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Kilworthfox

Investing in Cryptocurrencies

By Kilworthfox, in General Chat

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whoareyaaa

whoareyaaa

Posted
Posted
10 hours ago, Benguin said:

Basically gambling. Crypto has no value other than what people are willing to pay. At the moment people are willing to pay a lot.

Don’t get me wrong, money isn’t backed by gold anymore so you could say it also has no value but the difference is, money is backed by the Bank of England who promise to pay the bearer.
 

Crypto has a lot of better solutions to problems with money not backed by anything, for example it is decentralised and in a lot of cases has a finite supply. 
 

I think however that there are far too many obstacles in the way for crypto to ever become the main currency. I expect it will be worth zero eventually and will live on as a kind of Ponzi scheme for a bit before that happens. You could of course make some money buying it but nobody really knows.

 

if you are going to do it, diversify. Invest in lots of things. ETF’s, bonds etc. Don’t put all your eggs in one basket. 

Paypal is adding support for bitcoin so don't expect it to go down anytime soon 

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Sambiasso

Sambiasso

Posted
Posted (edited)
On 17/01/2021 at 22:45, RobHawk said:

I've got money in around 30 coins. Invested around £200 in each. I have some now worth over £3k and some around £50. 

 

I've done some research on all of them and still hope they all come good. Chances are a few will fail and become worthless but hopefully a few more will make a big impact. 

 

I could list some of the ones that aren't doing so well now, I'd you are interested, as these are the ones I'd recommend putting money on, rather than the ones already doing well

Cheers, I think I need to start getting my head around Binance.

 

Whilst Coinbase has it's negative reviews and limited amount of coins I can buy, it has been a good starting point for me. 

 

Clearly Binance it's where it's at for the best Alt coins but for now I'll keep dripping into Coinbase until I'm confident for the step up.

 

 

Edited by Sambiasso
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Sambiasso

Sambiasso

Posted
Posted (edited)
1 hour ago, Christoph said:

Right lads. Does anybody have an actual good website to buy bitcoins from then? I wanna dip my toes in at some point but theres so many scam websites that it gets a bit much

I'm fairly new and I use Coinbase.

 

You need to look at what Fees you will be paying.

 

Binance is the best one for all the different types of coins but I find it overwhelming atm.

 

The biggest advice I can give, and what was given to me is do your research! Educate yourself on what you are putting your money into and obviously only invest money you could afford to lose.

 

My reasons for doing this is long term investment over 5-10 years, its not a get rich quick scheme.

Edited by Sambiasso
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RobHawk

RobHawk

Posted
Posted
52 minutes ago, Sambiasso said:

I'm fairly new and I use Coinbase.

 

You need to look at what Fees you will be paying.

 

Binance is the best one for all the different types of coins but I find it overwhelming atm.

 

The biggest advice I can give, and what was given to me is do your research! Educate yourself on what you are putting your money into and obviously only invest money you could afford to lose.

 

My reasons for doing this is long term investment over 5-10 years, its not a get rich quick scheme.

This is where I'm at too. 

 

Binance and kucoin are both very good exchanges. 

 

It's not just about the coins though, research wallets too as you need to store them safely too

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dsr-burnley

dsr-burnley

Posted
Posted
3 hours ago, dsr-burnley said:

https://www.telegraph.co.uk/science/2020/03/01/bitcoin-using-electricity-per-transaction-british-household/#:~:text=Just one Bitcoin transaction uses,entire electrical consumption of Chile.

 

I knew Bitcoin used a lot of power, but that is ridiculous.  

Incidentally, the link title has abbreviated to mean something quite different!

 

The article says that 1 bitcoin transaction uses enough electricity to supply electricity to 1 UK house for 2 months.  Bitcoin as a whole uses the same amount of electricity as Chile.

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Kilworthfox

Kilworthfox

Posted
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Posted
On 05/02/2021 at 16:23, peach0000 said:

I was investing in crypto back in 2017/18 before during and after the crash. Haven't touched it since. Back in the day Raiblocks was talked up as the future. (believe it's called nano now) any ideas what's happened to that? Looking at the price it's very low now.

Unsure what prices Nano was at then, but its has risen from a low of 0.2562 USD in march 2020, to 3.7191 USD today.

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peach0000

peach0000

Posted
Posted
9 minutes ago, Kilworthfox said:

Unsure what prices Nano was at then, but its has risen from a low of 0.2562 USD in march 2020, to 3.7191 USD today.

I can remember watching it go from pennies to buying in at $38 when do I panic bought only for it to crash 😂 That was my final straw with crypto back then. Although fortunately I came out with a profit overall. The thing with nano is the transactions are instant and free so it could theoretically work as an actual currency where Bitcoin and the like struggle.

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Kilworthfox

Kilworthfox

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Posted (edited)
20 minutes ago, peach0000 said:

I can remember watching it go from pennies to buying in at $38 when do I panic bought only for it to crash 😂 That was my final straw with crypto back then. Although fortunately I came out with a profit overall. The thing with nano is the transactions are instant and free so it could theoretically work as an actual currency where Bitcoin and the like struggle.

There are lots of crap out there, but also alot of value.

 

Like you have written, the functionality of some technology / coins, will have a lasting use, and their value should rise...

Edited by Kilworthfox
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Trumpet

Trumpet

Posted
Posted

Posted in the investment thread yesterday that I’ve dabbled in crypto for the first time this week. Surprised how low the fees are on binance. It means I’m able to day trade, so far I’ve made 20% profit, which seems too good to be true :sweating:

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peach0000

peach0000

Posted
Posted
1 hour ago, Trumpet said:

Posted in the investment thread yesterday that I’ve dabbled in crypto for the first time this week. Surprised how low the fees are on binance. It means I’m able to day trade, so far I’ve made 20% profit, which seems too good to be true :sweating:

Nice, which coins have you invested in?

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