Topic: I won £50 - should I use it to buy Bitcoin? - page 3. (Read 975 times)

To me £50 is not a little cash Mr Cash . First of all lemme congratulate you on your winning and expect more to come. If I'm to be having such amount in my account I'd look for a way to increase it by investing on it, you can split it into two (use the other half to get something for you that you would be using as a reminder), I'd say go ahead but your Bitcoin with the other half and who knows before the end of 2 months (if you're patience) you'd be smiling more than you are now because I believe Bitcoin will raise to 30k+ and your profit would make you giggle.

I'd more or less decided that I was going to use the £50 as an initial deposit  in my new Bitcoin wallet. This will be the third one, and I wanted to see how difficult it would be for a van dweller to run a full archive node in a laptop. I estimate that it would need to have a second drive of at least 2Tb, and it would have to be an NVMe to  keep the power requirement low. I haven't split the case on my new Matebook yet to see if it really does have a second ssd slot. I bought a Core i5 version, as it was substantially reduced in price. The latest version is Core i9, and it has twice the RAM and a few other improvements, but it still seems to be the same case, screen and motherboard. It costs an extra £900, so they may have economised by blanking a few of the expansion slots.

I'm also concerned about the current blockchain attack by those wishing to clog the chain with kiddies' doll images. Another possibility is to start a private signet blockchain. My knowledge of Bitcoin is really at the macro and political level, and I'm a bit light on the technical knowledge. Running a private of group signet would probably help me to learn a lot more about the operation of Bitcoin.

I'm grateful for all the interesting comments and opinions, and you guys have convinced me that I should probably buy another £1,000 block of premium Bonds. I'll let you know if I do that. It will have to be before the end of the month to be  included in the June draw. Maybe that will give me a prize as a birthday present.

If you knew his age, you would apologize for calling him foolish. I guess he's your grandfather's age. As far as I know, I don't think he's looking for financial investment advice, what he's doing is like a survey for young investors like us. And I also disagree when you say £50 is not worth the investment, everyone will have a different economy, it may be nothing to you, but it will be an asset to someone.
One more thing, he is not here to monetize signature campaigns like you and me .

Subtract what you spent and use the profit to increase your holdings. Why not? It is money that you otherwise would not have after all. I believe that anyone should be allocating their disposable income to assets/investments/currencies that are safer than fiat...BItcoin being (in my opinion) the top of that list by far.

Of course, a diversified portfolio is better and safer than saving a single asset, even if the trust in it is very high, such as gold or bitcoin. In the example that you mentioned, it must be emphasized that these savings must not be subject to taxation for the investment to be complete, and almost cryptocurrencies (Bitcoin) are one of the few assets that can be saved secretly and securely away from the eyes of censorship and are not subject to any taxes.
The most important thing, in my opinion, is to avoid saving Fiat money to encourage something like a break with it, pending its final cancellation.

By the way, welcome back to the Bitcoin Discussion section. It's been a long time since I last saw you posting here. I hope you are in good health JetCash.

You're lucky to win £50.  But you would be foolish to think of investing this £50. Because if you buy and invest bitcoin with this £50, you will not get much profit from it, but a small amount of profit can come. so you spend this £50 on your various necessities or you can spend it on any work of your family. And if you are thinking that you will invest in bitcoins then save some money from your daily earnings. Later invest your savings in Bitcoin then it will be good for you. and you are a legendary person in the forum so if you want to work on different signature campaigns you can get paid bitcoins and hold those bitcoins for a long time.

If I were you, I would probably not invest that but instead use it for something else that I wanted or maybe just keep it for when I might need to spend it somewhere, but if I were to invest in somewhere and I had these two options, I would probably first see and find out how often are bonds bought by the public to analyze my chances of winning.

And then, if there is a very large amount of people buying and keeping bonds, making the chances of winning a prize very small, I would probably go with Bitcoin, but if there aren't a lot of bond holders and I can have more chances of winning a prize if I invest what I've won, I'd go for it.

that is may be a debatable option to do, more over for people who like to hold their investment as a passive income. the first option to put your £50 prize to buy more UK National Savings premium bonds. those have no risk and giving a chance to win bigger prize every month. But in the other hand, no one know how huge bitcoin's price will grow in the future. off course with high risk that will always haunt you. But i prefer to choose invest your £50 into bitcoin because it will give you more profit.

I've just discovered that the chance of winning £1,000,000 with a single bond in any one month is 1:60,000,000,000. It's a good job there are 2 prizes every month. I don't think my £50 would move me any closer to being able to buy a million pounds' worth of woodland.

This is a forum about finance and investment, if you are not here to discuss and share about investment, what are you doing here? You don't have to listen to anyone, but you can consult everyone's advice and make the final decision yourself. It's just 50£ too small to do anything. I think he's just creating a thread to see people's reactions rather than looking for financial advice.

In my opinion, when to buy btc and how long you keep it is important. if you buy when the price is at the peak of 64000usd it is different from when you buy it at 16000usd. Let's darken your investment yield! that's one good idea. Start with the first £50 and buy more at the right time.

It's always a good idea to diversify your investments and picking a page out of this bond isn't out of place. You've got your prize money and that's cool. There are hopes for more and that's another encouraging fact too.

I think you might have had your ideas about what you want but, should you not feel satisfied or your goals unachieved by taking the bonds, you could as well top your portfolio on it. Just hope its not something that is pushed by prize in the form of a million  pounds. That would be you stimulating your greed and its something we hope to avoid.

