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Is there any growth left on Bitcoin where it's worth risking a grand?

  • 18-01-2021 8:23am
    #1
    Closed Accounts Posts: 4,550 ✭✭✭ ShineOn7


    The Morgan Stanley news was pretty eye opening to me and no doubt helped with the recent surge in price of Bitcoin?

    But have I missed the boat on it if I jump in now? Obviously every investment has risk, but there's some more calculated than others

    But!

    I've always been told that when the general public and Me Toos jump in on something like this that the peak has passed. Something that goes back decades that when the shoeshine boys start talking about it, then it's time to get out. Is Bitcoin relatable to this?

    Side question:

    What's the easiest way to get started?

    I just want to invest a grand and leave it be for a year or until it increases 2, 3, 4 or whatever number of times, whichever comes first

    Would love your thoughts


Comments

  • Registered Users Posts: 121 ✭✭ Bruno Mannheim


    I'd split it between BTC maybe 40%, ETH 40% and one other @ 20% in the top 20

    Few good ones like DOT, ADA, LINK or my favourite THETA just outside top 20


  • Registered Users Posts: 6,107 ✭✭✭ frag420


    I'd split it between BTC maybe 40%, ETH 40% and one other @ 20% in the top 20

    Few good ones like DOT, ADA, LINK or my favourite THETA just outside top 20

    Sorry to jump but kinda in same position as the op, have about £600 split between BTC & ETH using my Revolut a/c, can maybe drop another 500-1000 but no clue where to start other than what I’ve been doing on my Revolution a/c.

    Any advice on best wallet/exchange for another noob?


  • Registered Users Posts: 7,500 ✭✭✭ Sabre0001


    Unfortunately, noone really knows for sure. Basically, only invest what you can afford to lose. Some believe that BTC is the currency of the future, others see other purposes.
    ShineOn7 wrote: »
    ...
    I've always been told that when the general public and Me Toos jump in on something like this that the peak has passed. Something that goes back decades that when the shoeshine boys start talking about it, then it's time to get out. Is Bitcoin relatable to this?
    ...

    Just on this, this phrase was used a couple of years ago too when BTC was on a roll too. Everyone was talking about it. And then BTC's price tumbled. But here we are and the price is higher than ever...

    🤪



  • Registered Users Posts: 121 ✭✭ Bruno Mannheim


    frag420 wrote: »
    Sorry to jump but kinda in same position as the op, have about £600 split between BTC & ETH using my Revolut a/c, can maybe drop another 500-1000 but no clue where to start other than what I’ve been doing on my Revolution a/c.

    Any advice on best wallet/exchange for another noob?

    if you are starting out, maybe try Kraken or Binance for an exchange

    If you dont want to fork out for a hard wallet like a Ledger or Trezor, then there are some good wallets for your phone, my preference is Atomic

    For 2fA a good one is Twilio


  • Closed Accounts Posts: 4,550 ✭✭✭ ShineOn7


    I have a Revolut card and I use the app

    Is this a strong/safe option to buy it on?

    I'll be buying, holding and then selling. I won't be using Bitcoin to buy things with


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  • Registered Users Posts: 109 ✭✭ Thelonious


    ShineOn7 wrote: »
    I have a Revolut card and I use the app

    Is this a strong/safe option to buy it on?

    I'll be buying, holding and then selling. I won't be using Bitcoin to buy things with


    No mate it's bad because the fees are high, about 4% each way. So the minute you buy you are down 4%


  • Registered Users Posts: 861 tomwaits48


    Hi, I only started a few weeks ago. Am no expert that’s for sure. Caught the end of the recent surge. I opened an account with Coinbase and put a few €k in. Happy to hold it for a while and see what happens. If you want a referral to Coinbase DM your email.


  • Registered Users Posts: 2,608 ✭✭✭ pavb2


    Thelonious wrote: »
    No mate it's bad because the fees are high, about 4% each way. So the minute you buy you are down 4%

    Is that the same for the Revolut Metal account?


  • Registered Users Posts: 4,036 ✭✭✭ maninasia


    Thelonious wrote: »
    No mate it's bad because the fees are high, about 4% each way. So the minute you buy you are down 4%

    It's good to buy now than buy later ...As long as you are going to hold it for a while .


