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ac.adams08 Posted 1 year ago
Hi have been reading a lot about Bitcoin as a way of investing /saving but there are pros and cons from what I understand. Does anyone have experience in relation to this ?
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4 likes & 22 replies
    • NeilM 15th January 2021 at 3:31 pm

      I have no personal experience, but always been curious. Listened to Money Box this week on Radio 4 and it basically said invest if you can afford to lose your money

      Reply
    • Deleted User 15th January 2021 at 3:41 pm

      Be wary of investing in Bitcoin…You are not covered for any financial losses..if you invest say £50,000 and you investment drops in value and in some cases i have read about drop to zero…you have lost you investment.

      It is not legal currency and not regulated …There is no such thing as a Bank of Bitcoin.

      Please take some professional financial advice before you dive into this area.

      Reply
      • Toffee196 16th January 2021 at 4:29 pm

        Totally agree with Jayhawk. Don’t have a lot of knowledge of this currency but wouldn’t touch with a barge pole. I’m sure there are some extremely clever people out there who make a lot of money out of this but the rest of us are just fodder.

        Reply
        • Deleted User 16th January 2021 at 5:20 pm

          Bitcoin is a virtual currency..ie it doesn’t really exist..ie pc has physical hard drive and vitual hard drive which is software program which you install.Now, if your physical hard drive gets damaged you will not be able to access your virtual hard drive unless you send it to specialist data recovery companies who may or may not be able to access data on your virtual hard drive if your physical hard drive is very badly damaged.
          Now, virtual currencies are known as ‘ Cryptocurrencies ‘… the first part of this word is…’ Crypt ‘ is where corpses are kept…

          If you invest your money you enter a dark world where criminals mainly use this currency for money laundering.Enter at your peril.

          Reply
    • Toffee196 16th January 2021 at 5:28 pm

      Good response Jayhawk. Even worse than I thought! Most of us on here are at, or at least approaching, the end of our earning years. Why on earth would we want to put our savings into this?

      Reply
    • Selsdon 16th January 2021 at 5:29 pm

      I’ve steered clear on following the rule “never invest in something you don’t understand”.
      A recent statement from the Financial Conduct Authority said don’t buy “unless you are prepared to lose all your money”.

      Reply
      • e17hedgehog 17th January 2021 at 11:26 am

        It’s a sensible rule – I’m not as risk averse as many people I know when it comes to investing but bitcoin and the like look like a classic bubble waiting to burst.

        Reply
    • Deleted User 28th January 2021 at 12:19 pm

      My partner & I looked into this but decided it wasn’t worth the risk…I think it’s more for people who can afford to loose their money!

      Reply
    • Deleted User 6th February 2021 at 11:27 am

      Invested few thousand two years ago into Ethereum when the price was around £170. Used Coinbase as trading platform. Put money in and out no problem. Although you cannot trade for first five days with money you put in. Made a little profit but withdrew my money as very little movement at the time.
      Family member bought £1000 of Bitcoin when is was £7000. Now it is £29K. Investment now worth £4k. Another bought one Ethereum at £175 last year and Ethereum is now at £1200. Too high to buy into now. If it was me I would take my profit now, but my timing was wrong when I invested and may be my timing is wrong now.

      Reply
    • Team Rest Less 6th February 2021 at 8:22 pm

      Hi AC,

      We wrote this piece on bitcoin just before Christmas – it obviously can’t tell you whether to invest or not but it goes into a bit more detail about how it works etc.

      https://restless.co.uk/money/savings-and-investments/understanding-bitcoin-and-other-cryptocurrencies/

      I hope helpful and shout if there are bits missing that it would be helpful for us to add in to the article?

      Stuart

      Reply
    • 🏴‍☠️ 10th February 2021 at 8:48 pm

      Which websites / software / wallets do people recommend for bitcoin / dogecoin?

      Reply
      • Lindaxyz 13th July 2021 at 8:20 am

        Hi there I use Ledger X hardware wallet and transfer any coins I have on Coinbase straight onto my cold wallet after I have purchased the .

        Reply
      • Lindaxyz 13th July 2021 at 8:23 am

        There are so many exchanges, such as Chanelly LATOKEN, ProBit, Bitforex, Binance, Bitcoin.com, there is so many

        Reply
    • Jean machine 19th February 2021 at 9:33 am

      Don’t touch bit coins! I did and lost it all with no explanation just told to invest more and that I might then get my money back!

      Reply
    • Marc RL 11th March 2021 at 6:18 pm

      If you want to buy something that’s difficult to sell and gives you a lot of worry.

      Reply
    • Deleted User 12th March 2021 at 8:02 am

      Don’t touch with a barge pole completely unregulated

      Reply
    • Sauser 17th March 2022 at 9:00 pm

      The high liquidity associated with bitcoin makes it a great investment vessel if you’re looking for short-term profit. Digital currencies may also be a long-term investment due to their high market demand. Bitcoin presents a lower inflation risk. Similar to any https://play.google.com/store/apps/details?id=com.roboforex.webtrader, buying Bitcoin obviously carries risk. Since its inception, Bitcoin was the 1st digital asset to spawn the current ecosystem of cryptos. Its advantage is that bitcoin is available from a multitude of centralized cryptocurrency exchanges.

      Reply
    • Forestbather 18th March 2022 at 8:24 am

      If you don’t trust banks, then this might be for you.

      Also if you feel that banks are unethical in their behaviour, then this might also be for you. Let’s face it – they are all up to their necks in dodgy deals and dodgy people like politicians and throw money at unethical businesses like fossil fuel companies and pharma.

      However the value of currencies like Bitcoin are extremely volatile so the risk is enormous.

      Not for the faint-hearted.

      Reply
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    • Dee Hellem 8th April 2022 at 5:37 pm

      Most crypto has no real intrinsic value, so it really should be viewed as ‘speculation’ and not investment in the true sense.

      Reply
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