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Do you think Bitcoin is worth investing in? Is it safe?

(24 Posts)
MaryTheBookeeper Tue 18-Aug-20 10:31:25

I have friends doing this & I'm worried for them. Have you invested in it? I barely even understand it. I've heard it's very hard to get your money back. Is that true?

grannysyb Tue 18-Aug-20 11:20:21

No and no.

Elegran Tue 18-Aug-20 11:29:06

This exact question was asked a year or so. The answer is the same now as it was then.

Just like buying shares, only touch this if you are an experienced and successful stock-market gambler who has enough money to not mind losing it on a wrong guess about whether the future value of your investment will go up. The fact that stacks of other people have bought into it in the past is not an indication that at any given moment you will make an easy profit - particularly now that when the global economy is so fragile. Read up about the South Sea Bubble.

Chewbacca Tue 18-Aug-20 11:39:10

No. And no. I don't have enough spare dosh to gamble it away.

EllanVannin Tue 18-Aug-20 12:21:42

You've got to be wealthy in the first place to invest in this way.

POGS Tue 18-Aug-20 14:45:34

I have tried to understand how it works but I simply cannot understand anything about Bitcoin.

How on earth does it function, I haven't a clue. 🤔

BlueBelle Tue 18-Aug-20 14:59:53

Not for me not that I ve got any money to invest but wouldn’t if I had

MaizieD Tue 18-Aug-20 15:06:24

Don't touch it!

Esspee Tue 18-Aug-20 15:37:06

I am risk averse so it’s a no, no from me.

TwiceAsNice Tue 18-Aug-20 17:14:48

No and No. I think it’s a big con. You might make something if you have lots of money to spare but why take the risk

NotTooOld Tue 18-Aug-20 17:24:29

A big NO from me, too. Stay away!

crazyH Tue 18-Aug-20 17:29:03

Only invest an amount that you can afford to lose - I can't afford to lose a penny, so I don't take risks ....

Clio51 Tue 18-Aug-20 17:55:18

When I signed up they never left me alone, withdrew the money next day

MerylStreep Tue 18-Aug-20 18:25:27

I did when it first appeared ( on my step daughters advise) and made money. I have no idea how it works but she does.
But as someone said: it's a gamble and if you can't afford to loose it, don't gamble.
Having said that: my late father in law was a professional gambler for many years and made a living.

phoenix Tue 18-Aug-20 18:36:55

Someone I know invested some money, and last time we spoke, had done very well.

Apparently, you can invest small amounts, it doesn't have to be hundreds.

EllanVannin Tue 18-Aug-20 18:48:46

Gold is your best bet if you're a quick gambler as the price fluctuates daily but looking to the future it's a safe bet.

AleksShamles Thu 30-Dec-21 12:23:17

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SandyGrey Mon 14-Feb-22 09:49:11

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BlueBalou Mon 14-Feb-22 10:16:48

POGS

I have tried to understand how it works but I simply cannot understand anything about Bitcoin.

How on earth does it function, I haven't a clue. 🤔

I’m glad I’m not the only one POGS, I honestly can’t get my head around it 😳

Sarnia Mon 14-Feb-22 11:06:25

Never in a million years.

Elegran Mon 14-Feb-22 12:04:15

It is gambling on buying imaginary money in the hope that someone will buy it off you for more than you paid,.They are hoping that in turn they can sell it to someone else who plans to do exactly the same thing.

Somewhere, at some time, someone is going to lose out.

Elizabeth27 Mon 14-Feb-22 12:20:36

It is gambling in the same way stocks and shares are. I know of a few people that have done well with bitcoin, not mega money but enough to live off.

love0c Mon 14-Feb-22 12:26:31

One of my adult children invested a £1000. They have already made ie already cashed in about £13000. They still have money invested. Me?, no far too sensible smile

lovebeigecardigans1955 Mon 14-Feb-22 12:30:12

No, I'd worry that it would go wrong and I'd end up losing it. When something seems too good to be true it usually is. If these 'get rick quick' schemes were so good we'd all use them without reservation.