Bitcoin (cryptocurrency)

Value has hit over 6000 this month (was less than 1000 per bitcoin at start of year) expected to hit 10,000 before year is out
 
For the ill informed could someone explain how you invest in bitcoin?

For example say I wanted to buy a £1000 worth, where and how do I buy? And how and where can I sell?
 
Take the advice of Warren Buffet and never invest in anything you don’t understand.
 
I had to get some Bitcoin for my streaming site renewal had £8.45 worth left just checked now valued at £11.06 after 3 days, better than interest rates. Hopefully it will pay for my renewal next year if I leave it

Sent from my SM-G950F using Tapatalk
 
bugsyblue said:
For the ill informed could someone explain how you invest in bitcoin?

For example say I wanted to buy a £1000 worth, where and how do I buy? And how and where can I sell?
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I'm no expert, certainly can't claim to be a sophisticated investor but having had a small inheritance this year I've put most of that in "sensible" options such as an ISA and some individual shares but following this thread and a lot of recent publicity invested first £100 and then another £300 over the past few weeks, currently worth around £450. I use the following site which then allows purchase through coinfiy.

https://blockchain.info/wallet/#/


I made the mistake of making an enquiry to a an investment firm who presumably passed my details on because I then got hounded by a company launching a new cryptocurrency and promising great returns but with a minimum investment of at least a couple of grand, money I didn't want to commit.

I'm thinking i might still top up on bitcoins buit don't know by how much. A few on here and elsewhere reckoning they will level out at around £9-10. My problem would be if they hit that level would i stick or twist?
 
I wonder if you would so easily find buyers when bitcoin hits a high. I have quite a lot of investment experience and i keep well out of bitcoin, because i understand how easily it could be manipulated anyway. A currency afterall only has the value that people believe it has, and this to some extend depends on how functional it is to getting what you want. In that regard, there is stuff you can buy with bitcoin, but i'm not sure how easy it is to convert it to money when it's high on paper, afterall you need to find someone i guess who wants to buy it at that price and those might not be easy to find, but i'm not sure. Furthermore the volume on the market and the value to which you can convert it would play a role. Buth it seems more uncertain than other investments where i can guarantee that i can liquidate it when needed and where factors that affect value are more predictable or easy to follow up.

My usual strategy is more like short term trading when tech company's come out with quarterly figures, as stocks can very easily fluctuate a lot in the run to the release of those numbers. For the rest i like to buy cheap stocks with good divident where possible in my own country as the tax is very low.

However, the superior stock trading wisdom to me is still "buy low, sell high". And you have to consider that golden opportunity's will arrise regulary trough youre life as stock markets will crash from time to time. Just tneed to be liquid before it happens, sell when things get to historical heights and beyond. ive loaded up on a load of food stocks when the 2008 stock market crashed an made a load of easy money in added stock value and dividents on that. Consider that the stock market currently is "pretty high", i don't think it's the best moment to go in as a new guy, at this moment i would advise to any new investor to wait until th next crash.

Also, ive been trading TSLA for the last months often as they fluctuate quite nicely, they are back to 306$ atm, i give that a buy recommendation, to sell between 355$ to 380$ dollars depending how brave you feel.
 
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dublinblue12 said:
Value has hit over 6000 this month (was less than 1000 per bitcoin at start of year) expected to hit 10,000 before year is out
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Bitcoin touched the 16,000 mark yesterday, I have some bitcoins so obviously I am happy for the astronomical rise but I am a little bit concerned, I am not sure what's really going on lol. I just hope its not a bubble.
 
i♥city! said:
Bitcoin touched the 16,000 mark yesterday, I have some bitcoins so obviously I am happy for the astronomical rise but I am a little bit concerned, I am not sure what's really going on lol. I just hope its not a bubble.
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It’s got all the hall marks of a classic bubble.

Even Dutch Tulips weren’t as crazy.
 
blueinsa said:
If it seems too good to be true it often is................
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Yep. Everyone’s piling in as if the good times are never going to stop.

