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Cypto / Bitcoin do you do it ??

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runningmumof3boys Feb 2021 8:19am, 14 Feb 2021 4,197 posts	Quote Pin runningmumof3boys I’d never heard of it until 2-3 years ago when I met my partner. He gave me £100 in ethereum and I got £15 in cypto.com coin for free when opening up A cypto.com wallet end of November 2020 That £115 is now worth £290. I am definitely a convert and plan to invest in more this year I thought I’d create a thread “just incase” anybody else has joined the club !!
Muttley Feb 2021 2:28pm, 14 Feb 2021 1,029 posts	Quote Pin Muttley It's interesting stuff. I've observed from a safe distance for a while. There have been some stories about people getting in early and making a mint. And others about losing your password and being locked out of potentially millions. Seems to me it's like any kind of currency or stock speculation -- only do it with money you can afford to lose. I do have savings but also an aversion to risk. So good luck, but it's not for me!
Dooogs Feb 2021 2:40pm, 14 Feb 2021 6,472 posts	Quote Pin Dooogs With Bitcoin (and to a lesser exten, Ethereum), there's not much that much further to rise, and a long way to fall. The two circumstances I'd be tempted to buy are: a) after a massive short-term fall (e.g. like a lot of mainstream shares in late March 2020 - lost 30% to 50% of value and made it all back by now); or b) if an interesting new crypto comes out with a chance to get in at the ground floor. In that case, I'd be buying small amounts in few prospects rather than lumping on one in particular. Two caveats: 1) BC and Ethereum are the established brands now - so any new competitor would need some sort of USP (e.g. government or tycoon backing) to make it competitive; and 2) as Muttley suggests, liquidity and how to get your money out may be issues for newer cryptos. As always, stick to Muttley's last point - potentially fun and adrenalin but not something to stick your life savings into.
Paul N Feb 2021 2:50pm, 14 Feb 2021 2,154 posts	Quote Pin Paul N As far as I am aware, crypto-currencies are a transfer mechanism, so I really don't understand what drives the price inflation. I get assets that produce a cashflow, I get commodities that have an end use, I can even get my head around fiat currencies. But Crypo, as an investment, rather than as a means for payment, I don't get. All in all we're pretty boring investors, take the tax benefit of pensions and SAYE and hold long, rather than anything very exciting.
NDWDave Feb 2021 3:02pm, 14 Feb 2021 14,047 posts	Quote Pin NDWDave I’ve never bought any. I don’t really see the value but several of my colleagues have bought some including one who bought two for £500 each about 7 years ago. We took the Mickey but now they are worth £30k each. I’m not convinced about buying an investment because you think someone else will pay more for it later (this includes housing - buy that as somewhere to live or because it will pay a decent amount of rent). However it is probably a good bit of harmless fun given that you started with a £100 gift. Be careful about getting carried away
Totriornottotri Feb 2021 3:05pm, 14 Feb 2021 1,359 posts	Quote Pin Totriornottotri
cerid Feb 2021 3:13pm, 14 Feb 2021 489 posts	Quote Pin cerid It's terrible for the environment, as power usage is now just what Norway uses. So no.
The_Saint Feb 2021 3:29pm, 14 Feb 2021 6,735 posts	Quote Pin The_Saint Quite, I am always reminded of the bit in one of the Hitchhikers Guide to The Galaxy books where the humans everyone else wanted to get rid of landed on a planet and made tree leaves the currency and to prevent inflation they cut down all the trees. All money is a social construct but some tokens of value seem way more abstract than other.
NDWDave Feb 2021 3:37pm, 14 Feb 2021 14,049 posts	Quote Pin NDWDave I have bought a gold coin for each of my kids. Probably similar environmental concerns and it only being worth what someone else will pay for it. But it was 1/30th of the cost of Bitcoin and I can see it
Paul N Feb 2021 3:52pm, 14 Feb 2021 2,155 posts	Quote Pin Paul N I liked this approach for investing for kids independent.co.uk