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Bitcoin FAQs

Back in 2014 I started hearing about Bitcoin and being inquisitive I researched it and found out how to buy some, which I did. I then promptly ignored them and carried on with my fumbling attempts to make money out of other things.

In fact, I couldn’t remember what my details were and how to access them.

Whilst clearing out some old paper work recently I stumbled across where I had written down my account details, so I logged into Blockchain and my bitcoins where still there and what was more pleasing I was sat on a 10 bagger.

Now at this point you are probably thinking “Smug Bastard” but no I was kicking myself.

At the time, I purchased I had thought “What am I going to do with them and they will probably go belly up as a scam and I only bought 0.1 bitcoins. Yes, I risked a massive £21 which is now worth £210 as I type.

So, I am now sitting thinking why didn’t you buy 1 or 5 or 10 for God’s sake it would not have broken you at the time.

So Doh! This making money game is easy when looking through a rear-view mirror.

I will hang on to my small stake and maybe it will 10 bagger again and I still don’t know what to do with them, but things are changing.
M

Cheers Skinny

M

You might like to look at this link as well Click here

On my way to a 20 bagger - sigh

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Is the bubble bursting? Read somewhere that the FSA? were warning against people being drawn in.

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Well having collapsed when China said it was outlawing crypto currencies it has recovered and is nudging new highs. Sigh

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Heading for a 20 bagger? Sigh

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Surged past 20 bagger and currently 26 bagger. Sigh

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Now past 30 bagger. Sigh

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It's not too late Martini...

From one of the round the round emails we get from Exponential Investor



Keiser believes that bitcoin could reach a price of $100,000 a coin. That’s roughly 1,100% higher than where it sits today.



good luck

Max
Yes and other valuations higher than that. My miserly initial purchase of £21 is currently worth £730 so I still have now a more substantial stake. On of the reasons I still hold them is that as my initial stake was so small, I would have probably tried to be clever and taken profits long ago had it been larger.

I am now on a mission to get my biggest ever % return on a single investment. In fact come to think about it, it already is!

Also there is always the danger that the financial authorities try to close down this unregulated depository of wealth.

Bitcoin surges past $10,000 as it continues its meteoric rise

Interesting article and I am waiting for my widow cleaner to tip me as he did just before the Tech Bubble burst.

Bitcoin relies on greater fool theory, say the naysayers. People are only buying it because they think they’ll be able to sell it to somebody else at a higher price.

And so they sit on the sidelines and watch while the price rises ever higher.

Who is the greater fool? The guy who participates in the greatest investment mania any of us will ever see in our lifetimes?

Or the guy who misses out?

That shoe-shine boy? He may be a bitcoin billionaire

Bitcoin has had five 80% corrections in its evolution. It would not surprise me if it had another. In fact, I think it’s likely. The question is when.

When Joe Kennedy sold stocks just before the 1929 crash, he did so because he was given advice by his shoe-shine boy. When an outsider as far removed as that is giving you stock tips, you know the bubble has gone too far. The shoe-shine boy strategy worked well for Joe Kennedy.

But if you applied it to bitcoin, you’d have missed much of this year’s astonishing 1,000% move. That’s not a typo: 1,000%. In one year.

But you’d have missed it.

Shoeshine boys have been talking up bitcoin since 2010. It’s designed for shoe-shine boys, in that it’s designed for every man. It’s a practical system of cash for the internet.

In the case of bitcoin you don’t want to be worried about the shoe-shine boys. It’s the institutional blokes in suits you want to be concerned about.

I’m 48. When I go to a gold or a mining conference, I’m about the youngest guy there. When I go to a bitcoin conference, I’m the oldest guy there. They’re full of shoe-shine boys and greater fools.

But now, everywhere I look people are talking bitcoin. Every ad that pops up on my computer screen is for some bitcoin-related company. Every new venture seems to be bitcoin related.

I’m getting texts from people who have never speculated in anything in their lives about bitcoin. The shoe-shine boy alarm warning has gone so red the screen has exploded.

Yet bitcoin’s market cap is still under $200bn. Institutional money is not positioned. It is desperate to get in. Career-risk depends on it. I bet every financial adviser in the land has his clients on the phone going “Get me some bitcoins!” – and they barely know how. Which pension funds are invested in bitcoin? I bet you could count them on the fingers of one hand.

There aren’t enough bitcoins to go round

Then there’s the finite supply issue. There will only ever be 21 million bitcoins. That is the maximum. There are currently 16 million. But inventor Satoshi Nakamoto’s 1.2 million coins are locked up. There’s an issue with the keys, apparently. And how many have been lost?

There are wallets sitting dormant with tens of thousands of bitcoins on them. It looks like the keys have been lost. This isn’t something where you can phone up customer services and get them to sort it out. This is cryptography. If you’ve lost the means to access those coins, they’re gone.

And think of all the hard drives that have been lost or corrupted. My buddy used to mine them on his computer at work. When he came to leave the company, they took the computer back and deleted the hard drive!

How many similar stories are there? Bitcoins on old phones that have been thrown away. Ditsy people (like yours truly) who experimented a bit and bought a few, but can’t now remember where that USB stick is. Coins lost when the Silk Road was shut down, with criminals perhaps throwing away their computers to hide the evidence.

I bet at least another 10%–20% of current supply is either lost or can’t be got at.

If you search Google trends you’ll find that “buy bitcoin” is now more popular than “buy gold” (though not yet in the US). Where “buy bitcoin” obliterates “buy gold” is in Russia, in Korea, in China. There may be a finite supply of bitcoins, but there is no finite supply of Chinese buyers.

The sheer volume of greater fools in relation to limited supply is creating the mother of all squeezes.

If Marvel comics were to designing a template for the ultimate super-bubble, bitcoin would be it. A finite supply of a new global money system, brought to market just at the time when the world’s populace was sick with central banking and money manipulation.

Its potential has greater implications than the South Sea Company, than railways, than Mississippi swamp, than dotcom. It’s an entire system of money!

So, yes, it’s a bubble. Yes, it’s gone bananas. But, yes, it could go a lot higher.

So what do you do? You can either ignore it, like Warren Buffett did with dotcom, and keep your powder dry, while dealing with the psychological issues arising from watching a load of wretched kids who know far less than you are getting rich, while you’re not.

Or you dive in, all guns blazing and speculate with huge percentiles of your net worth, risk losing it all but also possibly make a mint.

Or you could perhaps speculate with a small amount of capital, and take the philosophical view if it all goes belly up.

My advice for the newbie is to familiarise yourself with the tech. Buy twenty quid’s worth. Get a friend to do the same. Practise sending each other small amounts of money. Register with an exchange. Flip some bitcoins for some dash or some monero. Read. Watch tutorial videos. Learn. (Here’s a quick run-down on how to buy bitcoin in the UK.)

Almost invariably those who dismiss bitcoin are unfamiliar with the tech. By all means dismiss it – but it makes sense to know what you’re dismissing.

If a coin is worth $10,926, how can one buy £20 worth????

Harry
You can buy/sell what ever fraction of a bitcoin you want. I bought 0.1 when I took a punt. Sigh

Ah, right. So what is a fraction of a Bitcoin called? You can tell I don't have any!

I didn't catch it all, but there was a Bitcoin discussion on Radio 2 within the last half hour - may be worth a listen!

I heard it. Nothing new to add, but interesting nevertheless.
Apparently 60% of Bitcoin trading is in Japanese Yen, only 20% in US$.

I presume tulip bulbs are coming back into fashion soon?