Bitcoin

Discussion in 'TalkCeltic Pub' started by joemc, Oct 9, 2017.

Discuss Bitcoin in the TalkCeltic Pub area at TalkCeltic.net.

  1. Sween

    Sween

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    Bitcoin is the exact opposite of a good solid investment. By all means take a punt on it as you would bet on a horse or on a coupon. But it isnt a sensible longterm investment. If you want to invest then stick your money into a cheap diversified multi asset fund.
     
  2. joemc

    joemc

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    A wee bit ,it's done using machines that calculate math transactions ,these machines are fast and once the math is solved the randomly selected one is paid (block chain )bitcoin ,the owner of the machine gets the bitcoins .very brief and is probably a lot more complicated than I'm making it sound .
     
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  3. joemc

    joemc

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    Many money People have been predicting a crash and the bubble Will burst for a while now ,many of them missed their chances to go in early and are now trying to create uncertainty around it to drive it down making it more of an opertunity to them to make more ,it has not ever crashed despite China government trying to halt it's use as they dont want money leaving their country ,it's hard for them to track and tax so it's a banks and governments nightmare ,China want to be able to control this but they can't and this has not stopped it's value increase sharply for over a year .
     
  4. cidermaster

    cidermaster Gold Member Gold Member

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    I do not like the sound of it,sounds very dodgy and something that cause real problems in the future.
     
  5. Ghotti Bhoy

    Ghotti Bhoy

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    Always found this a bit weird but I guess you have to indroduce new currency into the system somehow. I wonder what kind of calculations they are doing.
     
  6. TonyStarkCSC

    TonyStarkCSC Gold Member Gold Member

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    Simple question, what is bitcoin?

    By the sounds of it, it's a government and tax nightmare etc etc. Something that could be used the world over. All great positive things.

    But, the euro is deemed a failure as a single currency and I don't see my work moving to pay me in bitcoin. Not do I see the government allowing it if it means a skip in tax etc.


    All sounds a bit of a fad, or a new way of PayPal, which I just don't bother with anyway.

    Why earn my money in the traditional way, to then transfer it to bitcoin when hardly anywhere accepts it and you theoretically could lose money if it all crashes.

    Sent from my F8331 using Tapatalk
     
  7. Sween

    Sween

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    This just isnt true. Professional investors havent touched it because it is impossible to value and it has all the makings of another Tulip mania.

    That isnt to say the value wont increase. But you are buying something that you dont have a qualified opinion on, and is backed by literally nothing. By all means play around with it but when people start tipping currency investments on a football forum it is usually time to get out!

    And if you are determined to buy alternative currency have a look at these. They carry as much weight as bitcoin...

    www.forbes.com/sites/laurashin/2017/07/10/cryptos-in-wonderland-12-of-the-weirdest-wackiest-coins/amp/

    Edit: on re-reading it maybe wasnt clear that I was writing tongue firmly in cheek. Please dont put any proper sums of money into any of these.
     
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  8. jamesfr

    jamesfr

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    Bitcoin is seen as an extremely high risk investment,but of course the rewards can also be extremely high.
    The price at the moment is nearing highs so probably a pullback would be in order before jumping on board.
    I see it a similar to penny stocks which can return many hundred times their value with high risk of course.
    So if investing,look at it as a punt rather than an investment and only invest a sum you are prepared to lose.
    Even though it has increased something like 10,000% in a year it could go much higher,then again,next month it could be worth zero,but it's definitely due a pullback from near highs so I would wait until the price has broken the high of 6 weeks ago and it's not far off at the moment,as seen on the graph.
     

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  9. joemc

    joemc

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    It is only dodgy to
    https://www.lifewire.com/what-are-bitcoins-2483146
     
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  10. jamesfr

    jamesfr

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  11. El Capitan

    El Capitan

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    Bitcoin itself may be a bubble but blockchain technology certainly isn't.

    I personally don't like bitcoin myself. Transaction speeds are far too slow for it ever to make it as a viable means of payment. Right now it's just a means of storing value. But there is excellent tech out there in other coins with mass market potential.
     
  12. ynwa1987

    ynwa1987

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    I only know 3 people who have invested and only just recently so no I dont actually. Looking at the prices from last year and even further back I can only assume that some some people have made alot of money . Im sure alot of people bought coins that are worth dust now as well.

    The successful investors in crypto have made much much more than they would have had they invested in gold or other forms of traditional investments. Wether or not its a good investment to buy in now is a much more trickier question to answer.

    I agree with @el captitan that btc is overpriced and there are other coins that are actually superior to BTC but dont have the brand name.

    I think blockchain technology will continue to grow and the reason is that more and more corporations are adopting and using the tech.
     
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  13. joemc

    joemc

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    This ! But it leads me to my nxt point ,the boat may have sailed for many but not according to predictions by investors, so the trick is to find the succssesor to bitcoin or the nxt big thing .
     
  14. jamesfr

    jamesfr

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    New technology is coming out in November to speed up the process,but as it's near all time high's a pullback will likely occur before then making a double top before moving up with the trend again.
    "
    Bitcoin transactions are completed when a “block” is added to the blockchain database that underpins the currency, however this can be a laborious process.

    Segwit2x proposes moving some of bitcoin’s transaction data outside of the block and on to a parallel track to allow more transactions to take place.


    The changes will happen in November and it remains to be seen if it will have a positive or negative impact on the price of bitcoin in the long term.

    It’s been an incredible 2017 for bitcoin growth, with its value quadrupling in the past six months, surpassing the value of an ounce of gold for the first time.

    It means if you invested £2,000 five years ago you would be a millionaire today."

    I think I may buy some on the pullback.It looks like the pullback has started today
     

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  15. jamesfr

    jamesfr

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    Anyone that has already invested in Bitcoin,where did you buy/sell them?
    I have been looking at Coinbase as most of the funds are stored offline,the rest of the security aspects seem good also.
     
  16. ynwa1987

    ynwa1987

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    Coin base is the best place form beginners as it is very user friendly. Once u get used to how exchanges work I recommend gdax as it is run by the same company but doesn't charge as big a fee.

    I would only invest what your willing to lose as others have pointed out can be quite risky.

    And at first I would just invest in bigger more established cryptos like btc eth omg ltc . And do your own research before you do so. Reddit is a decent resource as is bitcointalk.org . Can recommend some youtube channels as well if you want.
     
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  17. joemc

    joemc

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    Today its value increased by 200 pounds ,trying to break 4000 per bitcoin
     
  18. kingpenman1

    kingpenman1

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    Had loads when I used to use Silk Road 1, ended up getting a refund from an order which I later received and sold the BTC then the next week they shot up rapid, was absolutely gutted.
     
  19. jamesfr

    jamesfr

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    New highs today
     

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  20. jamesfr

    jamesfr

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    Just jumped in hopefully it will keep going up in November when the new process to speed up transactions is released
    Could only get €320 that was the max allowed ,need to wait 40 days!!! to buy more
    Edit I can buy some next week just need to wait 40 days to increase the buying limit.
     
    Last edited: Oct 12, 2017
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