Bitcoin- going through the roof!
For most people, bitcoin is a black art- it is for me- but having seen the present bitcoin price of over £2,500 pounds each, its blacker than I thought. When I first became interested in it in 2013 it was £45 per bitcoin!!. The financial gurus that I consult say it's nothing like too late to buy it- one saying that it will reach £100,000 per bitcoin by 2025! and others going even higher! Personally, I think that is wishful thinking but even if it increases by the lowest estimates, it certainly looks like a good investment if you have some spare cash. You don't have to buy a full bitcoin, You can buy part of a bitcoin and sit on it. Please don't ask me how it works, I don't know but when you consider an ounce of gold is at the present time £960 or there abouts, bitcoin is making many people very wealthy!! More and more traders are accepting Btc as payment- Virgin for one- and thousands of others. Maybe this will be the new currency? It can't be increased, printed and with the block chain it's fully audited and accountable- its honest-- something that the Banksters hate- no wonder they are trying to regulate it!
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As an old fogey my reaction is to say so what?
If I cannot see it it has no value (except perhaps electricity.)
Where would I spend this coin and how many people accept that it would have the purported value? Very few among those I sell to and buy from.
I think the definition of a currency is its 'wide acceptance' and I have yet to meet someone on the street who has one of these things.
Is it not a very clever con job for which most of the youngsters have fallen, merely because they don't know what it is and are afraid to demonstrate their ignorance?
I am totally baffled as to where I might buy one or indeed how much change should I get if I spent one. Presuming that someone would want to take one off me as settlement for their goods.
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There are many who would take it in exchange for goods! There are Btc exchanges Redface where you can buy, sell or exchange it for fiat currency if you want to. Coindesk is one and there are many others. You send the Btc to the value of the goods as it is divisible down to 0.0001 of a Btc. - or even smaller -one of the criteria for money - Many thousands of traders throughout the world accept bitcoin. RF you need to get on to the web and learn about it- oooo- I wish I had bought some when it was £45 quid! I'm sorry, but just because we don't understand it, that doesn't mean that its a con or a falsehood. Governments around the world are now accepting it- it is slowly becoming mainstream and I think that you will hear more and more about it. The wonderful thing about it is it can't be printed out of thin air like fiat. There will only ever be 21,000,000 Btc They say that this is the biggest investment opportunity in 300 yrs- a con? I really don't know! It certainly seems to be gaining traction though. Today- its surged to yet another high. So if you had bought a bitcoin yesterday you'd be sitting on a profit. Yes, it's certainly not for old farts - it's a brave new world out there and I'm with you on that one - but it is fascinating!
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How real is the promise on a Bank of England note? It's just a bit of paper/plastic.
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But at least the UK Governent says it will protect my notes if I put them in a conventional bank and it goes belly up. Are there any guarantees for BC. I assumed they came with same warning as shares. You may get back less than your original investment. That's not to say they are a bad thing, just that I would rather be confident in what money I have during my remaining years, even if that means it only grows by a percentage of less than nothing.
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How do you realise the wealth you've accumulated with BC's, can you cash them in as with shares?. If someone is a BC millionaire can they access the million or is it for pure trading/exchanging for goods with companys on board with BC's?
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FOR SALE: Old rope, rare Yorkshire vintage. Used lots, slightly frayed, touch grubby. Get you out of a sticky situation though. Priceless in an emergency!
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Do you accept BC's TDA?
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- Cyber hits the nail on the head as usual. Perhaps you haven't heard of the Ice9 plan Steve? Fiat money is dead or at least dying. And to try to answer the other queries, - No, like all investments there are no guarantees it can go up as it is at the moment or it can go down as it has in the past but the general direction after all the ups and downs is up. Very much up! When you consider it has gone from £45 in 2013 to the last time I checked which was today and it was standing at £2,632.89! That's some investment! As I have said, yes, there are exchanges where you can exchange your bitcoins for fiat, you can buy them, you can sell them. It's just like any commodity. You can buy flight tickets from Virgin with Btc or any other goods where Btc is accepted. The point is, whether we understand why or not, it is becoming a mainstream currency and kids who bought bitcoin way back at its inception when it was a dollar a coin and they bought a few hundred almost because it was fashionable are now finding themselves multi millionaires. I know- crazy- but it's a fact. Richard Branson is no slouch when it comes to money, and he accepts bitcoin because he knows that it is increasing in value- massively and will continue to do so. It has its detractors of course but then again,doesn't everything? It has defied all gloom and doom mangers so far- even China and Russia have accepted it together with many countries throughout the world. I only know this because I read about it. It's all there on the web!
