"I remember looking at bit coins when they first came out and thought it was a scam.
God I wish I bought some now "
I looked a few years ago and looked too complex to sort!
I’m in now, so much easier these days. |
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Tbh I don't understand it fully but I heard a colleague saying that if they double in value for example you buy £5k worth and they go up to £10k you can't just exchange them for £10k in cash
Is that true ? |
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By (user no longer on site)
over a year ago
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"Tbh I don't understand it fully but I heard a colleague saying that if they double in value for example you buy £5k worth and they go up to £10k you can't just exchange them for £10k in cash
Is that true ?"
I think you can. It’s basically just a currency. So you should be able to buy and sell it for what ever the rate is |
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By (user no longer on site)
over a year ago
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I bought 5 grands worth in 2011 ish when they were at £150ish each.
I "bought into" them as I thought at the time after the financial banking crises that they (blockchain) could have the potential to revolutionise the world, plus I needed an investment for this unexpected 5k that was "not looked at too hard"  .
Anyhow it's not worked out to bad, I think I'll probably sell mine in a bit as I want the money for a different thing in life  |
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By (user no longer on site)
over a year ago
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I have sort of been on this gravy train since 2010, i don't actually buy any crypto currencies though, i have a spare room in my house "mining" a selection of currencies. 30 Graphics cards, that after electricity is taken out of income each returns about £65 a month (about £2000).
All of that income sits in my "wallet" and grows over time and has done since 2010. I know exactly what it's worth on a day to day basis. The only cost to me is electric and updating graphics cards every couple of years. |
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By (user no longer on site)
over a year ago
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"I'm looking to get into it. Think I'm going to invest in bitcoin, litecoin and etherium first. Still trying to decide what type of wallet would be best to have."
Getting into Crypto Currencies is really a long term thing to be honest. I know there has been loads of stuff on the BBC and other news this week about what it's worth. What none of those news articles has made clear is the volatility within the crypto market. Last week for instance, Ether, Bitcoin and Litecoin crashed by about 23%. This happens all the time with crypto currencies, so you have to be prepared to take the rough with the smooth. Buying to make a quick few quid can come back to bite if you NEED to sell. |
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"I'm looking to get into it. Think I'm going to invest in bitcoin, litecoin and etherium first. Still trying to decide what type of wallet would be best to have.
Getting into Crypto Currencies is really a long term thing to be honest. I know there has been loads of stuff on the BBC and other news this week about what it's worth. What none of those news articles has made clear is the volatility within the crypto market. Last week for instance, Ether, Bitcoin and Litecoin crashed by about 23%. This happens all the time with crypto currencies, so you have to be prepared to take the rough with the smooth. Buying to make a quick few quid can come back to bite if you NEED to sell."
I'm definitely looking to invest for the long term. I remember when I first read about bitcoin 7 years ago was gonna get £100 worth but I put that in an ISA instead :/ |
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By *hinaManMan
over a year ago
Twickenham |
I can't comment on Bitcoin but anyone who works in finance or understands Economics will be able to see the logic here.
Bitcoin supply capped at 21 million
Litecoin supply capped at 84 million
Assuming all things equal then the equilibrium price should be such that Bitcoin is 4x higher, however, Bitcoin currently is carrying a massive premium due to its brand name. Litecoin is a superior coin for payments as can basically conduct payments quicker and cheaper. Once Litecoin gains mainstream media attention expect it to surpass 1,000 usd (I got a load around the @260 mark and it is currently trading around that mark)
P.s Ethereum is the one to watch out for. |
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