Bitcoin beaten (finally)

[Roy]

@Tn21 asked  'Any particular reason why you chose to purchase now @Roy?'

Well, in short, I wasn't clever enough.

I tried and I tried but couldn't do anything. I didn't understand it.

Fast forward a few years and it's very easy now, at least for me. I've bought a little bitcoin and some ethereum and I store it on a Coinbase Wallet which is a thing called an application that I downloaded on my phone. 😉

It was a challenge. At my age, I can't wait for silver to go to the moon, I need volatility in my life!

Current holdings:  £12.71

                      edit:   £12.74 😀

 

[Michal]

If you got more than 1000 pounds in crypto i would advise to hold it on physical wallet like ledger or similar. 

[Tn21]

Ahh so you took the plunge and bought some fair enough. I was debating to my self in 2017 to get in when it was 2500usd. 

I seeked other people's opinion from mainly family and close friends. They were not keen and claimed getting into bitcoin would not be worth it. 

 

Moral of the story you have an idea of doing something you go for it, naysayers can put you off but go with your gut! 

Same people are saying the same about au and Ag, good job I never listened to them since

[AndrewSL76]

This is VERY interesting for me. I may follow..........are you able to share the relevant links? 

Thank you in advance and no worries if not.

A.

 

[KitboyE17]

4 minutes ago, Roy said:

I tried and I tried but couldn't do anything. I didn't understand it.

This is a common issue I fancy. I looked at buying Bitcoin several years ago when it was in it’s infancy. It does appear easier now, but still quite complicated.

It would help if someone did a Bitcoin for dummies book 😂 

[Roy]

3 minutes ago, AndrewSL76 said:

This is VERY interesting for me. I may follow..........are you able to share the relevant links? 

Thank you in advance and no worries if not.

A.

 

https://www.coinbase.com/price/bitcoin

The app is on Google Play store and the apple equivalent.

[Roy]

 

Ooh .🎆

[AppleZippoandMetronome]

Bitcoin first came to my attention in late 2009. At the time I was working on a project with a few friends and we were looking at different ways to fund that project. Bitcoin seemed to tick all the right boxes for what we wanted. 2 of us looked in to Bitcoin extensively at the time and met the same conclusion - it was far too complicated to rely on. That is to say so few people will understand it enough to actually be able to buy in and send us Bitcoin that it would ultimately fail as a payment method. This conclusion was made in 2010 - sometime after the famous pizza payment was made.

I still think that was the right conclusion to come to back then but I do regret not pursuing it. Even after deciding against it as a payment system I was still interested in buying in myself but never did. Keep in mind BTC was worth pennies at the time. So much regret

[AndrewSL76]

Amazing! I am all over this. Have been thinking about it for a while too. A small amount as a seed seems like a good idea...

[Michal]

Firstly I heard about bitcoin in 2009 at some game forum but considered it as a scam and ignore it, it was about 3 dollars ? 😂

Then in 2013 i had some money to put a side and was hesitating between NS&I bonds and bitcoin (212 dollars). And went for bonds. That is how lucky i am with my judgment 😂. Now have couple  hundreds in cryopto and do pure speculation on it, it is substitution for football bets for me.    

[Roy]

6 minutes ago, AndrewSL76 said:

Amazing! I am all over this. Have been thinking about it for a while too. A small amount as a seed seems like a good idea...

Yes. I won't be pumping thousands into it looking for fantastic wealth. I like the concept of the blockchain.

I want to use it as it was intended : to be separate from the banks, to make truly peer to peer payments, and it's anonymous.

The trading could be fun as Michal says, like playing the forex?

 

[Scuzzle]

I was going to invest 4k GBP into Bitcoin whan it was $300 so whatever that was at the exchange rate of the time and I let my family talk me out of it, digital nothingness and all that, when it went to the same price as gold I decided to ignore them and wait for a pull back to buy in and it just never came it only went up and up.   I ended up buying Litecoin instead at £33 then selling it at £70 and thinking I was a genius and it went on to over £200.

[AndrewSL76]

Yep, it's super easy to work on the hindsight principle. I am in a position now where the cost of Bitcoin is huge and buying a small percentage of one may be an option. If in a few years Bitcoin is worth 20,000.00 then it is a good decision - if it goes back to 300.00 then I will have lost a small amount of money..........the idea of risking 4k is huge and I can see why your family talked you out of it. At least you doubled your money on the Lite.....

[KDave]

I don't like it; it's similar to gold in that hardly anyone understand how it works or where it's value comes from but it doesn't exist in the physical plane like gold and is entirely reliant on the infrastructure it exists within. I had a punt, I forget if it was last year or year before. I have a decent gpu and started mining it, just left nicehash running while I was at work and made about 30 quid worth each month over the summer. Cashed out a sovereign in November I think. An interesting experiment, but convinced me its not the future in its current form. The market keeps disagreeing with my conclusion if you look between the massive sell offs. The bitcoin stuff is still here but it's not worth anything to me as I have no need for it.  

[ChrisSilver]

Moved to cryptocurrency section

[Roy]

There are reasons why I didn't want this in the cryptocurrency section

[HelpingHands]

26 minutes ago, Roy said:

There are reasons why I didn't want this in the cryptocurrency section

If you want no-coiners to be able to see and get involved @Roy I can move it back.

I don't know where it was though.

[Roy]

Thanks HH, you got my strategy.

It's of no interest here, everyone has the skills and wallets!

It was posted in Personal Finance.

The other reason was that it's an open forum with no moderation! The moderator was last seen nearly 2 years ago?

Cheers

[sovereignsteve]

5 hours ago, KDave said:

just left nicehash running while I was at work and made about 30 quid worth each month over the summer.

any idea how much it cost you in electricity?

[sovereignsteve]

For anyone just interested in the investment side, you can trade bitcoin with spreadbetting.

[HelpingHands]

I have almost completely boycotted fiat.  Other than the few direct debits I have pretty much everything else is bought with bitcoin.

[KDave]

39 minutes ago, sovereignsteve said:

any idea how much it cost you in electricity?

Probably £25 a month 

I am not sure but the PC does use a lot of juice at the best of time. I should have used one of those plugs that calculates electricity usage to see if it was worth the hassle. I can say that as a currency or as savings it is not worth the hassle to me while free and efficient currency and physical gold are available and interchangeable. At some point in the future bitcoin or the like may be of use but only at the point that it won't be measured in said currency (due to control), so that is not an argument to invest or save in it now. 

[Martlet]

35 minutes ago, HelpingHands said:

I have almost completely boycotted fiat.  Other than the few direct debits I have pretty much everything else is bought with bitcoin.

Doesn't that limit what and where you can buy goods and services, and have you considered the tax implications?

[HelpingHands]

1 minute ago, Martlet said:

Doesn't that limit what and where you can buy goods and services, and have you considered the tax implications?

There is a Coinbase debit card so you can use it anywhere that normally accepts Visa Debit.

I'm not spending that much in Tesco and Pizza Express to hit tax thresholds quite yet. 

[h103efa]

1 hour ago, sovereignsteve said:

For anyone just interested in the investment side, you can trade bitcoin with spreadbetting.

The volatility on that on IG is scary. The min bet size on there is still too big for me with the margin I have to put down. Fun watching though!