Bitcoin / Cryptocurrency

SpionKop

Well-known member
Can someone a bit more savvy in these matters settle a dispute between me and my lad please

He reckons that if you bought just 1 bitcoin for £70-100 bags about 8 years ago you would now be sat on approx £64000 ?! I’m disagreeing, anyone know?
 
Remember reading recently that the songs tree Lilly Allen was offered payment for a gig in Bitcoin and turned it down and it turned out she would be worth 4.7 billion now!
 
Being very dim when it comes to financial stuff, can someone please explain why the price of them has rocketed?
If it’s a case of supply and demand, why are they so in demand?
 
wow so he’s right i should have known! i think he was talking in dollars tbf.

i remember looking at all this years ago but (a) i didn’t properly understand it and (b) thinking it was a “con” sacked it off ! oh well back to scrartting about for winners at Thirsk and Wolverhampton :-(

I better give the lad a call and eat some humble pie.
 
Being very dim when it comes to financial stuff, can someone please explain why the price of them has rocketed?
If it’s a case of supply and demand, why are they so in demand?
that’s like me Johnno. I think it all started on the dark web and now it’s become more mainstream it’s become more investable .... i think ?
 
Being very dim when it comes to financial stuff, can someone please explain why the price of them has rocketed?
If it’s a case of supply and demand, why are they so in demand?
A lot on speculation and easier to buy now. The likes of Coinbase (where you buy cryptocurrency) has just floated on the US stock market.
The likes of PayPal and Tesla now accept bitcoin and the list is growing.

If you want to invest then my advice is to buy an affordable amount monthly.
If the price falls then you are averaging out.

The above rule also applies for ISA investments too.
I have a couple friends who have large savings in Building Societies and the annual interest is pitiful.
If they had listened they would now be several grand better off.
As the saying goes you have to speculate to accumulate.
 
that’s like me Johnno. I think it all started on the dark web and now it’s become more mainstream it’s become more investable .... i think ?
All I can see is that some people have made tons of money out of something that doesn’t even exist. And the people buying them are paying physical money so they can use Bitcoins as, err.., money.
I could understand it if it’s being used as untraceable, criminal money, but beyond that it’s a mystery to me.
 
They were 4500 USD back in March 20 when the Covid thing was kicking off and the stock market hit rock bottom.
If you’re thinking about them now, I’d suggest you’ve missed the boat
 
My mate got me to put some cash in two weeks ago, I thought I’d have a go for £200, he put £400 in so we had a combined £600 in various things. He sent me a picture yesterday showing the balance is now £840 so that’s incredible to me. I was thinking if it got my cash to £300-£350 I’d probably want to cash out and I’d be really happy, my mate wants to stay in long term
 
My mate got me to put some cash in two weeks ago, I thought I’d have a go for £200, he put £400 in so we had a combined £600 in various things. He sent me a picture yesterday showing the balance is now £840 so that’s incredible to me. I was thinking if it got my cash to £300-£350 I’d probably want to cash out and I’d be really happy, my mate wants to stay in long term
hahaha yeah my lad is saying it’s long term but being a horse punter i wanted a quick return lol
 
They were 4500 USD back in March 20 when the Covid thing was kicking off and the stock market hit rock bottom.
If you’re thinking about them now, I’d suggest you’ve missed the boat
apparently there are some crypto currencies worth a punt but agree for the big big profits the boat has sailed
 
All I can see is that some people have made tons of money out of something that doesn’t even exist. And the people buying them are paying physical money so they can use Bitcoins as, err.., money.
I could understand it if it’s being used as untraceable, criminal money, but beyond that it’s a mystery to me.
is it/was it a way for criminal gangs to launder money, i don’t know pal?
 
One big problem with Bitcoin is that it’s not environmentally friendly - globally, people mining Bitcoin are using about the same power as the whole of Holland.

I also do not truly understand it and therefore will not invest in it.

Each to their own though👍
 
My mate got me to put some cash in two weeks ago, I thought I’d have a go for £200, he put £400 in so we had a combined £600 in various things. He sent me a picture yesterday showing the balance is now £840 so that’s incredible to me. I was thinking if it got my cash to £300-£350 I’d probably want to cash out and I’d be really happy, my mate wants to stay in long term
Hankey

Take your 200 quid out and you just leave the balance. It will NEVER to go Zero.

You don't have to be a financial guru just buy 100 quid's worth or whatever on Luno.com (it's safe) and just leave it. You are buying a portion of a Bitcoin.

This year it has gone from under US$20K per Bitcoin to over 60k today.
 
One big problem with Bitcoin is that it’s not environmentally friendly - globally, people mining Bitcoin are using about the same power as the whole of Holland.

I also do not truly understand it and therefore will not invest in it.

Each to their own though👍
i think there was a guy on the old site who used to sing the praises of investing but like you don’t understand it. i may throw a couple of hundred at my lad and let him see what he can do with it, more out of interest than hope tbf
 
there’s one that was put on the internet as a joke or something l believe, dogecoin or something but the price has rocketed - crazy world these days
 
Still time in my opinion - Stick to BTC ETH Polka ADA Chain Binance anything more obscure be careful -Buy weekly do your own research and only invest what you can afford to lose - I'm 500% up over the last 10 months .. 2026 is about it's summit IMO
 
Just clear people haven't got a clue what they're on about, but as with everything in internet land, they spew their terrible opinions with conviction.