  • Banned (with Prison Access) Posts: 46 ✭✭✭ vurstflavor


    They say it will go all the way to 100,000 until it drops to zero
    Who's pricing it. Who controls it . It just computer generated numbers. Governments can track it now so there will be less illegal transaction. Expect one day some computer will crack the passwords and wipe every one out they say theres only a few million bitcoin but who knows. Can the maker make more. 1000 euro would not be too much to lose


    https://m.economictimes.com/markets/stocks/news/why-are-investors-gung-ho-on-bitcoin-tesla-raghuram-rajan-has-a-theory/articleshow/80322472.cms


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  • Registered Users Posts: 5,332 ✭✭✭ derekeire


    Am sitting here months looking at Bitcoin going up, up and away. I'll still be sitting here at some point watching it going down, down and away. At least I hope so, then i might buy some more with that cash that am willing to burn.
    I would say it's probably better than the 160,000,000:1 (approx) chance of winning the Euromillions though.

    SH24.ie - free, confidential, at home STI screening. Get tested boys and girls.



  • Registered Users Posts: 121 ✭✭ Bruno Mannheim


    They say it will go all the way to 100,000 until it drops to zero
    Who's pricing it. Who controls it . It just computer generated numbers. Governments can track it now so there will be less illegal transaction. Expect one day some computer will crack the passwords and wipe every one out they say theres only a few million bitcoin but who knows. Can the maker make more. 1000 euro would not be too much to lose


    https://m.economictimes.com/markets/stocks/news/why-are-investors-gung-ho-on-bitcoin-tesla-raghuram-rajan-has-a-theory/articleshow/80322472.cms

    :D:D:D:D:D:D


  • Registered Users Posts: 406 ✭✭ dirk_dangler


    The ship has sailed with BTC, you might get lucky and double your money in a year or two, but why go for BTC when there are other tokens that could 2x or more in a week or two?


  • Registered Users Posts: 121 ✭✭ Bruno Mannheim


    The ship has sailed with BTC, you might get lucky and double your money in a year or two, but why go for BTC when there are other tokens that could 2x or more in a week or two?

    depends on their risk strategy

    if its low, then BTC, if higher then try others

    Agree to a point ship has somewhat sailed on BTC, and the gains are not going to be as high as others

    When BCH reached its ATH back in Dec 2017 it was about a 5:1 ratio to BTC

    right now its about 70:1

    @ $500 per BCH I would probably back that horse over BTC for more gains in 2021/2022


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


    depends on their risk strategy

    if its low, then BTC, if higher then try others

    Agree to a point ship has somewhat sailed on BTC, and the gains are not going to be as high as others

    When BCH reached its ATH back in Dec 2017 it was about a 5:1 ratio to BTC

    right now its about 70:1

    @ $500 per BCH I would probably back that horse over BTC for more gains in 2021/2022

    I dont necessarily disagree, the problem is that as you move away from the more obvious choices, your exposure to a complete loss are higher and higher.

    I still have several alt coins that are down 90+% from when I bought them, thats just the name of the game with alt coins really.
    I think if you are going into alts then you need to spread it around so that you dont get totally wiped out.


  • Registered Users Posts: 2,227 ✭✭✭ RoboRat


    I tend to look at things from a risk versus reward perspective. Could bitcoin hit 100k... possibly, but there is no precedent to gauge against. You could look at previous growth and speculate but I prefer to look at both the highs and lows, where applicable, to make a decision.

    3 months ago, BTC was sitting at circa €9.5k and it's currently sitting at €28,500 and not sitting too far off its ATH of around €33,500. After the last major rally, it went from €16k to €3k. History tells us that this could happen again, as it has happened before. I don't think it will happen as bad as before, but I do think there will be a drop. I feel there is too much institutional investment to see the huge sways of the past.

    Then look at BCH, currently sitting around the €400 mark. Previously it went as high as €2,900 and then dropped to €120. 3 months ago it was sitting at around €220.

    Looking at this logically, I would think there is less risk and better reward from BCH as it's way off its ATH and only 2x up on 3 months. If it goes down, I feel the loss percentage would be less than BTC, but it could potentially grow by 8x and could drop by 3-4x.

    Then you look at say ADA, a project I have been into for a long time. 3 months ago that was sitting around €0.08 but its ATH is just under €1 and then it dropped to around €0.04. It's currently sitting at around €0.25. It certainly has room to move upwards and downwards, so this could be a 50/50 call. However, ADA has some developments in the pipeline that could drive it upwards, but they may be negated by a falling market. If I was buying ADA, I would be looking at buying at sub €0.20 to safeguard against losses. This gives a possible 5-6x growth and a 4-5x loss.

