I’ve received quite a few emails regarding my Bitcoin holdings.
So following on from last year’s blog post when I announced I was buying, here is an update:
In the video above I answer the questions:
1. Am I going to sell?
2. Would I buy it now if I didn’t already own it?
And also some other points which you might find useful.
The site you see in the video is CoinMarketCap and I use Coinbase to buy my crypto currencies.
If you enjoyed this, have questions or feedback I’d love to hear from you in the comments below … I’ll reply personally to you 🙂 Cheers, Rob.
I remember your video well and congratulations on getting in relatively early but maybe not as early as the guy that once spent 10,000 Bitcoin on a pizza or the man from South Wales that threw away his hard drive containing 7500 Bitcoin!
Haha, yes I heard about that Barry! I’ll bet the higher the price rises the sicker he feels, poor bloke. Thanks for your comment.
Sounds intriguing… Can one buy in at any amount or does it cost the $700 odd dollars? Could i put $500 or $200 in? I need to understand this stuff and I will look at your blogs… but as a principle?
Hi Cris. You can buy any amount up to the limit your broker permits. But buying $10 or $100 worth isn’t going to be a problem.
Yes Cris, you can buy tiny fractions of a bitcoin. As I mention in the video, $100 or $10 is possible. Even $1 is fine. Just like a dollar or pound is divisible into cents or pence, so Bitcoin is also!
What are your thoughts on selling some of your speculative investments that have shown significant increases in value so that you withdraw your original investment?
In that way you have none of your original seed capital tied up, and you have locked in ‘no loss’ so whatever you sell later is all profit (infinite return on capital)
That’s a fine idea in my opinion Reed. I’m pretty relax with my position so I won’t bother but it’s certainly something to consider in general.
Thanks for raising this – top tip! Cheers, Rob.
As you say, Rob, highly speculative with huge ranging opinions from well-known names as to the future price of Bitcoin ranging from $0 to $1M.
However, yesterday at work someone mentioned that they were soon attending a conference on the use of the Blockchain for the function of internal procurement. Not Bitcoin per se but the technology that Bitcoin is based upon.
This interested me to see that businesses are now exploring this technology which was certainly never previously considered in our company.
Excellent point Barry. This has been happening for a while with financial institutions (I mentioned “R3” in last year’s blog post for example) but I think you’re astute to point out it’s spreading to different sectors and generally becoming more widespread…. “Coming to a company near you!”
Well done on your profit so far.
I agree with your views on BTC, I think it will continue to rise fro quite some time yet.
I bought a mining package earlier this year and have more than tripled my “investment” already.
With more coin being mined daily and the price increasing, my growth curve is quite steep.
Great to hear that Paul. I dismissed the mining route quite early so very interesting to hear that it’s been profitable for you. Keep up the good work 🙂
Thanks Rob, very interesting.
I read somewhere (Moneyweek?) that the banks are discouraging people playing with cryptocurrencies and e.g.: Barclays (I think) will close your account if it sees you transacting cryptos.
I wonder if you have come across this? Presumably the solution would be to have an expendable account that you just use for Bitcoin etc.?
Thanks for your comment Nick. Not sure on that one actually…. but nothing would surprise me. As always it’s buyer beware and due diligence is well worth it with anything related to cryto currencies. Cheers, Rob.
If they closed accounts for that, surely they would also close the accounts of people who spend large amounts at online casinos, on the lottery etc etc etc?! They can’t be big brother, unless your account is overdrawn and you are in breach of their ToS.
Very interesting video and update. Congratulations on your investment returns!
Thank you Peter, glad you found it useful 🙂
Very interesting, but what have you actually bought? When mining is mentioned does
that mean bit coins are dug out of the ground?
Thanks Julian, glad you found it interesting.
