Topic: I won £50 - should I use it to buy Bitcoin? (Read 975 times)

I thougght I would update this thread with details of my current winnings. I've had £3,600 invested since the beginning of 2023, and so far all I have won is £100 ( 2 x £50 prizes ). Since March of 2023, Bitcoin has risen by 237%. If my maths is correct, then £3,600 invested in Bitcoin would have shown a profit of £8,532 at today's price. I'm thinking of stating a thread where I compare "investments" in Bitcoin, bank savings, premium bonds, and the weekly purchase of a Euro millions lottey ticket. I might also chuck in an entry to the free lottery.

Van living is a massive niche on YouTube. I did a search for "van life", and the first video was on a channel with 691k subscribers. It doesn't just address people living in a van, but also people who would like to be living in a van or mobile home. Then there are all the weekenders who own a campervan, and there is a cross interest with boat dwellers and digital nomads. It's really a very interesting community if you can avoid the druggies and the alcoholics.

There are some uinteresting niche topics as well like LoRa.

Nothing is certain in crypto currency  and basically I don't enjoy telling people to invest in bitcoin  and just as you hoped and predicted that he can make double of the £50 on one year,  did you also think of the possibility  of not making that amount as we can see that the market has been struggling for over a year now and no one, I mean absolutely  no one knows when the market might spike but rather we invest based on hopes and predictions and rather than throw all your money into bitcoin,  it wouldn't  be a bad idea to diversify and keep trying your luck with some portion in the bonds.
If you think you will invest, just look at the https://fintechguruji.in/shiba-inu-coin-price-prediction-forecast/ and other cryptocurrencies here.
Goodluck.

When I saw the topic this waj exactly was in my mind. Op should use it to buy some food stuffs and store his house and at least eat them for sometimes. Because what you eat with your money is what you will carry go to heaven. And all the rest things will be shared among your relatives so eat well and relax. Food is one of the necessary needs in human life and it also make one to think well for one to do next. If you have not eaten, one can commit a crime that not supposed act. Buying bitcoin is good but if it mismanaged and the coins gonna lost what will you do? As others said, there is risk in it.

Yeah, I think you're a bit late considering that the original post was made a month ago.

If you have money from winning a draw, you have several options on how to use it. You can buy more bonds as the minimum purchase amount is low. Alternatively, you can buy a few satoshis (small fractions of bitcoin) as you believe the price of bitcoin will rise in the future. The million pound prize is tempting, as is the opportunity to double or triple the value of bitcoin. The decision depends on your financial goals and your comfort level at risk.

Well just as you guys probably expected, Jetty didn't win anything this month. The £50 win was an unexpected bonus, as my expectation was two or three £25 wins this year, so I only need one more win before next January to meet my expectation. Of course the romantic in me thinks it will be a lot more than that. but the pragmatic realist believes that I won't win anything. I guess this is the fun of these bonds - the inner conflict between the pragmatist and the romantic. My first reaction today was to buy a few more, but, folowing my self-made rule from my card playing days, I stopped myself from chasing losses. It's an interesting attitude, because if I follow my logic, then I should reinvest any winnings to get the extra month on the new investment. Instead I let them pay me the £50, and then promptly invested another £500, and had to wait the extra month for that to be included. I guess I'm a bit of a control freak, and like to review any decisions at the time. Somehow, just letting them add winnings to the pile doesn't seem like winning. No doubt an accountant would disagree with me though.

I'm still a bit undecided about the short term price movements for Bitcoin. I can see reasons for all three directions, but one thing is certain, it won't be going backwards. I have picked  up some copper plumbing waste in the last couple of weeks, so maybe that is where I spent my £50. Despite being a Bitcoin maximalist, I believe that you should diversify your savings, and hard metals ( gold, silver and copper are my preferences) are one interesting investment, provided you have safe storage for it. I lost a few £thousand worth of copper when I had a thief break into one of my garages a few years ago. Being a Bitcoin maximalist means that I'm not interested in any of the alts, and secretly I consider fiat to be an alt in practice.

Nothing is certain in cryptocurrency  and basically I don't enjoy telling people to invest in bitcoin  and just as you hoped and predicted that he can make double of the £50 on one year,  did you also think of the possibility  of not making that amount as we can see that the market has been struggling for over a year now and no one, I mean absolutely  no one knows when the market might spike but rather we invest based on hopes and predictions and rather than throw all your money into bitcoin,  it wouldn't  be a bad idea to diversify and keep trying your luck with some portion in the bonds.
Goodluck.

I didn't say he should put that £50 in bitcoins. I said premium bonds are not necessarily the best investment considering there are better-paying alternatives, such as fixed-term saving accounts or ISAs.
Investing in BTC is a completely different category, as it's a high-risk investment.

I do understand the sentiment of putting small amounts into high-risk investments, hoping for better gains, but I tend to agree with the opinion that it's best to adopt a sensible approach to investing and act the same disregarding the amount you have available. If you don't keep gambling smaller amounts away, then they have the potential to slowly cumulate into much higher figure (with a help of compound interest etc).

My first impression is that you already have a lot of investment now, and for sure, it's thousands, and that winning is, i think, not worth it to invest in it because that winning is like you ever dreamed of it, like you are hopeful to win it, and at the same time, it is bet to buy it a drink if you want to, or if you have a child, buy her toys or anything else that you can remember in the future. You are too different from what people are posting here, so I would really recommend you to have fun. For sure, you are very stressed now in your investment or in life, so this is the time to enjoy!