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Nope. Prefer to swop for plants, home made jam, Jeep spare parts. Rope gets more valuable if buyer is firmly stuck in mud. We take crinkly bits of paper with the Queen's head on for attaching it to our Jeep though...........
Only teasing Merve!
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There you have it.
Went down the bank today and asked what the exchange rate was for a bit coin and could I use one to repay my overdraft? Got a polite refusal.
I must admit I still cannot see their value even though Richard is allegedly buying them.
Echoes of the South Sea Bubble methinks!
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Saturday, 12th Aug- Bitcoin is at an all time high again - now over £3000 a coin. I started this thread on the 6th - 5 days ago when a bitcoin was worth £2,500 and said it appeared a good investment- I feel sure it will go higher- much higher. It's very volatile though and that is what scares many people off. Will this become the money of the future- I wouldn't be at all surprised.
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When I started this thread, Bitcoin was at around £2,500 per Btc. On the 8th August it was at £2,632.89. Today the 31st Aug it's at £3666.90!! And climbing. Is this the future of money? That would have been quite an investment - if you had bought just one Btc 23 days ago when I suggested it, you would be sitting on a profit of over £1000!! Not bad for just sitting on your A frame and waiting! .......Where, I wonder, will this new assert class end up?
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I have come back to this thread after approximately 3 months. I read my post above and I hope someone, somewhere, started to research Bitcoin. If they then went on to buy some they would have bought it when it was about £3000 a coin although realistically, a punt of a couple of hundred quid into it would have probably been the investment. You can do that because Bitcoins is divisible going down to 100 millionth of a coin. This morning, Bitcoin topped 10,000 dollars. approx £7,550 Sterling. A 150% rise in it’s value in just 3 months. If you don’t know about Bitcoin, may I suggest that you search out a guy on the web called Sam Volkering. A website called Capital and Conflict. There are others and a wealth of info on YouTube This asset class is the new money free from Government interference and very low transfer charges. The stupendous rises haven’t finished yet- it still has a long long way to go. Hedge funds are now investing in bitcoin and the smart money is going into Btc. Sam Volkering is predicting £100 into £49,000 even now?? Can you afford not to look at ? You can buy me a drink when you make your first million!!
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I have but I wish I’d bought more! . I give the info and it’s up to you. You can lead a horse to water. Of course, like any new investment one should never risk more that you can afford to lose. 4 years have past with financial wizards saying it’s a bubble and it’ll crash and they’ve all been proved wrong- bitcoin is way past a bubble. I’ll post again in 3 months time and it’ll be higher still. Some billionaire hedge fund manager reckons $40,000 by the end of 2018. I wouldn’t be at all surprised.
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Anyone want to buy a tulip bulb?
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So even you think it’s a bubble Cyber? The bankers desperately want folk to believe it is so they don’t invest in it. Bitcoin makes banks irrelevant and they know it. Hundreds of epitaphs have been written for Bitcoin and not one has come true nor will they. We will see. We will see!
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Explain to me what its value is based upon. Rarity value, demand, anything intrinsic? I refer the honourable gentleman to Matt 6.19.
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That surely is the problem the value is based on pure speculation as there is no one standing behind the system to back it up. There is no regulation (no doubt why the system was invented in the first place?) I am not altogether sure that Club Together is the right place to promote this either? The system will eventually implode no doubt leaving some very rich people but a lot more a lot poorer. Tulips,South Sea Bubbles, Railway Mania and Dot.Com all spring to mind.
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There main use as far as I can see seems to be by scammers who are trying to extort money from folk by locking their computer, blackmail etc. Presumably because it is difficult to trace the accounts location. Although it does not go up much, at least the money in the bank has a guarantee. Better the devil you know etc.😀
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Sell sell sell
If thats what you do with it 
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Thanks for the link Dave👍🏻, interesting read. I dabble in stocks & shares(lightly) the fact bitcoin isn’t supported by any Govt agencies is enough to ensure I just watch & read.
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I saw something about this earlier on TV.
Thanks, Dave, that article explains quite a lot such as the reasons I never invested. I assume savvy investors sold when the going was good as, like most of us, they’d have realised the bubble was likely to burst at some point.
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