Advice on investing in Bitcoin in uk

[ridermacleod]

Hi all
I'm after some advice as a complete novice about investing in Bitcoin. I've been following and looking into it for a while.. Couple of questions
1, I've downloaded blockchain (coinbase wouldn't upload ID), based in uk. Is it a good idea to use that for everything? From taking money from my bank to buy as well as a wallet? While I want to keep things simple, I don't want to lose it all in fees.. They don't seem very clear on fees!

2, Had look on blockchain, minimum amount is just under £50, am I wasting my time going that low? I only want to invest what I can afford to lose.. That was sort of what I was thinking of amount wise.

3, Is blockchain my best option for uk? Or do you have other suggestions?

Many thanks
Rider

[GreenBean]

Evening, rider’.

I noticed you posted in the thread about purchasing ripple.

The user Play has posted a lot of good UK information.

Here is his profile. https://www.aspkin.com/forums/members/play.html

He has made lots of posts well worth reading. Whole section is full of good info.

Kraken & bitstamp for UK have a long waiting time . Thing is registration is taking weeks because of the influx of new users. Use a couple of exchanges.

As a matter of security, I do not store/keep coins in an online wallet.

[empirestate]

Cryptos to the moon!

[lucy]

I would go with what GreenBean has said below...I followed Play's advice and managed to get verified on Coinbase :-)


Greenbean...I'm new to Coinbase, you said you as a matter of security, you don't store/keep coins in an online wallet. Can you explain what you do, so I can also do the same because I have the Coinbase app on my phone and these days a smart phone is not too secure, please explain here or PM, so I can do the same as you, thanks Greenie

Originally Posted by GreenBean

Evening, rider’.

I noticed you posted in the thread about purchasing ripple.

The user Play has posted a lot of good UK information.

Here is his profile. https://www.aspkin.com/forums/members/play.html

He has made lots of posts well worth reading. Whole section is full of good info.

Kraken & bitstamp for UK have a long waiting time . Thing is registration is taking weeks because of the influx of new users. Use a couple of exchanges.

As a matter of security, I do not store/keep coins in an online wallet.

[ridermacleod]

Originally Posted by lucy

I would go with what GreenBean has said below...I followed Play's advice and managed to get verified on Coinbase :-)


Greenbean...I'm new to Coinbase, you said you as a matter of security, you don't store/keep coins in an online wallet. Can you explain what you do, so I can also do the same because I have the Coinbase app on my phone and these days a smart phone is not too secure, please explain here or PM, so I can do the same as you, thanks Greenie

Were you able to get verified straight away on the coinbase app? I've been trying yesterday and today and keeps telling me it's failed! I am only looking to play with small amounts of money and think that this will be the best option for me

[lucy]

I signed up with Coinbase in June last year, since then it kept on failing every single time on uploadings docs, coming back with upload failure, so I gave up in the end and left it, its only today thanks to PLAY'S advice, which I followed by deleting Coinbase from the PC and downloading the Coinbase app, that it finally worked.

All thanks to PLAY

Originally Posted by ridermacleod

Were you able to get verified straight away on the coinbase app? I've been trying yesterday and today and keeps telling me it's failed! I am only looking to play with small amounts of money and think that this will be the best option for me

[Play]

Originally Posted by ridermacleod

2, Had look on blockchain, minimum amount is just under £50, am I wasting my time going that low? I only want to invest what I can afford to lose.. That was sort of what I was thinking of amount wise.

My advice is, and always will be, a) invest what you are willing to lose, since crypto can go in any direction, and b) expect reasonable returns.

IMHO - I think BTC has the potential to go around x10 the value it is right now. Not anytime soon though.

That would turn your £50 into £500 (IF it ever did multiply by 10).

You need to ask yourself if that's a worthwhile return. But you could also end up with £0.

[ridermacleod]

Originally Posted by Play

My advice is, and always will be, a) invest what you are willing to lose, since crypto can go in any direction, and b) expect reasonable returns.

IMHO - I think BTC has the potential to go around x10 the value it is right now. Not anytime soon though.

That would turn your £50 into £500 (IF it ever did multiply by 10).

You need to ask yourself if that's a worthwhile return. But you could also end up with £0.

Thanks for great advice, can afford to lose £50.. But just wasn't sure at that amount whether I'd lose it all in fees?

[Play]

Originally Posted by ridermacleod

Thanks for great advice, can afford to lose £50.. But just wasn't sure at that amount whether I'd lose it all in fees?

A £50 purchase would only incur a £2 fee. You'd make that back if it ever goes up.

[GreenBean]

Originally Posted by ridermacleod

Were you able to get verified straight away on the coinbase app? I've been trying yesterday and today and keeps telling me it's failed! I am only looking to play with small amounts of money and think that this will be the best option for me

Coinbase has had issues for non US based clients. Registration hAs taken so so long.

Almost as long as PayPal checking documents.

[ridermacleod]

Originally Posted by GreenBean

Coinbase has had issues for non US based clients. Registration hAs taken so so long.



Almost as long as PayPal checking documents.

Just my luck! Their support centre is about as much use as an ashtray on a motorbike. I will look for something similar


Sent from my iPhone using Tapatalk

[Elifkhan]

.I'm new to Coinbase, you said you as a matter of security, you don't store/keep coins in an online wallet.

[itchibit]

in europe you also have the etoro exchange, i think they offer some 'social' aspects too where you can clone other people's strategies

[Play]

Originally Posted by itchibit

in europe you also have the etoro exchange, i think they offer some 'social' aspects too where you can clone other people's strategies

I think thats CFD, so you don't actually own the currencies, you're just technically betting whether price will rise/drop.

How to know the difference?
If you own it, whether the value rises/drops nothing happens on your side.

If you purchased on a CFD platform, and lets say price of bitcoin dropped, you'll need to deposit more funds into your balance to cover the loss, else the position gets closed. Its also leveraged which means profits and losses are multiplied. If it goes the wrong way, you'll be out of pocket.

Given the volatile nature of bitcoin, I would never touch it with CFDs.

[rsot]

Originally Posted by Play

If you purchased on a CFD platform, and lets say price of bitcoin dropped, you'll need to deposit more funds into your balance to cover the loss, else the position gets closed. Its also leveraged which means profits and losses are multiplied. If it goes the wrong way, you'll be out of pocket.

Given the volatile nature of bitcoin, I would never touch it with CFDs.

Very risky indeed.

[MaryJanet]

How Could Blockchain Technology Exponentially Improve UK’s System?

It is but common for governments to encounter difficulties which diminish the public trust. The UK is not an exception. For instance, the country experienced a financial crisis in 2008 which brought to light public scandals including the illegal misuse of parliamentary expense accounts, as well as alleged harassment and abuse against many charity workers.

With blockchain, the grueling task of auditing vast amounts of data can be done away with, not to mention the need for middlemen. Also, the said technology cannot be easily manipulated, thereby making fraud virtually impossible, and data loss unlikely.

Consequently, the British National Archives is already using the said technology in prototyping an archival design which would provide the institution ample information on a digital record’s integrity, as well as help them ascertain whether a “change was legitimate so that ultimately it can still be trusted as the authentic record,” said Alex Green, manager of the National Archives Digital Preservation Services.