Cryptocurrency investments

[Rooster1st]

At the end of 2012 I ended up with £10 worth of Bitcoin (nearly half a Bitcoin) after an online transaction. I thought at the time that I had lost my £10 as I was struggling to find a way to convert it back to Pounds sterling. The Bitcoin market has gone through the roof this year though & the current value is above £2000 for my £10 Bitcoin. I'm considering putting another £10 in every few weeks if it continues to grow (figure its just as likely to make me a millionaire as buying a lottery ticket). I was just wondering if anyone on here has made money through Cryptocurrency? It is risky & probably best not to put too much money into it

 

[The Reverend]

How are you planning on buying £10 of bitcoin? Do you have your own bitcoin wallet or are you storing online?

Would be interested to hear.

 

[Rooster1st]

How are you planning on buying £10 of bitcoin? Do you have your own bitcoin wallet or are you storing online?

Would be interested to hear.

I have a Bitcoin wallet. There is an option in the wallet to buy more Bitcoin through their partner Exchange. Think the minimum you can buy is around £10.

 

[Cas]

Interesting .

looking to get involved as well.

where is the best place to start ?

 

[Rooster1st]

Interesting .

looking to get involved as well.

where is the best place to start ?

Well here is the latest price in Dollars: https://www.coindesk.com/price/

Find a little more info Here: http://www.telegraph.co.uk/technology/0/can-buy-bitcoin-uk/

 

[Jon]

Half of me is temped to drop £500 on this just to 'see what happens' lol

 

[Rooster1st]

Half of me is temped to drop £500 on this just to 'see what happens' lol

Well it could be extremely risky and nobody knows where it will end up but it does seem to be gaining value big time lately. Bubble or the future of money? Who knows?

 

[Jon]

Well it could be extremely risky and nobody knows where it will end up but it does seem to be gaining value big time lately. Bubble or the future of money? Who knows?

You're old enough (as I am!) to remember the .com bubble busting in 2000 and the 'hell of a ride' it was before that with companies having valuations in the millions even though they had no physical value

I think if I was going to invest £500 I would have to accept I am happy to lose it should it all go belly up lol

 

[Rooster1st]

You're old enough (as I am!) to remember the .com bubble busting in 2000 and the 'hell of a ride' it was before that with companies having valuations in the millions even though they had no physical value

I think if I was going to invest £500 I would have to accept I am happy to lose it should it all go belly up lol

Yeah the dot com bubble did burst and there were many losers. Bitcoin does look to be in the early stages of its evolution & may be usurped by other similar coins (of which there are many). I remember when Netscape Navigator was going to be huge but now has sunk without trace only for Google to be king of the world. However countries like Japan seem to be embracing it https://www.ft.com/content/b8360e86-aceb-11e7-aab9-abaa44b1e130

 

[Jon]

Yeah the dot com bubble did burst and there were many losers. Bitcoin does look to be in the early stages of its evolution & may be usurped by other similar coins (of which there are many). I remember when Netscape Navigator was going to be huge but now has sunk without trace only for Google to be king of the world. However countries like Japan seem to be embracing it https://www.ft.com/content/b8360e86-aceb-11e7-aab9-abaa44b1e130

Winamp, Shoutcast, mIRC, RealPlayer, Napster, Morpheus - I still believe the late 90s were just such a great time for innovation on the Internet. Now it's basically social media or bust!

 

[Cas]

Should i download the Bitcoin Wallet on the app store ?

I might just buy £10 now

 

[Cas]

Winamp, Shoutcast, mIRC, RealPlayer, Napster, Morpheus - I still believe the late 90s were just such a great time for innovation on the Internet. Now it's basically social media or bust!

loool wow so many companies gone .

i loved my MSN messenger

 

[Rooster1st]

Should i download the Bitcoin Wallet on the app store ?

I might just buy £10 now

That's up to you. I don't use the App but access the wallet through my PC.
Blockchain.info seems to be the most popular wallet.

 

[The Reverend]

That's up to you. I don't use the App but access the wallet through my PC.
Blockchain.info seems to be the most popular wallet.

If you use an online wallet, what is there to stop them running off with your ones and zeros?

 

[Rooster1st]

If you use an online wallet, what is there to stop them running off with your ones and zeros?

There are many security measures you can activate to increase security when you set your wallet up. They go way beyond the measures that online banking seem to employ. I've never had any problems but there have been instances of exchanges being hacked. As with everything do your homework & don't keep passwords or private key information on your computer.

 

[Jon]

so I know someone that has turned their £400 investment into £1500 over the last few months but they have warned me that it's very much a case of RESEARCH RESEARCH RESEARCH before you put any money into it!

 

[homie]

I remain unconvinced by bitcoin. Not sure how useful or widely accepted it is as a currency, which it what it is supposed to be. I certainly wouldn't invest any more money in it than I would "invest" on a roulette wheel. That graph of its recent gains looks like a pretty good example of something in the middle of a bubble to me. A lot of the market is propped up by speculators and if something got them jittery, like a hacking event or something was shown to be not secure everyone would head for the hills and the market would plummet overnight. Governments don't like it either so you can be sure they will do their best to stifle it from becoming mainstream.

 

[The Reverend]

I remain unconvinced by bitcoin. Not sure how useful or widely accepted it is as a currency, which it what it is supposed to be. I certainly wouldn't invest any more money in it than I would "invest" on a roulette wheel. That graph of its recent gains looks like a pretty good example of something in the middle of a bubble to me. A lot of the market is propped up by speculators and if something got them jittery, like a hacking event or something was shown to be not secure everyone would head for the hills and the market would plummet overnight. Governments don't like it either so you can be sure they will do their best to stifle it from becoming mainstream.

You can be unconvinced. If you had bought £100 worth of Bitcoin in 2010 then you'd have about £5milion in the bank today. I don't think it will become mainstream for various reasons. The main one being that no-one can just 'print' more bitcoin.

Whether it is an investment you think will continue to make money is the big question? Will it become 50000 times more valuable in the next 7 years? I very much doubt it. But who knows?

 

[Rooster1st]

You can be unconvinced. If you had bought £100 worth of Bitcoin in 2010 then you'd have about £5milion in the bank today. I don't think it will become mainstream for various reasons. The main one being that no-one can just 'print' more bitcoin.

Whether it is an investment you think will continue to make money is the big question? Will it become 50000 times more valuable in the next 7 years? I very much doubt it. But who knows?

The way new Bitcoins come into existence is through mining which involves hefty computational power to solve complex mathematical puzzles. There are around 16 million Bitcoins mined so far & 21 million is the total amount that can be mined. Bitcoins can be broken down into several decimal places.

No one knows where Bitcoin will end up in a few years. Investors are obviously very pro Bitcoin while most governments & traditional bankers see it as a threat. Future success will probably depend on much wider acceptance & the increased ability to spend it on goods & services.

 

[RickyRaj]

A number of podcasts have discussed this technology and crypto currencies which I think will lead to business adoption of the technology eventually. Must admit I have been tempted to invest too but am still at the research stage.