It's ok to admit you don't really know, but nobody is keen on it these days, they'd rather just repeat a bullshit news story they've read without questioning its accuracy.

Hey ho, that's the world we're in.
 
So I bought 10 quid worth the year they started and I remember the secure bitcoin folder on my then PC. Obvs I've lost that and shit happens but I wonder if my bitcoin can be mined even though they were in essence sat on a hard drive thats now been destroyed or of they are gone for good. I thought only the key chain stored on the hard drive and the actual bitcoin sits on a server in a datacentre somewhere on the cloud?
 
So I bought 10 quid worth the year they started and I remember the secure bitcoin folder on my then PC. Obvs I've lost that and shit happens but I wonder if my bitcoin can be mined even though they were in essence sat on a hard drive thats now been destroyed or of they are gone for good. I thought only the key chain stored on the hard drive and the actual bitcoin sits on a server in a datacentre somewhere on the cloud?
Lost forever, I'm afraid.
 
One big problem with Bitcoin is that it’s not environmentally friendly - globally, people mining Bitcoin are using about the same power as the whole of Holland.

I also do not truly understand it and therefore will not invest in it.

Each to their own though👍
What is this mining and how does it use power ? And what are they actual mining for ?
 
So I bought 10 quid worth the year they started and I remember the secure bitcoin folder on my then PC. Obvs I've lost that and shit happens but I wonder if my bitcoin can be mined even though they were in essence sat on a hard drive thats now been destroyed or of they are gone for good. I thought only the key chain stored on the hard drive and the actual bitcoin sits on a server in a datacentre somewhere on the cloud?
that 10 quid of bitcoin bought in 2009 would be worth almost 6 million pounds today
 
Dave the barman at the Stute does a tab providing you keep your nose clean and don't eat all the pork scratching.

Better deal than Imposter BASIL and their dodgy Winchester Club.
 
Wow!! I bet Rags loved reading that 😭 better get mining Rags
Apparently it is quite possible that there is several hundred billion dollars worth of crypto currency that has been "lost", or has become unretrievable. The way it is managed through blockchain should mean it is retrievable, which kind of points to one of the big issues with the blockchain system, when it works it works but when anything goes remotely wrong everything is f**ked.
 
I saw something today about it losing value due to the Chinese saying, no thanks.

How much has it gone down by and will it matter that 20% of the global population can't use it, it mine it (whatever mine actually means)?
 
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Chinese have banned mining. All miners relocating so drop is only temporary, won't matter in the long run, in fact it removes two of the main criticisms of Bitcoin - concentration of mining power in China and energy usage (a lot of the relocation is to sites which use either renewable or "stranded" energy sources).

Currently $32k, it'll be over $200k by the end of the year.
 
Why do you think that?

And if it's too complicated, don't bother 😁
The short story is that Bitcoin follows a 4-year cycle between each "halving" where the new Bitcoin issued is halved.

We're just ending the mid-cycle dip, previous cycles have seen price increase anything up to 10x from here.

Not sure we'll do 10x again as that would take us to $300k plus, but it's possible. I think $200k is realistic.

Always do your own research though, I'd recommend "The Bitcoin Standard" by Saifedean Ammous and for cycle graphs lookintobitcoin.com is good, and free.

After the peak next year there will probably be a large drop and then leading up to the end of 2025 we'll see the same again, only that will be a run up to ~$1m per coin, followed by ~$5m in 2029. Loads of volatility though which puts some people off, understandably.

You can buy a fraction of a Bitcoin though, it's divisible into "Satoshis" and there are 100 million Satoshis in a Bitcoin, so no need to buy a full coin to get some exposure.

Institutions are allocating %s to Bitcoin now and we're expecting an ETF to be announced in the US fairly soon which will see an influx of money from pensions etc. Nation states are coming in, with El-Salavador recently declaring Bitcoin as legal tender. Tax implications of this are unknown as yet, but my hope is it'll be treated as any other Forex trade ultimately.

Add to that the macro factors such as rampant Central Bank money printing which will lead to high inflation, and many are choosing Bitcoin instead of Gold for instance as a hedge against the inflation which we'll see increasing massively over the next few years.

They'll tell you CPI is 2%, the real rate of inflation is closer to 10%, and higher in America. So it's a choice between having the value of your savings eroded, or saving in truly scarce asset which cannot be devalued in that way.

To summarise, demand going up, supply going down = price going up.
 
The bitcoin price has dropped, but soon it will rise again. Those who have even a small share of BTC will be back in trend. I would not be surprised if, at this time, a huge number of crypto exchangers appear, which will complete to attract more users who want to exchange bitcoins.
 
As of Tomorrow EL Salvador will become the first Country in the World to make Bitcoin its legal tender along side the US Dollar (as mentioned by Magic 147) Whilst a lot of the ins and outs of this cryptocurrency are way above my aging cranium, it does seem a good move by the Salvadorean President as amongst other benefits, 70% of its inhabitants don’t have a bank account, thus Bitcoin having no links to any banks does seem the way forward. I will watch developments with fascination over the coming months.
 
A lot of other nations in South America, Africa and Asia will be watching the situation very closely in El Salvador I have no doubt.
An opportunity to escape a bit from the controlling influence of the US dollar perhaps?
 
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