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My experience (read mistakes) investing in bitcoin


Fon
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I decided to jump on the wagon and test the water with bit coin. 

I tried to open a blockchain.net account and sent them ID etc, but they wouldn't take a debit card, and wanted a bank transfer (5 days) so I searched around for someone else. One of the first threads I found was on a company called uphold, and apparently they have low commission fees, so I signed up the them. Then found out they also want a bank transfer, so just bit the bullet and sent them the money. 

 

Mistake number 1, they converted my money into euros with a bad exchange rate. They then automatically bought the bit coins and emailed me to say the transaction was complete. I thought they would have the money in my account and I could choose when to buy the bitcoins and the price is fluctuating! 

 

So they bought them for me at the last peak, and now with the bad exchange rate, and the price dropped im 20% down! GRRR

I transferred the bit coins to Kraken exchange, really easy, Kraken give you an address, you type it into where your coins are at the moment and about an hour later they appeared in Kraken. Now Kraken want ID to confirm who I am but it wasn't difficult. 

Im now investing in a market thats moving sideways. Im all excited and searching the news constantly to see whats going to happen to the price. In the back of my mind I think that everyone is going to pull out of the market at once, the price is going to crash and unless im ontop of it I may lose more money!

Stressing, constantly checking prices, and on a few occasions I pull out, seeing a downward trend and reading  some nonsense on the web. 

Every time you make a transaction on Kraken you pay a fee, and sometimes I sold for less than I bought for in a panic. 

 

Now Iv had time to watch the markets and see how they regularly go up and down, im not panicking as much, and im seeing an overall growth.

From the limited experience  iv had, it would appear the price go's up and down about 5% per day. So, if you wished, you could keep re buying and selling the same coins all day, buy at the bottom, sell at the top, and earn 5% per day if you get the timings right. 

 

Im off to stare at some more ticker tapes going up and down, Hope this helped some of you lot who have not yet invested and decide to jump in. 

If I were to do it again, ill stick the money straight into Kraken, and study the market going up and down before buying. 

 

Fon 

 

 

 

 

 

 

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'tis very addictive.

I've had a blockchain account for many years but only for funding purchases. Now have Kraken and Poloniex accounts. Find myself checking my phone at least twice an hour for the coins that I've bought into.

On android I have Bitcoin Checker that sits and updates prices and also has an alert system that can be customised +/- a %  or to a set value etc. Works well and does reduced the time I spend checking.

Unfortunately, I too seem to have bought with the wrong timing. Bought 2 different coins and in a minus on the 'investment'. As it was a dabble with winnings from other gambling I'm not at all worried about losing the lot as they were bought with free money anyway. Actually bought 10000 of BCN a coupe of weeks ago when it was right at the top of a surge :( so now ~20% down on it. The other was a stupid flick of the finger when demonstrating to a mate at work how easy it was to buy 'coin. Selected the coin, typed some random figures into the buy box. "All I have to do is press 'BUY' and that's that" I said. Seeming happy with the process he walked away and I flicked out a finger to press the backspace key and hit Return instead. Ended up Buying 2534 DGB. >:( Also running a a loss.

Was tempted to just go and buy some more bitcoin but that price a has jumped to so am waiting for a while to see if I can at least get a break-even in the short term. Or might just leave them to fester and see if the longer game is the one to play.

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  • 3 years later...

Bitcoin has now surpassed the highs of late 2017. If anyone 'got in' earlier than Sept 2017, then things should have been fairly rosy over the last 3 years since this thread was originally started. Crypto is however still highly volatile and to be considered a gamble.

Personally, I bought stoopid and sometimes at the all-time-highs over 2017-2018 and am now holding a fair few bags of shite. But I have continued to buy/trade but couldn't call myself successful.

That said, I've very recently made decent profits on those gambles from 2017 so long-term hodling might work.

I've been saying to friends and workmates that Bitcoin especially will be a long term winner and I still think that.

Whilst the insane gains some have experienced might have gone, there is still time to get into the space and prepare for what is surely going to become more mainstream. If you can pick a gem that you could still retire on the profits if the timing is perfect.

If you look at who is only now getting into Bitcoin for example, Paypal, huge investment firms and even Tesla now, these are businesses who exist to make profits and they surely would not get balls-deep into a system that had not been fully risk-assessed.
Flipside if this argument is however that if they now wanted to make an example of the crypto-space by buying as much as they could, increasing the price to new ATH prices and then dumping the lot to flip a huge profit, they could.

'Stacking sats' is the safest way to get in IMO - just buy a set amount of whatever you want each time irrespective of the £ / $ price. I recently did a reccy on how much I've spent/traded over the last 3ish years and found that if I'd just bought Bitcoin and nothing else, I would be in a much better position now than doing what I've done and gambling on the quick fire profit trying to flip.