    That's just my view, I am not a financial advisor.


  • Registered Users Posts: 121 ✭✭ Bruno Mannheim


    hence why I mentioned BCH

    if 1k is something the OP can afford to take a gamble on then BTC is probably the safer bet long term but if they want to possibly go higher gains in 2021 then maybe BCH is a better option, or others
    But its probably always good to have a little BTC exposure in your portfolio


  • Registered Users Posts: 6,107 ✭✭✭ frag420


    if you are starting out, maybe try Kraken or Binance for an exchange

    If you dont want to fork out for a hard wallet like a Ledger or Trezor, then there are some good wallets for your phone, my preference is Atomic

    For 2fA a good one is Twilio

    Forgot to come back to this, work has been mental! I want to take my ETH out of REV today and put it in a better exchange, is it as simple as...

    Withdrawing from REV crypto portfolio to standard REV account,

    Transferring from REV standard account to Kraken/Binance or similar (have downloaded coinbase already, but unsure which to use)

    Is that it or am I missing something?

    thanks

    frAg


  • Registered Users Posts: 2,649 ✭✭✭ Whelo79


    frag420 wrote: »
    Forgot to come back to this, work has been mental! I want to take my ETH out of REV today and put it in a better exchange, is it as simple as...

    Withdrawing from REV crypto portfolio to standard REV account,

    Transferring from REV standard account to Kraken/Binance or similar (have downloaded coinbase already, but unsure which to use)

    Is that it or am I missing something?

    thanks

    frAg

    What's REV? Revolut? If so you don't physically own any crypto there. Just sell it for the cash value and then deposit cash to whatever exchange you want.


  • Registered Users Posts: 6,107 ✭✭✭ frag420


    Whelo79 wrote: »
    What's REV? Revolut? If so you don't physically own any crypto there. Just sell it for the cash value and then deposit cash to whatever exchange you want.

    Yes, Revolut.

    Ok thanks, il take a hit I guess on withdrawing but hey ho!

    Thanks Whelo


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  • Registered Users Posts: 2,304 ✭✭✭ CorkRed93


    Sabre0001 wrote: »
    Unfortunately, noone really knows for sure. Basically, only invest what you can afford to lose. Some believe that BTC is the currency of the future, others see other purposes.

    Someone I'm sure will correct me here but is BTC not just a speculative asset now and not a future currency?


  • Registered Users Posts: 3,357 ✭✭✭ dubrov


    CorkRed93 wrote:
    Someone I'm sure will correct me here but is BTC not just a speculative asset now and not a future currency?

    It's already a currency.


  • Registered Users Posts: 2,525 ✭✭✭ Irish_rat


    The ship has sailed with BTC, you might get lucky and double your money in a year or two, but why go for BTC when there are other tokens that could 2x or more in a week or two?

    Yeah look at rubic. Insane.


  • Registered Users Posts: 2,872 ✭✭✭ KilOit


    Irish_rat wrote: »
    Yeah look at rubic. Insane.

    Reminds me of Raiblocks/Nano back in 2017
    $100 investment turned to 50k in a month, many wouldn't of sold the top though and rode it all the way down hoping it'll reverse


  • Registered Users Posts: 5,667 ✭✭✭ el diablo


    KilOit wrote: »
    Reminds me of Raiblocks/Nano back in 2017
    $100 investment turned to 50k in a month, many wouldn't of sold the top though and rode it all the way down hoping it'll reverse

    I hodled to (almost) zero....small amount though. It has been recovering recently but still 75% down from its previous all time high.

    We're all in this psy-op together.🤨



  • Closed Accounts Posts: 161 ✭✭ JibJabWibWab


    CorkRed93 wrote: »
    Someone I'm sure will correct me here but is BTC not just a speculative asset now and not a future currency?

    You are correct, BTC is "just" a speculative asset. Just like gold.


  • Registered Users Posts: 2,041 ✭✭✭ PCros


    Thelonious wrote: »
    No mate it's bad because the fees are high, about 4% each way. So the minute you buy you are down 4%

    I thought the fees were 2.5% on standard accounts and lower on premium accounts?


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