The Lemon Fool

Does anyone have experience with Bitcoin? my broker has been pushing me to get into this , many thanks

My lad (who is not a broker ) has been banging on about Bitcoin for years so I recently purchased some purely for fun with a small amount of money I can afford to lose. I'm interested in the technology and curious as to its future.

Clearly, Bitcoin is volatile and some liken holding BTC to investing in Dutch tulip bulbs whereas others see it as sounding the death knell for banks. I suspect it's probably somewhere inbetween.

Buying BTC in the UK can be fun. You can deal direct with traders on localbitcoins.com but their verification processes can be rather contorted (post a selfie holding a handwritten disclaimer letter, today's newspaper and your passport while performing 'Riverdance') so I tend to use Bittylicious which has slightly higher fees and great customer service but is convenient, fast, reliable and accepts bank transfers.

After the recent surge, I'm showing a profit of 23%. Good luck if you decide to take the plunge.

If your broker is pushing the 'Bitcoin Investment Trust', pause for thought as this carries very high fees.

geoff1309 wrote:Does anyone have experience with Bitcoin? my broker has been pushing me to get into this , many thanks

Buy as much as you can. Nothing could possibly go wrong.

Seriously, what is the investment case according to your "broker". Where will your return come from?


GS

Good luck if you decide to invest in this highly speculative asset class.

You may get lucky and make a fortune.......or you may be unlucky and lose a packet.

Either way your broker will have made some money out of you so they will not be too put out.

Thanks for replies , will leave it alone!

mrbrightside wrote: I tend to use Bittylicious which has slightly higher fees and great customer service but is convenient, fast, reliable and accepts bank transfers.

Seriously you use a broker called Bittylicious ???

Is this safe to Google at work and are they FCA regulated (I'm guessing not!) ?

moorfield wrote:

mrbrightside wrote: I tend to use Bittylicious which has slightly higher fees and great customer service but is convenient, fast, reliable and accepts bank transfers.

Seriously you use a broker called Bittylicious ???

Is this safe to Google at work and are they FCA regulated (I'm guessing not!) ?

In the other bitcoin thread I mentioned and recommended Bittylicious too, which I used to buy my one bitcoin. Cost me £400 and I used my debit card and had to buy in 5 installments, for security reasons I assume.

In regards to bitcoin this chap is worth following, he has very interesting videos.

https://youtu.be/1dEcdGc0tIo

Bittylicios are ridiculously expensive to buy or sell through, their bid/offer spread is over 10%, the only advantage is that you can buy instantly with a bank transfer without having to set up an account and go through all the anti money laundering procedures. If you want to trade with costs of a fraction of 1% use Bitstamp or Cex.io


Surerera

An interesting article about the amount of pump and dump going on in the cryptocurrency markets - http://uk.businessinsider.com/ico-crypt ... am-2017-11

I feel like the little boy that points to the Emperor and says...."Dad, he's got no clothes on"!

So what exactly IS a bitcoin?

Most things you buy and sell eg Gold and Silver etc you can actually see it and feel it and so can I see a bitcoin and can I feel it?

I wouldn't dream of putting one penny in myself but then I'm just a lickle boy you know!

I am paying monthly DD for a broadband internet even though I can't touch, feel or see the wifi, but I subscribed for it nevertheless. I don't understand it but because of it I can surf the internet and do many things --- so I assume it is a means to an end.

Tulips were tangible and many years ago formed the basis of a ‘bubble’ , tangible and intangible you can have a bubble in either.

The basis of bitcoin at present as a speculation is the greater fool theory.....

I've just seen that the 2nd and 3rd most viewed shares today on the Hargreaves Lansdown website are a Bitcoin tracker ETF and a Bitcoin IT...this isn't a bubble, this time it's different...isn't it? I'm not tempted - I should have been three years ago!

Cheers, OLTB.

Today bitcoin has been trying to facilitate the Johnny-Come-Latelies - All aboard! get ready - hop on board!

I sold the last of mine today. It may go further but I'm out.


Surerera

Surerera wrote:I sold the last of mine today. It may go further but I'm out.


Surerera

I have 1.1 bitcoins at around £450 cost - for me, all or nothing, baby, either a cool million dollars or zilch.

10 or 20 grand is chicken feed, you dig?

JMN2 - I started buying at about $10 over 5 years ago. In 2013 they went from about $20 to $1300 and then back to $200 pretty quickly. They didn't pass $1300 again until earlier this year. It feels very overbought to me, a lot of dumb money getting in. It may well go up a lot more but when the sh*t hits the fan I can see it going bidless as people panic. At least it didn't do that in 2013 but it wasn't mainstream then. Good luck with your holding anyway.


Surerera

Surerera wrote:I sold the last of mine today. It may go further but I'm out.


Surerera

Quote from the Old Man on my Whatsapp tonight: " Does anyone have the first clue what bitcoins are all about?".

I agree. It's time to start selling / shorting.