Bitcoin

Was doing work for a guy yesterday, gave me “tips” about this cryptocurrency. He showed me his value on his investments so far something like £22,000 on his wee app thing. Was quite impressed....

Then he started telling me how he lost about £120,000 years ago in penny shares etc, he was supposed to go to the in-laws for xmas but he invested every penny he had in these cryptocurrencies and was skint...his mrs had to pay me for the job.

Keeps texting me with tips now, i would like to mibee get involved at some point but not with this guys advice

 

You can do it that way the fees are lower , I actually used Ether for a transfer the fees were low also.
Bitcoin would probably be the most expensive and slowest.
The method you mention is probably the cheapest.
Do the transactions outside normal business hours for UK/US (quicker and cheaper)

 

Bitcoin fees are horrendous just now. Definitely buy ethereum or another cryptocurrency and transfer using that. The bitcoin blockchain is so congested just now that the transactions take hours as well if you're not willing to pay extra.

From £90 to almost 3 grand in 2 weeks for me, which is frankly insane. Cashed out £1000 for more profit and reinvesting the rest.

 

I was looking at Ripple when it was 0.7 but didn't invest. I want to jump in now just incase, it blows up. So I'm just waiting on my account being verified.

I'm also going to throw a few quid at three others. Nothing heavy, just a bit of interest. Buy and forget about it. Is there any anyone recommends?

Thanks.

 

I honestly have no idea what any of it actually does.

Like seriously, what is bitcoin and why is it worth so much? I've newer seen it used as a method of payment or anything.
All seems crazy.

 

I've joined coinbase, but now Binance aren't taking new registrations.

Any advice? Shall I just sit on the money I deposited till Binance reopens its doors?

 

Bittrex are reliable as well.

I think Ripple is due a correction in all honesty.

 

What’s a correction?

Aye Binance is gubbed but I got a mate to buy mine. Might be another way to buy possibly??

How do I check the value and how do I eventually sell them? I’m a big noob

 

A correction occurs when the price goes up so quickly over such a short period of time that there will inevitably be a drop in price as people sell for profit, before it consolidates and starts to increase again. It's essentially an adjustment for overvaluation. When you look at the market cap for Ripple just now it's sitting at $133 billion, so don't expect any 10x gains. The higher profits generally come from the coins with less exposure and good technology behind them that people haven't already jumped on to yet.

If you want a reliable exchange that sells Ripple then Bittrex is a viable alternative. Use the Blockfolio app to keep track of the value. Careful sending Bitcoin as well that addresses are accurate as the transactions are irreversible.

 

A fall in value, a correction is up to about 10%, a true correction is higher. when we talk about the traditional investments stocks/bonds/commodities etc. However these are not traditional investments and should not be viewed as such at all. Also with these 'currencies' given the rises they have seen I would expect a much larger percentage as a correction when it happens. You only need to look at the volatility they suffer from already to realise that. After a correction there is absolutely no guarantee that it will consolidate and rise in value again either, that is just sales patter pish aimed at getting people to buy in.

 

No sales patter on my part. In fact, I haven't actively encouraged anyone on here to invest I don't believe. Generally speaking a correction is a short term decrease in value, by definition. I'm well aware of the risks of such volatile investments. It's up to the individual to decide the funds that they're prepared to invest. I've already stated my dislike of bitcoin, but some of these cryptocurrencies do have genuine case uses and are being adopted by major corporations. There are also too many shitcoins around that serve no purpose whatsoever, but do your own research, find a project with potential and invest in it if you feel comfortable doing so. That's more sensible than blanket labeling every cryptocurrency under one banner.

I'm not a huge fan of Ripple as a coin either to be honest. The company 'Ripple' owns a huge chunk of them (approximately 16 billion dollars worth I think). They just locked up 14 billion in order to prove to people that they aren't going to saturate and manipulate the market, but really there's nothing to stop them flooding the market in future taking massive profit from it.

 

If you just want some interest go for some cheap coins under a dollar and spread your investment,some coins can go 20x 50x in a short space of time so you only need one to rocket.

 

Could well be but with something making constant new highs,there is no way of telling when that will be ,unless you are a fan of fib extensions.
Most will be looking for a correction to get in,i'm currently sitting 12x return on XRP so I can ride out a 50% correction without sweating so will be holding,another reason for holding are the coinbase rumours.
My target is around $10

 

There is the famous Joe Kennedy quote who managed to time his market exit in 1929, along the lines of "when the shoe shine boys start giving you stock tips it is time to get out the market". I think football team fan forums could be seen as the 21st century equivalent!

 

Like most bubbles got to get in and out quick, be a few lost shirts with bitcoin.

 

We might be in a bubble we might not,even if we are, some crypto's are here to stay like the dot.com bubble.
If you want to take a risk for potential very high return with money you can afford to lose then crypto's are a great option.
If you are not a risk taker then it's definitely not something to get involved in,it's a very volatile market,down 20% one day up 20% the next.
There will be winners and losers,that's for sure, if you are not in you won't be either.

 

It is a bubble by definition - people are speculating on future price growth on an asset that has no intrinsic value.

That isnt to say people wont make money. But it is absolutely a bubble

 

I personally don't think it is a bubble and can't be compared to past bubbles,Bitcoin has a total supply of 21 million "coin",the more people that want to get involved the supply will be going down and the price will rise,it's not price speculation but simple supply and demand.
Bitcoin is a technology that's being adopted more are more by merchants,countries with iffy economies,hedge funds getting involved.

 

Hi mate, thought about buying a few cheap coins just for fun/interest. Do you know anywhere that shows you all the different cryptocurrency under a dollar and how much they are. Bitcoin and ripple are the only one and I know of.

Anybody know roughly how many different coins are out there.

Already made a wee xmas bonus off bitcoin. Had something like 0.04 bitcoin in an old wallet I had left couple years ago when that was basically worth nothing. Sold it on Boxing Day for 480 quid. That's a lot for me a know some people will laugh at that small return compared to people making thousands.

Cheers in advance.

 

Yeah correct and If you have your prized car that needs fixing and is gonna cost you an arm and leg ,do you choose the garage that has been open a year or 2 or the one that's been there 10 or more ,you know will still be there next year ,it has survived the test and you put your faith in that ,like bitcoin ,not saying the rise of so many crypros will cause btc to slow down by many playing the markets ,but it is more likely that the weaker ones and less well known will fall .