******* is it a ponzi scheme ?

[soulman101]

Just gone up to £24,000, this time last year it was around £6k.
Anyone got any. Or do you understand it?
Seems just like a Ponzi scheme to me.

[mickd1961]

Got what?

[kettering_baggie]

Would it be B i t c o i n ?

[soulman101]

Would it be B i t c o i n ?

That's what I typed in .

[WBA123]

I don't think its a ponzi scheme and if the price can become more stable in the future it has the potential to change the way we use money in the future, by having a global digital currency dictated by market forces rather than currency controlled by Governments and banks. But, and this is a big but, it is super volatile and is unregulated.

But, I personally know at least 5 people who are multi-millionaires through it. They bought hundreds of BTC when it when it was priced between $10-100 and I thought I'd missed the boat then, as when I bought it when they were around $1500 each.

I bought mine around 4-5 years ago and saw BTC shoot up in price to around $17k each then drop back down to $3k. Now its around $32k.

I still think you would be an early adopter if you invested now, but I saw my investment as a long term one (10 years+). If it ever gets above $100k I'd probably sell and it would go a long way towards my early retirement fund.

I read somewhere that the market cap of Gold is $10 trillion, the market cap of BTC is around $500b. Many think BTC will surpass Gold in value, if so, it will increase 20x. But personally, I can't see that happening for years yet if it even does happen.

But if you do invest, like anything - be prepared to lose it. And most definitely be prepared to go on a rollercoaster with the price. Its not like the stock market which can go up or down a couple of percent. I've seen my investment double some days and halve on others.

[mickd1961]

I don't think its a ponzi scheme and if the price can become more stable in the future it has the potential to change the way we use money in the future, by having a global digital currency dictated by market forces rather than currency controlled by Governments and banks. But, and this is a big but, it is super volatile and is unregulated.

But, I personally know at least 5 people who are multi-millionaires through it. They bought hundreds of BTC when it when it was priced between $10-100 and I thought I'd missed the boat then, as when I bought it when they were around $1500 each.

I bought mine around 4-5 years ago and saw BTC shoot up in price to around $17k each then drop back down to $3k. Now its around $32k.

I still think you would be an early adopter if you invested now, but I saw my investment as a long term one (10 years+). If it ever gets above $100k I'd probably sell and it would go a long way towards my early retirement fund.

I read somewhere that the market cap of Gold is $10 trillion, the market cap of BTC is around $500b. Many think BTC will surpass Gold in value, if so, it will increase 20x. But personally, I can't see that happening for years yet if it even does happen.

But if you do invest, like anything - be prepared to lose it. And most definitely be prepared to go on a rollercoaster with the price. Its not like the stock market which can go up or down a couple of percent. I've seen my investment double some days and halve on others.

That’s a very concise explanation 123.

Even though I’m classed as a “businessman” I will admit to knowing almost nothing about B I t c o i n..........how do you even buy and sell it for starters?

Initially to me it felt like someone was trying to sell me Unicorn milk, almost selling something that didn’t exist.

Like me waking up this morning and announcing I’ve got a billion Twongs available at a special price of £1 apiece.

People used to sell The Statue Of Liberty to gullible customers in years gone by.

[WBA123]

That’s a very concise explanation 123.

Even though I’m classed as a “businessman” I will admit to knowing almost nothing about B I t c o i n..........how do you even buy and sell it for starters?

Initially to me it felt like someone was trying to sell me Unicorn milk, almost selling something that didn’t exist.

Like me waking up this morning and announcing I’ve got a billion Twongs available at a special price of £1 apiece.

People used to sell The Statue Of Liberty to gullible customers in years gone by.

To buy I used a website called Coinbase but the most popular one now is Binance. You can sell on these websites too, but I've not sold any of my initial investment, so I still don't know what that process involves, but I have friends who have sold theirs previously.

Do a lot of your own research before you do anything and don't take my word for anything - or anyone else's for that matter. I had a good read up for a few weeks before I invested and thought it was a good investment at the time. Also because BTC price has just peaked now, the chances are the price will go down in the coming weeks anyway.

It is hard to buy something which isn't tangible, if you buy Gold, you have something you can touch, feel and hold. You can't do that with BTC. But Gold is similar to BTC in one way, because it is a store of value.

For BTC to ever be adopted and used globally, the price has to stabilise. Its way too volatile at the moment. But, if you had a stable global digital currency you would avoid currency fluctuations in global business transactions - some are known to use multiple currencies for one trade.

Having said that, the volatility makes it exciting when you've invested - especially when the price rockets upwards. I do think one day it will surpass $100k for one BTC and maybe even $250k. But first it could quite easily go down to $5k and then up to $70k and then back down to $10k - it just swings so wildly.

[soulman101]

To buy I used a website called Coinbase but the most popular one now is Binance. You can sell on these websites too, but I've not sold any of my initial investment, so I still don't know what that process involves, but I have friends who have sold theirs previously.

Do a lot of your own research before you do anything and don't take my word for anything - or anyone else's for that matter. I had a good read up for a few weeks before I invested and thought it was a good investment at the time. Also because BTC price has just peaked now, the chances are the price will go down in the coming weeks anyway.

It is hard to buy something which isn't tangible, if you buy Gold, you have something you can touch, feel and hold. You can't do that with BTC. But Gold is similar to BTC in one way, because it is a store of value.

For BTC to ever be adopted and used globally, the price has to stabilise. Its way too volatile at the moment. But, if you had a stable global digital currency you would avoid currency fluctuations in global business transactions - some are known to use multiple currencies for one trade.

Having said that, the volatility makes it exciting when you've invested - especially when the price rockets upwards. I do think one day it will surpass $100k for one BTC and maybe even $250k. But first it could quite easily go down to $5k and then up to $70k and then back down to $10k - it just swings so wildly.

Thanks for explanation. I was tempted to buy at a similar price you paid, but didn't know enough about or how to buy it . Then thought it would end up like dot com bubble.
Well done to taking the plunge. Feels too late for me at the price it's going for now.

[Barrera]

I have been following ******* and cryptos for the past three and a bit years ..... I largely missed out on the first gold rush in 2017 and t’s been slim pickings for 2018 and 2019 but last year really took off. With everything that’s going on you can’t help but feel ******* and maybe Ethereum are good bets, trouble is there are so many cryptos now.... but ******* ... despite its limitations .... is the gold standard. And there is a limit to the amount that can be in circulation ..... so if you have a few quid you could afford to live without then probably worth a punt .... Famous last words .... but expect it will continue to rise ..... $100k might not be too far away ....

[Barrera]

Why is B i t c o i n ... a banned word?