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Web Guru
Bitcoin
Anyone got any?
Or thought about it as a payment option?
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Dinosaur
Originally Posted by
Marc J
Anyone got any?
Or thought about it as a payment option?
Didn't it just go bust or something? I remember seeing something in the papers.
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Web Guru
Originally Posted by
Excalibur
Didn't it just go bust or something? I remember seeing something in the papers.
One of the largest Bitcoin exchanges (MTGox) went bust. Bitcoin itself is alive and kicking (and up 18% today ).
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I've been watching the value rise for a while, and thought about buying some as an investment. I haven't as yet though. I keep feeling that the bottom is going fall with a hefty bang soon. How about you Marc. You got any?
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Web Guru
Originally Posted by
Shaun
I've been watching the value rise for a while, and thought about buying some as an investment. I haven't as yet though. I keep feeling that the bottom is going fall with a hefty bang soon. How about you Marc. You got any?
When it hit the $1,000 mark around Christmas I thought I'd like to get in on the action. Then it fell to around half that so I decided definitely!
Obviously, treat it like gambling / forex / stocks & shares, and only invest what you can afford to lose (perhaps completely).
It's worth noting that to actually get into it is quite a lengthy procedure, if you want to buy bitcoin for cash. You need to be able to fund your chosen exchange with "real" money and to do that you have to jump through hoops to get verified at different stages. To do this and get to the point where you can actually buy bitcoin (there'll most likely be a bank wire transfer in there, which will take 3-4 days and around £30 in charges). So allow a week from deciding you want to buy, to actually buying your first Bitcoin. In my case that was just as well, as it allowed me a little time to research into it some more and pick a better exchange than MTGox (which would have been my first choice at the time had I been able to jump right in).
I ended up going with www.okpay.com who need verification on my account and verification again when the wire transfer went in. From there you can either fund an exchange (I use www.bitstamp.net) or withdraw your funds directly from OKPay in bitcoin (at the current market rate). So now I have a grad total of BTC1.2954, and am verified everywhere I need to be in order to fund / trade / withdraw (although funding with more cash would still take a few days via wire transfer).
There are quicker ways like localbitcoins.com, where you can choose your preferred payment method (including cash in person). It takes seconds to create a bitcoin wallet address so in theory you can accept bitcoin very quickly, but being able to trade that and ultimately cash-out would still be a lengthy process including approval / verification somewhere along the line (unless you stuck specifically to localbitcoins).
Finally, NEVER accept a reversible form of payment (e.g. PayPal) when selling bitcoin.
Also, for the "convenience" and speed to entry of localbitcoin expect to pay a premium, I just had a quick look and prices are 10% - 25% above the going rate to buy BTC.
Last edited by Marc J; 17-12-2020 at 08:12 AM.
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Food for thought. Thanks for the info Marc.
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The whole thing half confuses, half frightens me.
I can't get me head round the fact that there's no tangible currency there. The fact one of the big ones just out and out disappeared (I assume with folks money?) didn't do much to put my mind at ease with it.
Apart from that, I don't really get what it's for. I know there's a big illegal base using it for hidden transactions but I don't get why anyone doing a legit transaction would use it.
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Web Guru
Originally Posted by
Jim - Scotland's Party DJ
Apart from that, I don't really get what it's for. I know there's a big illegal base using it for hidden transactions but I don't get why anyone doing a legit transaction would use it.
An example: http://www.scan.co.uk/info/bitcoin
Or, like stocks, shares or forex...i.e. Buy low sell high....but with very little fees
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Web Guru
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Web Guru
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