Yes I agree with you. It is better to invest only £50 in bitcoins rather than reinvesting them in premium bonds. Because with this small amount of investment he won't be able to achieve much but if he wins a bigger prize then he can suddenly become rich from here. There are many chances to achieve big things because he has nice luck. If he invests them in Bitcoin then he can get maximum double profit in one year because now Bitcoin is in deep dip.  But if he invests in bonds he can win millions of dollars if he is very lucky so it will be better for him.

You are not new to Bitcoin. so £50 investment is very insignificant for you and you will not get any good quality profit by investing this small amount.  So I won't encourage you to invest this £50 bitcoin. So since you've won £50 it's a bonus for you. That's why you can spend £50 on a family day of fine dining without investing it. and enjoy a day with family.  This will be your greatest achievement. If you invest it in Bitcoin, you will not get any amount of profit that can make you rich. so enjoy the time with family

Since you are not short of money then why don't you increase some amount and invest it. We all think that investing makes money, but maybe you want to invest in Bitcoin with a different idea. Because even if you have enough money, it is very difficult to make a profit from investing only £50. Because in order to achieve a small profit, the value of Bitcoin has to increase a lot. If your goal is to earn money by investing, then you can increase the amount of money and invest in Bitcoins, which will increase your chances of profit.

Hey OP I know it's a month late to respond but I hope to give a different view of it.

Firstly, I had no idea they had bonds like that in UK but in Asia it is similar, you buy "lots" that you can redeem for your cash back but only after a certain period of years. No interest also, like you, but monthly cash prizes, cars, a grand prize is a house, etc. I never won anything except the small cash amounts but it's nothing:) The longer you don't redeem, the bigger you chance to win so I still wait.

For me this amount is always should be to be compared to the prices of things in your place. For example, for us, a nice meal can mean different things. A big meal at McDonalds for 2 is considered nice by most workers is just under $20 for local currency, and min salary in local currency is 1600. So you can see here, it is just above 1.25% of salary.

Which is about right for a nice meal.

Fancy meal at restaurant, for 2. Without drinks (fancy means wine which is 5x actual price), you will pay $100 for 2, or over 6% of salary.

So whenever I win anything, even in BTC, I use it to count against my salary. If it's only 1-2%, I treat my friends/family, always Weekend dinner. If it's more, it always goes to savings. And now you mention it, I add to the bank lots, who knows I win the house one day

Well today is the day for the June draw. It's 9am here, so it is probably a bit early for the results, but I thought I'd look anyway. I don't expect to win, even though it is my birthday month. Just after I posted that I was on a roll, everything seemed to turn down, and I haven't found any more money. I even forgot to turn of the battery in my mouse, so that was flat this morning. For the statisticians - The £500 block that I bought is not eligible for a prize unti next month. The £50 win came from a £900 block that first went into the draw in Februarty. A much larger block that went into draw in January hasn't won anything so far. Should I win this month, then I'll edit this post later today. Faiuling that, I may let this thread decay, unless there is some interest in keeping it alive in the forum.

I feel you're doing well as the case maybe, you're just adding up your funds, is like resting at your comfort zone and your getting those huge credit alert. I'd like to see more of you in this forum to share some of your knowledge on how to established our income, and also different ways to invest. If you ask that question about your birthday I think the replies you get would amaze you😂.

This would be the nice answer  I have read for so long I have been here in the forum though it's quite true that to enjoy life as we don't know how much more years, days, or months we left in this world and it would be good advice to at least make a leisure sometimes from the stressful world of crypto. Spending on simple dinner from that won 50 euros is already enough to enjoy and make a good laugh together with our love ones and it's also to take easy and unwind from all of things we all been thinking.

Well just to keep things in proportion, I did mention that I had bought another £500 of bonds, and that came out of my current account, and not savings. We seem to think of England as a poor country these days, but on reading many of the posts in this thread, it seems that £50 is a useful amount for some. I've just invested £2 in an Ameicano coffee, so that I can use their WiFi to talk to you guys. Why is it called an Americao, and not just a black coffee? I thought that American bought frothed up milky coffees with added flavourings. I thought of running a contest to see who could guess the winnings in my birthday month, but I'm pretty sure that the answer would be £0, so it isn't much of a contest.

I'd love to find somewhere/someone who will sell regular £50-£100 worth of Satoshi, and where I can pay using Sterling faster payments bankl transfers. Aren't there any sig renters, who want to cash in their rewards? I've lst track of the current stae of the exchanges. I made a few Satoshi by scalping  the Bitcoin price, and in this time of high volatility, this seems to be a good option.

Just another recap. As I have turned my back on the bricks and mortar life. I don't have the same constraints as most people, and I do have a lot more financial freedom. It is a bit of a sadness that I can't use Bitcoin for any transaction, other than a few on the Internet of course.

From my understanding, you can try out both. $50 isn't a big deal. Also, given the price of bonds, you can buy 1 with $25 and keep the other half for other purpose. Let's say you want to invest in Bitcoin, they what's stopping you? You can start Bitcoin investment journey with as low as at $5. Which is great and
others can do the same, as there isn't any limit to it.
So be sure to give it a thought. But in the end, your assets and it's your decision. Do your own research.

I know we are a crypto community and want to keep it crypto all the time, but reality of things is that you need to live a little...you can't be so sucked into the whole investing phase when you can spoil yourself once in a while...you could also consider getting some collectible coins of bitcoin just for the fun of it and a symbol to show the world that you are a cryptonian.

If your mind isn't made up, you can try again with the government bonds ...who knows you might hit that million