Fair play to those that have made a lot but someone will be left holding the baby.
 
SWP's back said:
Yep. Everyone’s piling in as if the good times are never going to stop.

Fair play to those that have made a lot but someone will be left holding the baby.
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Quick question for you mate its where all this bitcoin hype has me scratching my head.

All the talk of $5 dollars worth a few years back being worth $Millions now etc etc.

You want to cash in so where do you get all those $Millions from?

Im guessing at some point you are going to get told it doesn't really exist and fuck off lol
 
blueinsa said:
Quick question for you mate its where all this bitcoin hype has me scratching my head.

All the talk of $5 dollars worth a few years back being worth $Millions now etc etc.

You want to cash in so where do you get all those $Millions from?

Im guessing at some point you are going to get told it doesn't really exist and fuck off lol
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You get it from people buying your coins on the market at the higher price being traded now.

The question is “Is the market big enough and liquid enough to actually sell hundreds of millions of bitcoin without depressing the market?”

There are a few big players in the market and when they decide they’ve made their profit and want to come out then all bets are off.
 
SWP's back said:
There are a few big players in the market and when they decide they’ve made their profit and want to come out then all bets are off.
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So thats a yes then lol.

Like you say its as fragile as fuck and far too many are being suckered in here thinking they are going to be rich.

It rarely if ever works out that way i'm afraid.
 
blueinsa said:
So thats a yes then lol.

Like you say its as fragile as fuck and far too many are being suckered in here thinking they are going to be rich.

It rarely if ever works out that way i'm afraid.
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It’s certainly fragile yeah. There’s 16.7m bit coins about and the strength of a currency is usually based on who uses it and what for.

As an example, the US Dollar’s strength comes from the US manufacturing industry and US economy allied to the fact that the dollar is used to trade oil and gas. The last two leaders of oil and gas producing countries that suggested using other currencies were Ghadaffi and Saddem and you won’t need reminding how things turned out fo then.

BitCoin is not really used to purchase goods at present and it’s strength is entirely sentiment led. As soon as people stop believing in it then everyone will notice that the Emperor is stark bollock naked.
 
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SWP's back said:
It’s certainly fragile yeah. There’s 16.7m bit coins about and the strength of a current is usually based on who uses it and what for.

As an example, the US Dollar’s strength comes from the US manufacturing industry and US economy allied to the fact that the dollar is used to trade oil and gas. The last two leaders of oil and gas producing countries that suggested using other currencies were Ghadaffi and Saddem and you won’t need reminding how things turned out fo then.

BitCoin is not really used to purchase goods at present and it’s strength is entirely sentiment led. As soon as people stop believing in it then everyone will notice that the Emperor is stark bollock naked.
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Thanks for putting some meat on the bones mate.
 
Reminds me of the Dotcom boom a bit. Buffets advice of sell when everyone else is buying and buy when everyone else is selling springs to mind on this one.
 
SWP's back said:
You get it from people buying your coins on the market at the higher price being traded now.

The question is “Is the market big enough and liquid enough to actually sell hundreds of millions of bitcoin without depressing the market?”

There are a few big players in the market and when they decide they’ve made their profit and want to come out then all bets are off.
Click to expand...
Am I right in saying that it's effectively a complicated Ponzi scheme.
 
Mate bought some when he was pissed in the pub. They were 1500 quid each. I’d take the money and run
 
I've a mate who recently bought into ethereum. He got one for around $400. Another friend in our group decided to get $30 worth.

I was tempted myself. Had visions of myself obsessing late into the night over fluctuations, allsorts. I even made a Coinbase account and was ready to start.

The thing that put me off was worrying about what would happen if I wanted to cash out. I was also a bit wary of putting my bank details into an app I hadn't heard of 24 hours previously.

Add into all of that, I wouldn't have a fucking clue what I was doing. This thread and some of the posts have helped reinforce that staying out of it was the better decision.
 
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