rich by now, although granted I could have lost that lot but that's true of any investment "risk

    The days of having your currency on a usb stick are long gone though. Security has been hugely increased aswell as a sort of, spread out computer voting system that keeps track of who owns what and stops it from being lost or stolen.

    As for mining yourself, other crypto currencies can still be mined at home but your home pc will never be able to mine enough bitcoin to cover the electric bills, not now it's gotten harder to mine. Which is why companies are investing millions in server farms to mine the currency.

    I recently got one of those "too good to be true" opportunities to buy bitcoin and then use it to get a return. So I did a tonne of research and eventually, reluctantly took the plunge.

    I bought some bitcoin when it was worth about 6k each. It's now over 7.5 so I've made a profit already anyway but I'm also injecting the capital into another organisation and receiving on average 1% return a day so I'm more than happy with that as I'll have doubled my 2 grand within 140 days.

    I'm a truck driver by trade. Work all day every day for not a lot of money and its nice to.have a second source of savings/income building up while I sleep.

    You can trade bitcoin in a majority of CEX stores. You can get a visa/MasterCard that allows you to spend bitcoin in any store that accepts card payments, even Amazon is looking at accepting bitcoin payments.

    I honestly don't think Bitcoin is going anywhere. Financial analysts estimate it'll hit 10k by Xmas and continue increasing going forwards.

    Honestly guys, do your research and I think you'll find there is money to be made. But just like old Martin Lewis said himself about it the other day, don't spend anything you can't afford to lose.
  • bostonerimus
    bostonerimus Posts: 5,617 Forumite
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    Yeah it's gotten really difficult to mine bitcoin now and my co worker mines some others as well
    “So we beat on, boats against the current, borne back ceaselessly into the past.”
  • BananaRepublic
    BananaRepublic Posts: 2,103 Forumite
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    maxie014 wrote: »
    Just out of interest how do you mine the crypto currencies??

    Got no bitcoins or anything like it myself but good luck to anyone making money off it.

    Essentially you burn huge amounts of CPU time, running a program that slowly generates bitcoins. The more CPU you burn, the more bitcoins you generate. The problem is that 'mining' bitcoins consumes so much energy that it is environmentally unfriendly. Of course the current price bubble just encourages more and more wasteful energy usage.
  • markj113
    markj113 Posts: 256 Forumite
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    dividendhero wrote: »
    Difference is that Bitcoin's have virtually no use in the legitimate economy

    How about having full control of your own money and not having to go cap in hand to the bank every time you want to make a larger transaction.

    The ability to send money anywhere in the world without getting hit with large transaction fees?

    With the banks looking to scrap the £85k deposit protection why would you trust your wealth to someone else?
  • atilla
    atilla Posts: 862 Forumite
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    markj113 wrote: »
    How about having full control of your own money and not having to go cap in hand to the bank every time you want to make a larger transaction.

    The ability to send money anywhere in the world without getting hit with large transaction fees?

    With the banks looking to scrap the £85k deposit protection why would you trust your wealth to someone else?
    Change your bank then!
    And stop scaremongering.
  • Malthusian
    Malthusian Posts: 10,941 Forumite
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    markj113 wrote: »
    How about having full control of your own money and not having to go cap in hand to the bank every time you want to make a larger transaction.

    Last time I wanted to make a large transaction I did it online. I don't even own a cap.

    What kind of control do I have over my money when one day it's worth £100 and the next £50 and the next £150? That's a very Brexity definition of the word "control".
    The ability to send money anywhere in the world without getting hit with large transaction fees?

    The volatility means there's a transaction fee of potentially 20% or more if the speculators move against you in between agreeing the price and delivering payment in Bitcoins.
    With the banks looking to scrap the £85k deposit protection why would you trust your wealth to someone else?

    The kind of statement that shows that Bitcoin rampers know a lot about tech and zilch about finance (and not that much about tech). The banks are not looking to do anything. The banks have no say in the EU depository compensation framework.

    Some wonks have recently proposed changing the text of the regulations governing EU compensation schemes so that during a financial crisis, instead of being required to compensate investors immediately, they would be allowed to suspend compensation payments temporarily, although investors would be permitted to make daily withdrawals to cover their living expenses.

    There is no suggestion of compensation schemes being scrapped, only to give them flexibility to pay compensation more slowly during a financial crisis. And it's an opinion paper, a kite-flying exercise, nowhere near becoming EU law.

    It has no relevance to UK investors due to Brexit, unless they invest in EU banks.
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