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BitCoin

4634angela
4634angela Posts: 1 Newbie
in Savings & investments
What is the best way to invest in BitCoin? There seem to be a lot of scam sites
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Comments

  • Robster88
    Robster88 Posts: 124 Forumite
    Part of the Furniture 10 Posts
    Firstly I think you need to ask yourself why you think Bitcoin is a good investment.
  • fun4everyone
    fun4everyone Posts: 2,369 Forumite
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    You will get close to zero useful posts about bitcoin in reply given only a handful of members here actually understand it. That said, if you want to buy real bitcoins an easy place to start is coinbase or bitpanda. Quite high fees though and there are other methods so dyor.
  • masonic
    masonic Posts: 27,671 Forumite
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    Personally, I have used Belgacoin and found them to be fine. I would not use their online wallet, or the ones provided by services like Coinbase.
  • Alexland
    Alexland Posts: 10,183 Forumite
    Eighth Anniversary 10,000 Posts Photogenic Name Dropper
    fun4everyone wrote: »
    given only a handful of members here actually understand it.

    In which case please explain how you 'invest' rather than just currency speculate?

    Alex
  • fun4everyone
    fun4everyone Posts: 2,369 Forumite
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    masonic wrote: »
    I would not use their online wallet, or the ones provided by services like Coinbase.

    You should absolutely move any bitcoin you purchase into a wallet that you alone control. Preferably an offline hardware one such as a trezor or nano ledger.
  • fun4everyone
    fun4everyone Posts: 2,369 Forumite
    Tenth Anniversary 1,000 Posts Name Dropper Photogenic
    Alexland wrote: »
    In which case please explain how you 'invest' rather than just currency speculate?

    Did I make any comment that it was an investment or something to speculate on? No, I just answered the OP as to where a beginner could look to buy them.
  • Alexland
    Alexland Posts: 10,183 Forumite
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    fun4everyone wrote: »
    Did I make any comment that it was an investment or something to speculate on? No, I just answered the OP as to where a beginner could look to buy them.

    The OP was seeking to 'invest' so would probably benefit from an explanation that the crypto currency in itself has no ability to generate profit so is pure speculation hoping a greater fool will buy them from you later. Investment is putting your wealth to good purpose.

    Alex
  • masonic
    masonic Posts: 27,671 Forumite
    Part of the Furniture 10,000 Posts Photogenic Name Dropper
    fun4everyone wrote: »
    You should absolutely move any bitcoin you purchase into a wallet that you alone control. Preferably an offline hardware one such as a trezor or nano ledger.
    The MSE way to achieve this is to have the BTC transmitted directly to your secure wallet, thus avoiding another set of transaction costs.
  • fun4everyone
    fun4everyone Posts: 2,369 Forumite
    Tenth Anniversary 1,000 Posts Name Dropper Photogenic
    Alexland wrote: »
    The OP was seeking to 'invest' so would probably benefit from an explanation that the crypto currency in itself has no ability to generate profit so is pure speculation hoping a greater fool will buy them from you later. Investment is putting your wealth to good purpose.

    Alex

    You should try and understand where the "value" from bitcoin comes from. Comparing it to stocks and shares or companies trying to make profits is a poor comparison that is not valid. You should learn about about how it works and try and consider what that means, without taking your information from ill informed, hysterical tabloid garbage.
  • Alexland
    Alexland Posts: 10,183 Forumite
    Eighth Anniversary 10,000 Posts Photogenic Name Dropper
    fun4everyone wrote: »
    You should try and understand where the "value" from bitcoin comes from. Comparing it to stocks and shares or companies trying to make profits is a poor comparison that is not valid. You should learn about about how it works and considering what that means, without taking your information from ill informed, hysterical tabloid garbage.

    I don't think I am the one being hysterical today. So what is the value then other than what you might hope to future trade it for?

    Alex
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