Bitcoin (cryptocurrency)

[M18CTID]

its sailed, come back in to port, turned around and sailed again....more than once. As its at a record high, my guess is its about to turn around again, but what the fuck do i know I bought litecoin :/

And what do I know - I invested about 3k into Ripple 3 years ago after a tip when it had reached an ATH. Since then it’s plummeted in value by about 90% and never once looked like getting back close to where it was. I’m sticking with stocks and shares and Craptocurrency can fuck right off!

 

[Mad Eyed Screamer]

Withdraw what? Cash or Bitcoin

If you withdraw Cash then that means you have sold your bitcoin, if you withdraw Bitcoin then you'll have bitcoin in whatever wallet you decide to store it in. If everybody withdrew their Bitcoin and stored it it's price would obviously go up due to the scarcity of it.

There will only ever be 21 million bitcoins once it's all been mined, that doesn't mean only 21 million people can have bitcoin because you can buy fractions of it.

Right. I think i get it now. So if you invested 30K and withdrew your profit at say £100,000 and i want to come along and invest..... I would have to buy £130,000's worth just to have the same amount you invested years ago.....
And if it crashes i can only get back what the value of it is that day.

So not a lot different to buying Sterling with US $$$ hoping that the £ will = $2 one day????

 

[Scottyboi]

Bitcoin is the modern day equivalent of the Tulip Mania in Holland in 17th century. An essentially valueless product hugely increases in price based on 'the bigger fool' principle until it collapses.

Tulip mania - Wikipedia

en.m.wikipedia.org

Bollocks bitcoin became the 12th biggest currency in the world yesterday overtaking the Russian ruble.

So many financial institutions investing in it now too, it has come along way since 2017. Anyone who bought in at ath in 2017 and still held would double their money.

 

[flook]

And what do I know - I invested about 3k into Ripple 3 years ago after a tip when it had reached an ATH. Since then it’s plummeted in value by about 90% and never once looked like getting back close to where it was. I’m sticking with stocks and shares and Craptocurrency can fuck right off!

hehe agree entirely, mine was thankfully a £500 dabble, currently approaching £400 in value for the first time in 3 years, so I'm hopeful I'll make a profit one day :) Sounds like we both jumped in around the same time, which was about 6 months late I guess

 

[flook]

Bollocks bitcoin became the 12th biggest currency in the world yesterday overtaking the Russian ruble.

So many financial institutions investing in it now too, it has come along way since 2017. Anyone who bought in at ath in 2017 and still held would double their money.

12th biggest in terms of what? overall value? If that's the case as it's so volatile it could be the 20th biggest tomorrow, or the 40th, or the 5th :)

I'm not arguing with you btw, I genuinely don't understand this at all. It's an intangible that's awkward to deal, appears to me at least to have security issues (wasn't there some story about a bloke recently who lost his key and with it a few hundred K of bitcoin?), has no intrinsic value (and I understand that's the same for any currency) and if I had some I can't use it for anything of any use to me.

 

[Lee1983]

Bitcoin is crazy at the moment and personally I’m buying top 20 Altcoins that haven’t pumped yet & a couple of smaller disruptor projects. Etherium has risen harder than Bitcoin despite the big daddy getting the headlines. I think it’s going to continue well into 2021 due to the dollar getting printed in excess & institutional money inflow into crypto.

PayPal for example, has been scooping up around 70% of all new Bitcoin on the market.

 

[Skip Donoghue]

How much would you say £5k get you in bitcoins now then?

Bit coin as I type this is around $39k/coin down around $500
Your £5k is worth around $6750, at current exchange, I'll let you do the rest :)

 

[Invisible Man's Bandage]

Bitcoin is the modern day equivalent of the Tulip Mania in Holland in 17th century. An essentially valueless product hugely increases in price based on 'the bigger fool' principle until it collapses.

Tulip mania - Wikipedia

en.m.wikipedia.org

Bollocks bitcoin became the 12th biggest currency in the world yesterday overtaking the Russian ruble.

So many financial institutions investing in it now too, it has come along way since 2017. Anyone who bought in at ath in 2017 and still held would double their money.

It has gone down 10% this morning. It's a speculative bubble and not an investment for anyone other than the equivalent of having a bet on a football match or race horse.

 

[Wafty Cranker]

Bitcoin is the modern day equivalent of the Tulip Mania in Holland in 17th century. An essentially valueless product hugely increases in price based on 'the bigger fool' principle until it collapses.

Tulip mania - Wikipedia

en.m.wikipedia.org

It could all be worthless one day, but play the odds. Bitcoin could just as easily be over $100k plus with the next year or so. Would you buy something, or a proportion of it, for $35k that had just as much chance of going to a $100k as it does to $0.01?

There is another poster who made the comparison to tulip mania in this thread back in May 2020.

If that same poster had purchased BitCoin in May 2020 they’d have more than trebled their money.

It my opinion Bitcoin still has way more upside than downside at $35k or whatever it’s at at the moment.

 

[Invisible Man's Bandage]

It could all be worthless one day, but play the odds. Bitcoin could just as easily be over $100k plus with the next year or so. Would you buy something, or a proportion of it, for $35k that had just as much chance of going to a $100k as it does to $0.01?

There is another poster who made the comparison to tulip mania in this thread back in May 2020.

If that same poster had purchased BitCoin in May 2020 they’d have more than trebled their money.

It my opinion Bitcoin still has way more upside than downside at $35k or whatever it’s at at the moment.

As I commented above, it’s a gamble and should be treated as such. You couldn’t put your retirement pot into it.