Reply With QuoteHow do you purchase bitcoin?Originally Posted by OurManFlint II
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It's a good time to start mining!
My guess (on nothing other than my finger in the air) is it'll finish 2021 higher than it was end of 2020.
How do you purchase bitcoin?
Open a wallet first, blockchain.com for example. You'll probably have to do the KYC stuff then most let you purchase using standard debitcards or bank transfer. Alternatively you can find a BTC ATM if you have cash, feed the cash and get the bitcoin.
loads of different exchanges available to buy and send to your wallet. If you are buying a lot, it might be worth looking at a cold storage wallet, effectively a USB plug in.
Steady on there. Not everything bounces back. Although I suspect you are probably right in the medium term, the wall of governmental pressure is going to have an impact at some point and Bitcoin is a relatively limited currency. These things do have a function and there are coins that function better than bitcoin. At some point the value will be placed in that utility and who knows? Bitcoin may find itself a long way down the pecking order. And let's be honest, a lot of these currencies won't actually survive.
What coins function better than bitcoin?
Is it worth buying just a few hundred quids worth?
None
If you can afford to lose it go for it.
Musk says that Tesla might accept bitcoin again soon, so no doubt it will rise in price accordingly. He's been using it as a pump and dump for a while now.
Is a few hundred worth it though? I know i could lose out with them but whats the best profit i could hope for on say £400 worth?
Oh defiantly, i mean you won't be buying a super yacht but it really is worth understand a bit more about what it actually is, why its better than all the other coins, and what potential it can have as a decentralised "currency" rather than just looking to make some money.
I've yet to be involved in an NFT that is part of a Bitcoin blockchain. All of the auctions I've been involved with have been in ethereum. I'm no expert but I do work alongside experts, and when I ask why we always seem to base everything off etherium I'm told that it is much more versatile than Bitcoin which can only really be used as a secure method for transfering value. Other blockchains are, I am told, capable of doing/transferring a lot more than Bitcoin can. And the things that I am involved with (to a limited extent) in ethereum have very real utility which is why I can understand where its value comes from.None
You should be very happy if you've doubled your money in a year's time.
True. Bitcoin is a store of value only.
(not quite sure why it quoted stevebrickman too)
No doubt, but is Ethereum even a coin, isn't it a supercomputer to run dApps? So the above makes sense, however which coin functions better than Bitcoin, i still say none.
In the space of the masses of cyrpto shit out there ETH and BTC will be around forever, the rest i very much doubt it.
Cardano - ada
Ripple - xrp
Two coins that should yield big profits over the next 5 to 10 years
I would say, buy what you can afford to lose and treat it as a long term gamble.
Hold onto it and see what happens.
I’ve got bitcoin, etherium, chain link and xrp
At least I can cash out into my bank account, unlike that awful Uphold.
Why aren't you able to cash out into bank account with Uphold? Not that I've tried it but it states on their site that they do transfer cash to bank account. And it seems they wouldn't have trouble with banks not accepting transfers as Uphold covert to GBP first.
Long term forecast is that the price will double, but a lot depends on Ripple's SEC case, and whether or not governments decide to create their own digital currency. At the moment, they (the digital currencies) are all too unstable, and government backing would create a currency that would do the same job, but with a lot more stability. That would in effect make Bitcoin and it's like a bit redundant, though there are still people who would prefer to steer clear of taxable government currencies..
On the tax thing: the exchanges obviously report transactions to tax authorities and in the U.K. at least it’s treated as chargeable gains. But that is if I sell it. What if I spend it? Eg if I bought a Bitcoin at $0.10 back in 2010 and go and buy a Tesla with it when it reaches $60k. Have I realised the asset? Or does it roll into the base cost of the car? If the latter, then great as I don’t think cars are subject to cgt (as everyone would be claiming capital losses if they were!)
There will never be more than 21 million Bitcoin in circulation. However, if you take China's digital Yuan as an example, there will be an infinite amount produced - there is no comparison.
The Chinese digital Yuan (I use it as an example, as they appear to be the closest to actually rolling it out) would not do the same job as other cryptocurrencies. It won't be doing the same job as Vechain or Theta for example, they have totally different purposes.
You say "The long term forecast is that the price will double"?
Given that most cryptocurrencies are at about a third of their value of what they were only a couple of months ago, I would confidently say that most will probably double in the next bull-run.
Btw... the taxman is still going to try and come after you, even if it's a decentralised crypto you're cashing in.
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