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Crypto currency….. have any of you invested yet?

(45 Posts)
Sago Thu 26-May-22 16:24:42

As interest rates are so dire and I still have a fair bit of time on my hands until my work picks up post Covid🤞I have started to learn about Crypto and invest some small amounts.

It’s really interesting, I bought a coin recently at an all time low and the price doubled within 72 hours!

Are any of you investing?

Have you any tips?

BlueBelle Thu 26-May-22 16:28:52

No I don’t understand it and to be honest life is not long enough to even try

Esspee Thu 26-May-22 17:48:39

I would have thought gransnetters have more sense.

Chewbacca Thu 26-May-22 17:55:52

I don't have enough money to risk gambling with it.

Blossoming Thu 26-May-22 17:58:18

Cryptocurrency is a very bad investment now that the inevitable crash is happening.

henetha Thu 26-May-22 18:35:41

No. I dont trust it.

Beckett Thu 26-May-22 19:03:58

Crypto currency is rapidly losing value - if you have any get rid of it asap

CountessFosco Thu 26-May-22 19:48:52

Watch the programme on Netflix - hair-raising. Don't go there with a bargepole!

grannysyb Thu 26-May-22 22:13:08

I don't understand how it works, and it seems very up and down so I won't be joining crypto currency investors. However I have heard that "mining" for bitcoin uses huge amounts of electricity, not very good for the planet.

Urmstongran Thu 26-May-22 22:30:43

I don’t have any savings to invest. If I did, I wouldn’t have bought bitcoin. There was a time, maybe, a couple of years ago, I’d have taken a punt (if I had the money). I mostly didn’t understand it. But some people back then, said they were making shedloads of money from it. Whatever it is, its tanked. I’m glad I never invested (what I didn’t have anyway, IYSWIM!).

Urmstongran Thu 26-May-22 22:33:07

Maybe it’s like betting? Don’t play with what you can’t afford to lose.

Scribbles Thu 26-May-22 23:22:35

Why would I invest my hard-earned cash in something which doesn't actually exist?

BlueBelle Fri 27-May-22 06:03:49

Well that went well 😂

Sago Fri 27-May-22 08:07:23

Well Crypto has given me a new interest, I am learning a lot and enjoying trading.
I am very cautious and am using a safe platform to trade.

TerriBull Fri 27-May-22 08:09:39

It comes across as dodgy to me, associations with the dark Web, maybe that's a misconception. I can't say I understand it, I don't feel taken in by anything that promises fantastic returns.

Germanshepherdsmum Fri 27-May-22 08:50:27

Far too volatile.

Mollygo Fri 27-May-22 09:03:12

I won’t gamble what I can’t afford to lose, but my cousin earned enough (so she tells me) to have all sorts of surgery and go on round the world trips.

toscalily Fri 27-May-22 09:17:16

No, but I know someone who has and they have lost money they could not afford to lose. Never play the money game unless you are prepared to lose, like the Pyramid schemes, only a few gain at the the expense of many others. Interest rates have been nearly non existent for the last few years and very low for a long time but are now beginning to pick up.

Urmstongran Fri 27-May-22 09:39:42

If it sounds too good to be true it probably is.

ShropshireMiss Fri 27-May-22 10:13:38

People who invested ten years ago are sitting pretty, but now that boat has sailed. There is also the problem of realising the assets when you want to sell. Cryptocurrency has no intrinsic value, it is only worth whatever people are prepared to pay, which could be a million pounds or one pence, there is no reason for it to be at any particular value and so could crash at any time and never regain. The fact that cash is being used less and most transactions are digital is totally different. Perhaps if there was a tracker fund available for a range of currenciesI would dip a little toe in the water for a high risk.

Pepper59 Fri 27-May-22 13:13:39

No, would not touch it. Too many connections on the ' dark web' , like another poster said watch the documentary on Netflix about it. For those investing, I hope you can afford to lose what you put in.

moggiek Sun 29-May-22 10:47:06

Yes. Bought some around the last big dip. Not an investment, just a gamble on something new and interesting.

My initial outlay has increased 6 fold, despite the recent dip.

Twopence Sun 29-May-22 10:52:04

I just don't understand it and wouldn't know where or how to start investing !!!

katy1950 Sun 29-May-22 10:59:07

No chance

Gillycats Sun 29-May-22 11:06:03

There’s no such thing as a safe platform with these things. If you can afford to risk losing everything that you’ve ‘invested’ then it’s fine. Otherwise I’d steer clear.