On the other hand, the £50 prize won suits well for a spare cash and that's what you need to pick a bitcoin investment, spare cash. You really get to scale things and pick one that suits.

First of all, congratulations to you!
Secondly, I think it's not a good idea to seek financial advice here. But personally, I would invest this money in bitcoin or make some kind of gift to my loved ones. Money is not a goal, it's a way to achieve a goal.

Pretty sure this man is a topdog in this community, and he's doing that because he supports bitcoin. Saw from another thread that he's been living off the grid with only bitcoin by his side too, which is why I humored his idea of buying bitcoin, albeit advising him to save a little for himself so he can still enjoy life. In any case, for a regular bloke, it still wouldn't make sense not to let them buy bitcoin even if it's as low as 50 bucks. The fees aren't that high as you're making it out to be (at least for now) and I think it's a good way to act as a gateway to the bitcoin industry, especially for people who are cautious with dipping their toes in the water for various reasons. So no matter what, I'd still advise them to buy bitcoin with as much money as they can fork, but for jetcash, yeah he's good he better have spent it or at least a portion of it on a nice dinner.

Even though we are in the bitcointalk forum and most would say yes, I will have to say no. I think 50 pounds is too little to buy bitcoin with, since considering it would mostly be eaten by the transaction fees as well, from bank to exchange to trade, all will be taking some time and there is no need for that. I would highly suggest that people should be doing what they always need to do and earn more before they invest.

Get as much money as you could, and use that income to buy bitcoin. Reach to a level that is at least 200, if possible 500 is a better place to start. That is of course when you go from outside to inside of crypto. When you get paid 50 bucks in crypto, that's fine, because it's already in crypto, not fiat that needs to be turned into crypto, that's much better.

You have to expect this to happen on an international forum where guys like you, who were making decent money at work and have savings, investments and all that, clash with people from Pakistan or Bangladesh, where an equivalent of $0.5 actually has value and allows you to buy food or drink. First time I saw how much money people in some part of the world make at their jobs, I was amazed that it's possible to earn so very little. $50 that a signature campaign pays out weekly is huge money. Money that puts food on the table for the whole month.

I don't think that people left only because they got wealthy. There's many old users, or not that old, but people who bought bitcoin below 1k USD, who are still here. I was here when bitcoin was at $600 and I was here at $60k and I'll be here at $100k, unless something bad, or unexpected happens to me. Some people just become burned out, tired of the forum. A few old members simply died. The community is going to change as time goes by.

I agree with you that the portfolio needs diversification. The decision you have taken is not unreasonable. If using £25 and wins a prize worth £1,000,000 your life will change. But since this is a lottery, the chances of winning here can be very low. Even though you've already got £50 it means there will undoubtedly be a chance of winning the lottery. If the opportunity is relatively high then you should definitely put your money at that platform. And if you think buying Bitcoin and holding it for a long time will make you happy at 3x or 4x then you can invest. In UK National Savings premium bonds you have to depend on your luck. But if you hold in Bitcoin, you can definitely get returns from there even if it is a small amount. Even though Bitcoin has high reliability but i don't want to underestimate your thought.

It's great to hear that you recognize the importance of diversifying your savings and not relying solely on Bitcoin as an investment. While Bitcoin can be a great long-term hedge against inflation, it is important to have a mix of assets that can provide more immediate liquidity and stability.

As for what to do with your prize money, it ultimately comes down to your personal financial goals and risk tolerance. If you are looking for a low-risk option with a chance of winning more prizes, buying more UK National Savings premium bonds could be a good choice. On the other hand, if you are comfortable with the risk and believe in the long-term potential of Bitcoin, buying some Satoshis could be a good way to participate in potential future growth.

It's important to note that investing in Bitcoin carries risks, as its value can be highly volatile and subject to sudden changes. Therefore, it's important to only invest what you can afford to lose and to not put all of your savings into Bitcoin.

Ultimately, the decision on how to use your prize money should be based on your personal financial goals and risk tolerance. If you are unsure, it may be a good idea to speak with a financial advisor who can provide personalized advice based on your specific situation

If you really want to invest money then you should proceed further without asking for our advice as these small investment will also make change in future when it will be worth more.But you can also save that amount for yourself as others have said here to get something for you as winning prizes gives us joy which can be celebrated in different ways so if buying bitcoin is what you have planned go ahead but if have other plans focus on them because you will get more chances of investment later on also.Although investment is good but planning and management is necessary in everything.

I worked for the London Stock  Exchange for a while, and I've made money in the past from share dealing. I don't think I could do it now. I don't respect most of the big corporations, and I have no empathy with, or understanding of the modern consumer. I think you have to be stupid to buy a Tesla, but it is the fastest grown, and, I belive, the largest motor manufacturer now. Why anyone would want to purchase a limited use, environmentally damaging expensive vehicle, that can be bricked at the whim of the manufacturer, I cannot understand. I have much the same opinion of Apple products. As you can see, you shouldn't take any financial advice from me. I hope this thread has been helpful for members though. There are many suggestions that you can apply  to  your personal financial situation.

If I could make any suggestion, it would be to get out iof the shackles of a bricks and mortar life style. Get yourself a large van, and convert it into a comfortable living space. You wouldn't believe how much freedom it gives you, and how much it increases your health by reducing stress related to government controls and restrictiuons. I wasn't locked down during the Covid panicdemic, and I avoided the crippling injections.