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The rise of Bitcoin

Steve
Seasoned Pro
Posts: 6,817
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Registered: 13-07-2009

The rise of Bitcoin

Just reading the local rag and in it I see a Scottish landlord will be accepting bitcoin as a way to pay him or her their rent money. I have not really looked into bitcoin but maybe I should.

If life gives you lemons, make lemonade.
4 REPLIES
Community Veteran
Posts: 5,473
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Registered: 16-10-2014

Re: The rise of Bitcoin

Bitcoin hit an all time high the other day, but I think the days of home grown mining are all but passed us. But as any financial expert should tell you, the value of investments can go down as as well as up. It may only be a matter of time before this proverbial bubble bursts but knowing when to cash in is the hard bit.

Jonpe
Aspiring Champion
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Registered: 05-09-2016

Re: The rise of Bitcoin

I can make it drop like a stone.  Since I'm notoriously unlucky when it comes to money I'm sure it would lose value if I were to buy a few.  For example, my Woolwich TESSA matured the day before they announced they were to demutualise.  Had I delayed withdrawing the money for another day, I would have had the option to keep my account open and receive free shares!

Community Veteran
Posts: 14,385
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Registered: 01-08-2007

Re: The rise of Bitcoin

Bitcoins are becoming harder to come across / mine. Therefore the value is going to keep going up like property as more and more people try to get in on it.

There are also other virtual currencies taking off now too. Those are where you need to be looking now. Think of bitcoin as paypal.. it's the most well known but there are still others out there that are going to be viable as long as people start trading them for real currency.

I need a new signature... i'm bored of the old one!
jayshi19
Newbie
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Registered: 21-04-2018

Re: The rise of Bitcoin

"I have not really looked into bitcoin but maybe I should" - I also think about it

The other day I met a colleagues partner at a party and they were talking about cryptocurrencies they had only been in to it for 2 months and turned $2000 into $20,000 in that time. They were hoping to get to $30,000 and then sell it all so they would have a deposit to buy a house. Sounds good right. But they talked to anouther colleague trying to convince them to put thier money for thier house deposit on cryptocurrencies to make more. It's addictive just like gambling, and this scares me..

There is a lot of talk about it being a bubble and I thought after that, yes it is a big bubble. But who knows when it will pop. Unless there becomes any use for it there is not really any real value to many of them.