Kitz Forum
Chat => Tech Chat => Topic started by: Bowdon on December 21, 2020, 02:42:26 PM
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I've been looking in to the possibility of getting in to the bitcoin buying.
As anyone on the forum bought either bitcoin or one of the other digital currencies out there? If so, do you have recommendations?
In these times of uncertainty I thought I better get some understanding of digital currency and how it works.
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Too volatile and doesn’t follow market trends meaning planned investments are totally guess work.
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Too volatile and doesn’t follow market trends meaning planned investments are totally guess work.
Agreed, applies to most investments, but especially unquantifiable ones.
If today’s news is to believed, given disruption to UK/France road haulage we’d have done well to invest in cauliflower. If only we’d known. There’s two in my fridge, which the minimum level I aim for, but I could have got so many more in Saturday’s delivery. ::)
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When my Dad passed, he left me a bit of cash and I looked at 'Bitcoin' as a place to invest.
Being a low - medium risk taker myself where money's concerned, I dropped it like a hot potato. Waaaaaay to out there for me.
Opted to take out a portfolio with what I might call a proper investment company, and as a low - medium risk applied, I'm seeing an average of 8% growth over the years. Better than it sitting with the banks and I'm not having sleepless nights like I would with 'Bitcoin'.
It's down to your own personal risk taking. :)
https://www.forbes.com/sites/forbesfinancecouncil/2018/12/05/the-top-10-risks-of-bitcoin-investing-and-how-to-avoid-them/?sh=7b2d13292407
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I think I'll give it a miss.
The main issue I've run in to is that some banks refuse to allow people to buy bitcoin, sadly my bank is one of them.
The way some people get around it is using another mobile app bank (Revolut is mentioned a lot) to transfer money in to there, then from there to the bitcoin exchange. It all seems more hassle than its worth at the moment.
Hopefully it'll become more accessable, especially if Paypal bring the ability to invest in to bitcoin to the UK. I think they let their US customers do it.
So I'll pass on this one, especially when you said its very risky anyway. It doesn't sound like its worth the hassle.
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I have also just started looking at diversifying some investments into bitcoin.
I happen to think bitcoin is going to be increasingly important in the future and perhaps a way of protecting yourself from future government financial controls through their use of Chinese-style CBDC (https://www.bankofengland.co.uk/digital-currencies) - which they have committed to implement.
Paranoid much? ;D
C
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Lots of ways to diversify without going into a totally unregulated market. If you want high risk / reward look at hedges perhaps?
Tony
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I have also just started looking at diversifying some investments into bitcoin.
I happen to think bitcoin is going to be increasingly important in the future and perhaps a way of protecting yourself from future government financial controls through their use of Chinese-style CBDC (https://www.bankofengland.co.uk/digital-currencies) - which they have committed to implement.
I don't see how Bitcoin can ever be the unregulated currency they want it to be, that would require everyone to accept it and its still going to have a relative value compared to regulated currencies. Governments are also going to increasingly regulate between converting from Bitcoin to regulated currency. They basically have to, or businesses can use it to avoid paying tax, its a ripe way to money launder.
Overall I think the downsides are far greater than the benefits.
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i guess it is just luck of when/if you decide to buy it and how much risk you want to take. I have been buying it and other large cap coins since 2016, best decision i ever made (although my first buy was luck, i purchased 3 BTC at $400 to pay a ransomware for a client and he later decided to not pay it so i kept them).
i think in the grand scheme of things it has a lot of growing to do
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With hindsight I should have been mining, not buying, but I chose to put my GPU power into scientific research instead.
I think overall crypo-currency is going to be a fad though, as beyond illegal activities its just a bad idea. We're still going to have big banking computers, so its just adding the energy problems and pollution for no real benefit to society.
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With hindsight I should have been mining, not buying, but I chose to put my GPU power into scientific research instead.
I think overall crypo-currency is going to be a fad though, as beyond illegal activities its just a bad idea. We're still going to have big banking computers, so its just adding the energy problems and pollution for no real benefit to society.
I could not disagree more, it is the hardest form of currency in the world and the big players in the traditional financial world know this and are scared of it. It's a bad idea for illegal activities too, all transactions are freely visible to anyone, unlike cash.