Have you seen this thread? Lot of discussion there.
http://forum.tz-uk.com/showthread.php?386696
Hi there, wandering how many of us has any experience with Bitcoin.. if yes, would you like to share it with the community?
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Have you seen this thread? Lot of discussion there.
http://forum.tz-uk.com/showthread.php?386696
Not very knowledgable about it but I do hate the whole concept of it.
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Im keen to explore this as well - but it confuses me massively and as such need to do more research
I've been investing in Crypto currencies for a while now and believe me there's still massive room for growth long term. Check out this guy's blog it's a great place to start. www.whatbitcoindid.com/
Coincidentally, just finished writing an article about bitcoin for my employer - should be able to knock off work early!
What sort of article? give me more info XD
i've never trade, and never will, since i don't have any knowledge about it.. but i did invest a few hundred quid a few months ago.. and i'm impressed in the gain that it had since.. +120%, it's absurd!
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Please can somebody explain to me how these have value - ie. what is backing the currency?
I mean what if I were to simply issue my own currency - the Fazer - and sell it on the market? Obviously that is preposterous but I genuinely don’t understand the difference...
More about the history and its recent path to potentially gaining legitimacy as a genuine retail investment product.
Not there yet but the CME plans to launch bitcoin futures shortly. An ETF is an inevitability which will really launch it in the retail world.
A five year investment in bitcoin would have returned 65,000% through to October 2017! Although some suggest it has similarities to tulip fever in that it feed investor hysteria and the peaks are further accentuated by massive speculation. Bull market only really returned last year after a two-year hiatus.
Cheers.
It has value because it something that people wants and there's a limited amount of.. backing it up means, that you buy bitcoin like you would buy anything else in the market.. you could potentially create a new currency yourself, but there again it would have no value as no one would back you up ;)
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alright so it was about commercialisation of the coin.. interesting! i don't see it happening anytime soon though, judging by what i've been reading about scaling problems within the bitcoin blockchain.. any idea as per what you'll be doing in the days approaching the 16th of Nov before the hard fork happens?
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Wow , 12% gains today . Looks incredibly risky but looking at its growth in the last couple
Of years it seems like something I’d like to get into with a bit of spare money
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Just beware of the Hard Fork taking place on the 16th of Nov
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Just the security aspect. If your backup or encryption fails you lose the lot with no right to recovery. There's no consumer protection as far as I'm aware. It's also an easy option for money laundering. I can't really think of anywhere I would spend a bitcoin either? Growth has been spectacular but is it real growth - the word bubble springs to mind
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Seems a massive con to me and a lot of people who think they are clever are going to get badly burned when the bubble bursts.
Why does the 'currency' have any value ?
How is it backed or underwritten ?
I just don't see how something so artificial / non-physical can have any value.
But happy to be educated :-)
Security. It's pretty secure. Main risk is user error like forgetting your pin or losing your seed. Storing your coins on exchanges is riskier but then don't do it.
I struggle to spend my gold bar but the price has gone up steadily over the years. Bitcoin won't be used for buying a loaf of bread anytime soon. Large transactions and storing money. While ever there are crazy governments controlling currency cryptos will have a place
Same way a Rolex PN has value. It’s parts value is minimal, but people pay fortunes based on rarity and demand. There’s a limited number of Bitcoin and demand is high. So values are soaring. But...moods change.
I suspect that nation states will start to object to currencies they can’t control. China looks like the first.
Some risk is involved for sure.
In terms of currency it was never envisioned to be used for your weekly supermarket shop.
As an 'investment' it has merits - I have a very small amount invested to see how it plays out. If I were to cash in today I would (after a few months) have made around £100 on a £360 invest after fees.
When you look long into an abyss, the abyss looks long into you.........
I got involved recently putting £10k into it back in September. To put it into watch perspectives I could quite easily buy a 5711 if i cashed out.
I understand that. My point re the bubble tho. Bitcoin from 2013 to 2016 would have lost you money. From 2016 to 2017 its soared so question is - is it cyclical is a drop coming but then you could say that about any "investment"
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Bitcoin from the start of 2013 to anywhere in 2016 would of been around 100 x return on investment. If you bought in October 2013 fair enough but the currency would have already gone up 100 fold that year. If you look for the negatives you will find them.
The Burj Khalifa has 1 star reviews on trip advisor.
The graph shows a period of relative stagnation late 2013 through to 2016. The very sharp and profitable spike that's happened since is why I said bubble. The speed and rate of rise in such a short period is exciting but also a tad alarming
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I know. I'm not disputing that - all in the scaling. All I'm saying is it's not been a straight line up graph - there have been flat periods and falls also just like any other investment. Too many bit coin comments seem to be of the kind "get in quick free money double your cash" etc. Just adding a little perspective is all. I have no vested interest. If people make cash out of this then power to their elbow. Fantastic. I'm all for thst
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It pretty much is a straight line up graph. It has gone from from several pence to several thousand pound over 9 years. Yes you can take isolated months where something has happened which has caused a drop i.e. MtGox, China banning exchanges (several times), people calling it a bubble/fraud (Jamie Dimon, Mark Cuban) but looking at it on a year on year basis it has increased.
The end of the day most people are who are getting involved are pretty late to the party. There are great stories about people making fortunes at the beginning. The guy who bought 2 pizza's in 2009 for what now would equate to £60m worth of Bitcoin. That kind of money wont be made again.
I like the idea behind it. I like the fact that banks/govt dont control money and we live in a country that isn't too bad. I imagine citizens of Zimbabwe would not mind the non regulated aspect of bitcoin.
Depends on the amount, I have about £1k worth and don't consider it worth spending 10% on a hardware wallet, especially as I rarely do transactions. I do a cold offline wallet so print the keys and store them in the safe, then delete them from my computer.
I personally would use the ledger nano over the trazor as it uses a proper hardware security module to store the keys, but suspect either is fine for most people.
I know nothing about Bit Coin but I do know that if you use Twitter it may be worth following
@haralabob, he’s one of the worlds most successful sports bettors and has migrated to Bit Coin and other new wave currency’s and is very well respected
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I'm looking at investing a large amount (for me) so I'm nervous about my coins being stolen.
Any pointers on security?
Also, any pointers on capital gains and how you declare? Presumably through your tax return?