Buying Cryptocurrency

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Karmo
Karmo Posts: 16 Forumite
edited 15 July 2017 at 3:57PM in Savings & investments
I was going to buy a flat to rent out for 50,000 pounds but as I have never purchased property before and am overseas it may be rather complicated . So then I asked on here and some kind folks recommended I open a S and S ISA for less hassle and the same profit , possibly .
Then I saw an ad to buy crypto currency , Etherium in particular . The gist of the article was that this currency is about to take off and can give a 1000% investment and in fact gave statistics to prove that is what has been happening the last few months .
Can anyone shed some realistic light on the cryptocurrency investment market . Bitcoin, Ripple etc ?
Thank you

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  • colsten
    colsten Posts: 17,597 Forumite
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    I am afraid, you have been given bad advice. You cannot have any ISA is you are not a UK resident.

    As to cyrptocurrency: there are 2 fundamental truisms you should never forget:
    1. past performance is no indicator for future performance
    2. if it sounds too good to be true, it probably is

    I would be wary of anyone who describes cryptocurrencies as investments.
  • badger09
    badger09 Posts: 11,210 Forumite
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    colsten wrote: »
    I am afraid, you have been given bad advice. You cannot have any ISA is you are not a UK resident.

    As to cyrptocurrency: there are 2 fundamental truisms you should never forget:
    1. past performance is no indicator for future performance
    2. if it sounds too good to be true, it probably is

    I would be wary of anyone who describes cryptocurrencies as investments.

    In fact OP has been given some good advice, but chooses to ignore much of it:cool:

    see posts 12, 13 & 15 (among others)
    http://forums.moneysavingexpert.com/showthread.php?p=72676929#post72676929
  • fwor
    fwor Posts: 6,810 Forumite
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    If you have any concerns about the integrity and security of Etherium, and how safe you money is likely to be (or not), have a read of this analysis of what happened to it around a year ago:

    https://www.bloomberg.com/features/2017-the-ether-thief/

    There are hints in the article that there may be other, similar, surprises yet to come...
  • Geoff1963
    Geoff1963 Posts: 1,088 Forumite
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    Cryptocurrencies are useful for paying off ransomware "suppliers", although there's no guarantee that will unlock your files. I wouldn't make a heavy investment in them.
  • FatherAbraham
    FatherAbraham Posts: 1,024 Forumite
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    It's relatively easy to buy fashionable assets such as cryptocurrencies, which can be compared to physical gold.

    The enterprise tends to become more "interesting" when one wants to sell such assets.

    Warmest regards,
    FA
    Thus the old Gentleman ended his Harangue. The People heard it, and approved the Doctrine, and immediately practised the Contrary, just as if it had been a common Sermon; for the Vendue opened ...
    THE WAY TO WEALTH, Benjamin Franklin, 1758 AD
  • Karmo
    Karmo Posts: 16 Forumite
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    Thank you but FYI I have not ignored it . I am poised to buy 50,000 pounds of vanguard life strategy products the 20 % equity portfolio which is lower risk .
  • buglawton
    buglawton Posts: 9,235 Forumite
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    Karmo wrote: »
    I was going to buy a flat to rent out for 50,000 pounds but as I have never purchased property before and am overseas it may be rather complicated . So then I asked on here and some kind folks recommended I open a S and S ISA for less hassle and the same profit , possibly .
    Then I saw an ad to buy crypto currency , Etherium in particular . The gist of the article was that this currency is about to take off and can give a 1000% investment and in fact gave statistics to prove that is what has been happening the last few months .
    Can anyone shed some realistic light on the cryptocurrency investment market . Bitcoin, Ripple etc ?
    Thank you
    It's not the complication of buying a flat that's the issue, it's the fact that £50,000 won't buy a flat worth having.
  • greenglide
    greenglide Posts: 3,301 Forumite
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    , it's the fact that £50,000 won't buy a flat worth having.
    There are plenty of areas where £50,000 will buy you a flat, with change.

    The properties will be variable in quality but most definitely liveable providing you choose carefully.

    We don't all live in the south east! (Other expensive areas are available as well).
  • badger09
    badger09 Posts: 11,210 Forumite
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    Karmo wrote: »
    Thank you but FYI I have not ignored it . I am poised to buy 50,000 pounds of vanguard life strategy products the 20 % equity portfolio which is lower risk .

    You may not have ignored it but you didn't acknowledge it:cool:
  • ToeTLegit
    ToeTLegit Posts: 1 Newbie
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    Smart move! Now is a good time to buy as the prices are falling. You should definitely, definitely be leaping in with both feet.

    Why not send me cash so I can send you lots of cryptocurrencies in return?

    I've even set up a wallet for you to keep it in: 0x30e6b85CDC276719078D0686612052f0672c732D

    Share this address with all your new crypto friends, neighbors and elderly relatives so they can easily send you Bitcoin, Bytecoin, Iconomi, Ark, Bytemiark's and all other new and exciting investment opportunities.

    See you in the first class cabin of our very own gold-plated concord!
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