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Getting into Bitcoin?

  • 13-12-2017 10:28pm
    #1
    Registered Users Posts: 186 ✭✭ liam650


    So I have heard Bitcoin is the way forward, fortunes to be made from it, anyone know in simplified terms how it works? Lets say I put in 500 euros, how would that work over time and how would I cash out etc.

    Any advice appreciated


Comments

  • Registered Users Posts: 5,672 ✭✭✭ seannash


    liam650 wrote: »
    So I have heard Bitcoin is the way forward, fortunes to be made from it, anyone know in simplified terms how it works? Lets say I put in 500 euros, how would that work over time and how would I cash out etc.

    Any advice appreciated

    https://youtu.be/4APcgsRdW6w


  • Registered Users Posts: 5,672 ✭✭✭ seannash


    Seriously though. It's like stocks, the price of them can go up and down, when it's up, you cash out or hang on in the hopes it goes up again.

    The general concensus is that bitcoin over time will go up but this is not a guarantee.
    Right now it's about €14k so if you invested €500 it would need to hit 28k for you to make €500 on top of your original investment.


  • Registered Users Posts: 25,582 ✭✭✭✭ GreeBo


    seannash wrote: »
    Seriously though. It's like stocks, the price of them can go up and down, when it's up, you cash out or hang on in the hopes it goes up again.

    The general concensus is that bitcoin over time will go up but this is not a guarantee.
    Right now it's about €14k so if you invested €500 it would need to hit 28k for you to make €500 on top of your original investment.

    Which would be a 100% ROI.

    It regularly moves by 20% per day (sometimes per hour!) so you can definitely beat the stock market and kick the ass of what you will get on deposit.

    As long as you accept that the only reason you are getting potentially high rewards is because of the very high risk.

    It could easily plummet by 50% in an hour.
    Are you ok with that or would you prefer to make 2% and know there is no risk or losing your cash?


  • Registered Users Posts: 5,672 ✭✭✭ seannash


    GreeBo wrote: »
    Which would be a 100% ROI.

    It regularly moves by 20% per day (sometimes per hour!) so you can definitely beat the stock market and kick the ass of what you will get on deposit.

    As long as you accept that the only reason you are getting potentially high rewards is because of the very high risk.

    It could easily plummet by 50% in an hour.
    Are you ok with that or would you prefer to make 2% and know there is no risk or losing your cash?
    Absolutely, but hardly fortunes to be made with 500


  • Registered Users Posts: 25,582 ✭✭✭✭ GreeBo


    seannash wrote: »
    Absolutely, but hardly fortunes to be made with 500

    Other than lotto tickets or happening to pick a penny crypto that goes lunar, you just cant make fortunes with 500 quid.


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  • Registered Users Posts: 5,672 ✭✭✭ seannash


    GreeBo wrote: »
    Other than lotto tickets or happening to pick a penny crypto that goes lunar, you just cant make fortunes with 500 quid.

    Yep, I was just using the example given to me by the OP


  • Registered Users Posts: 5,205 ✭✭✭ Elessar


    I'd wager the continuous wild price bull runs are over for Bitcoin - the futures market is here now and they have traditionally brought stability with them. I think it will still appreciate over time but a much longer period of time. Risks making it 'boring' to retail investors IMO and money will probably flow more into the alts.

    The futures market also has the ability to short the sh*t out of it (which will will probably see with the CME and Nasdaq futures), creating a bear run which could destroy its price.

    Of course, I could be completely wrong.

    OP I'd put a few k into bitcoin but start looking at alt coins.


  • Registered Users Posts: 4 mxwelder


    Can anyone tell me how I transfer my bitcoin I bought from GSM solutions beside jervis street to myetherwallet or similar
    Thanks


  • Registered Users Posts: 1,641 ✭✭✭ Deco99


    Piggy backing on this thread. Buying Xmas gifts and one has expressed an interest in crypto currency. Is it possible to get them €100 as a gift? I get €100 isn't alot but it'd be just for interest and curiosity. Was thinking ethereum over bitcoin as that may have more room to grow (just something I heard). Basically I want to know can I hand over a usb key and password and say here's 0.2 ethereum coins


  • Registered Users Posts: 7,157 ✭✭✭ srsly78


    @deco:You could create a wallet, transfer coins to it - then give the person the seed for wallet. Problem here is that YOU know the private key for the wallet also. The person could load this wallet, then transfer coins out to another wallet which only they know the key for.

    @mxwelder: Depends on what they actually gave you. If it's a scam then you can't do anything. What did you actually get?


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  • Registered Users Posts: 1,328 ✭✭✭ FastFullBack


    liam650 wrote: »
    So I have heard Bitcoin is the way forward, fortunes to be made from it, anyone know in simplified terms how it works? Lets say I put in 500 euros, how would that work over time and how would I cash out etc.

    Any advice appreciated

    Did your property investment not work out?


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