1. I actually bought… er …. some bitcoins! Similar to buying any other (fiat) currency such as USD, AUD, GBP but different by the characteristics of crytpo currencies. I outlined some of these in my post from last year: https://www.gainhigherground.com/bitcoin/
2. Bitcoins aren’t mined physically like iron ore or coal would be. Rather, they are mined by solving big formulas on computers. This takes electricity and so mining has a cost to it. People who runs these mining computers are called miners and – like mineral miners – get rewarded when they discover new bitcoins.
Such things sound very odd the first time you hear about them! If your interest is sparked I’d encourage you to read more though – Wikipedia isn’t a bas place to begin. Cheers, Rob.
I think what you’ve said is so very sensible and makes loads of sense. I’m thinking of getting into cryptos right now and I understand that you actually don’t ever miss the boat really, as we have generations of people over the eons thinking the same thing.
Thank you for simplifying the whole thinking of it.
My pleasure Lee-Anne, glad you found it useful! This approach works for me.. I’m a big fan of keeping things simple 🙂 Cheers, Rob.
Fascinating thank you Rob for making this for us, really appreciate it.
You’re welcome Kevin and thanks for posting your comment to let me know. Cheers, Rob.
Enjoyed your views, I have not invested yet, but looking at the new Dascoin opportunity, for crypto currency, as opposed to Bitcoin, and get in at ground level.
Do you have any views on this or still sticking with Bitcoin as you stated?
Good to hear your views Darrell. I don’t really follow many coins and I’ve not heard of Dascoin specifically. Hope it goes well for you if you decide to go ahead. Cheers, Rob.
Very informative video and delighted for you on your “investment”. I have had a few Marketers promoting their courses on Cryptocurrencies recently. All hype about where the next Internet Millionaires were going to be made. Don’t know enough about the Crypto currencies to offer an opinion.
Yes, there’s certainly a lot of hype around Mike and unless the prices collapse (which they could of course!) that will only continue. For me though there is much to read and watch online for free, at least to find out the basics or what’s going on. It’s a fascinating area and I’m looking forward to seeing how things develop as we roll forward. Nobody, “expert” or not, really knows what’s coming up with any degree of certainty. So your opinion is probably as valid as any other! Thanks Mike. Cheers, Rob.
What an encouragement!
Kobus and Henriette
Thank you Kobus and Henriette 🙂 Cheers, Rob.
Nice one! I bought in at $5000 so it’s been a crazy few months. I, like you am purely long term holding. I still can’t really get my head around the value and what gives it that – maybe the energy used from mining it contributes to some extent??
I also have ethereum – buddy of mine traded all his bitcoin for ethereum the other week in fact. Loads of different views in this space at the moment…
Thanks for your input John 🙂 I think the price rise is largely down to hype, publicity and as the volumes grow larger “players” (i.e., speculators) being drawn in. It is a bubble in my view but that doesn’t mean there isn’t money to be made or it won’t be a long term success. Or maybe it’ll crash tomorrow of course… Only time will tell! Cheers, Rob.
Well done Rob on your speculative punt.
Another approach might be to sell enough to cover your inital outlay so that you’re not ever out of pocket on the deal and then continue to play with the profit.
Cheers for the info.
Thank you Tom, I did consider that but I’m happy. All the best, Rob.
I’m been on the peripheral for Cripto for the last year, with a small investment to see what it is all about. I like the concept, and see the only real alternative is the world being back on the gold standard. just following the US Congressional inquiry into Crypto Currencies. They are a bit ticked to say the least! However they are calling out the same old characters they’ve been after for eons. The US of All is trying to eliminate any alternative to their world currency mandate, and it seems they are pulling out all the stops. Anybody using alternative methods is a “crook” and the Secret Service is going to get them. They just doin’t know how right now.
Thanks for your thoughts Rob, much appreciated. It is certainly going to be interesting to see how different countries respond to crypto and also how it influences geo-politics too. There are many factors at play! Cheers, Rob.
I have been kicking myself for not buying early. I once had a user who wanted to pay for one of my older plugins with Bitcoin and I rejected the offer.
Many it still is early Collins? Just a thought and thanks for your comment, much appreciated 🙂