As it stands for me, I'm on the equivalent of a 60-horse accumulator. So far only one of them has come in but I've also made enough on some coins to get my original stake back plus a profit in some cases, turning say £250 into £600 a few times. The remaining balance of any such coin can then be seen as pure profit and can be left to moon or fail miserably in the knowledge that it's not cost me a penny in real terms.


Goes without saying that you should only spend what you can afford to completely lose. There are no guarantees and YMMV.

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Just dipped my hand in for the first time, went with Kraken and so far so good.

Just putting some small change in each month at the moment, some cream off other investments , to get a feel for it and its money i never had so cant lose, right. 

Got some doge coin at the peak as thought it would maybe break 0.10 but its going the other way just now. Some ETH which seems steady if not spectacular and reading a lot about DOT and ADA so have put some money into them too. 

Early days and prepared to HODL for 5 - 10 years to see what happens, although Doge will probably be traded into the others if it keeps dropping. 

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Been reading about Kraken...as i did about some many years back. So im going round in circles again i suppose. can someone give me a brief overview how i go about investing...say using kraken for example. Is it straight forward to even take the plunge ?

Thanks

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Don't use Kraken myself any more - looks like I haven't for about 4 years.

https://support.kraken.com/hc/en-us/categories/204677947-Getting-Started

AFAICT loading your account with GBP takes a bank transfer. There are other providers that allow card payment - at a premium charge TBH. 

Not financial advice but if you just want to dabble and buy Bitcoin etc & not actually trade coin-for-coin, you could try a platform like Revolut. They're a UK fintech bank account type thing where you have your own debit card that you can load from your own bank account and they buy a limited number of cryptos on their app. There's no wallet/keys etc to manage = not really your coins, and they can't be transferred to an external crypto wallet as it's an internal platform but it does allow you to buy and sell at leisure. DYOR

If referal links are allowed we both get £15 if you sign up. https://revolut.com/referral/chrisus6!20210121s

 

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Hey y'all

 

I have been into this for about a month now. 

I use Crypto.com as my app, to buy sell, or exchange Crypto.

Crypto uses Euro's as its main currency. So I opened a Starling account, then within that Starling account, created a Euro account.

When I want to invest any amount of money, I transfer from my UK bank to Starling GBP account, then transfer it to my Euro account, this is all pretty much instant transfer.

I then transfer said amount of euro's to Crypto, via bank transfer. There are no fees, other than Starling's currency conversion rate which is as good if not better than most Bureau de change or bank.

It takes about a day to go via SEPA transfer to Crypto, goes straight into the Fiat Wallet, and I transfer it to whatever crypto currency I want without any charges.

Anyhow, sounds long winded, but its not.

I have made about 50% on what I have put in since I've been doing it, so about a month or so.

 

The plan is to make enough to then take out my original stake, so I'm only playing with money I've made on investments.

Edited by Clint
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Also have Crypto.com account and staked enough to get the ruby card. Do nothing on the platform though other than hold CRO - used to be MCO, and I think I've got a few quid either in my fiat wallet or the GBP part of the exchange section. Seems to be a well put together eco-system now. Must check it out further

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On 2/21/2021 at 2:27 PM, chizh said:

Also have Crypto.com account and staked enough to get the ruby card. Do nothing on the platform though other than hold CRO - used to be MCO, and I think I've got a few quid either in my fiat wallet or the GBP part of the exchange section. Seems to be a well put together eco-system now. Must check it out further

Your Cro would have shot up last mate. I hope you managed to benefit.

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Yeah. Just less then 4k CRO but never played with them. At their peak yesterday could have around 6x'd. Boat missed but it will sail again and like I said, I think it's one of the better platforms and so the CRO being a utility token it's worth keeping some to one side. Just checked and have some on the exchange and some in my wallet.
Have sold a couple of my 2017-2018 bags in the last 2 weeks and trying to de-diversify and concentrate on major coins. Missed the original boat with DOT and think that might still be a place to start accumulating a bit as there's a lot on the horizon within their ecosystem. Again, need to read up before dipping in.

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  • 2 weeks later...

MAte showed me this one, he kinda knows his stuff, compared to me so worth a  shot. Bitcoinopen giving away 25 coins on new sign ups just now. Worth about £1 at the moment, they aim ING for about £10 worth by end of the year. 

 

No idea if it will be good or not but signed up , only needed email address, and have the coins already

Referral link - no idea if I get any benefit. If not allowed please delete. 

https://www.bitcoinopen.io/registration?r=RIJNpx

Non referral link

https://www.bitcoinopen.io/registration

 

 

 

 

 

 

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