Topic: I won £50 - should I use it to buy Bitcoin? - page 6. (Read 975 times)

I'm impressed with the diversity of replies in this thread, and almost all of them are sensible and reflect a consideration for the varity in members income, wealth and work demands. It made me realise how lucky I am to be retired with sufficient income to choose  the quality of food that I eat. I know I post about eating nettles, dandelions amd other hedgerow foods, but that is because I believe they are healthier. The fact that they are free is jast an added bonus. I prefer to buy wild caught north Atlantic salmon, rather than farmed salmon even though it is much cheaper. My concerns for the current farming practices and food preparation makes it difficult for me to eat in restaurants.

One thing that posters don't seem to have picked up on is the fact that, hopefully, this win is not an isolated instance. With premium bonds it is rather like buying a season ticket to a lottery, and, as long as you continue to hold a ticket, you are entered into a monthly draw, and when you want to withdraw your funds, you get the whole amount that you paid refunded. I have a few thousand tickets, and hopefully that will give me a continuous, but erratc, income stream. This is the alternative to the interest that is normally paid on a savings account. If I decide to use the £50 winnings to purchase Bitcoin, then I will do the same with all future winning up to £1,000. I'll review the decision at that point. In many ways it a variety on the pound cost averaging investment policy adopted by several Bitcoiners.

I try to build my Bitcoin savings by a variety of indirect means, and at the moment I am endeavouring to sell a domain name for 0.1 Bitcoin, but I am having problems in persuading the buyer to use Bitcoin. I did send him a link to this forum, and I even started a thread about it, but there is still a lot of reluctance to use Bitcoin. Silk Road and the dark web still seem to be colouring the public perception of Bitcoin, and that is why it is beneficial if forum members can publicise legal and reputable uses for Bitcoin.

Just to clarify a bit about my savings. I believe in diversification during these uncertain financial times. I have a few secret hoards of cash in case the banking system shuts down. I have an interest bearing savings account for minor emergencies, and a current account for daily use. I also have a credit card which I use to try to preserve a good credit rating. Not an easy task when you are a van dweller. I've also got a quantity of old silver coins in case fiat currencies lose all credibility, and I save scrap copper as another hedge against inflation. Despite Bitcoin's volatility, I believe it is one of the best hedges aginst inflation, and that is why I am considering the purchase of more coins. This is despite its ( to me ) current high price and volatility. I did try a bit of ungeared scalping, and made small profits, but I spent a lot of time in MacDonalds drinking coffee to do this. It was educational, but I've moved on.

If I win again next month, I'll bump this thread, and hopefull that will continue for the rest of the year. But I've just had 4 months without a win, so I am not optimistic.

In this case, it will surely depend on your money management and affordability of you to buy or not. Sometimes, people prefer to divide their money to decrease the chance, but they are stil capable to gain the profits. If you are willing to make saving on beside Bitcoin, I think that diversfying your money into Bitcoin for half and other for your sabing wil be wise enough. It is better than forcing is to invest fully in Bitcoin but we cannot afford the risk.

I have known you for quite some time, and I understand that everyone's circumstances and preferences are unique. If you were new to Bitcoin, my suggestion would be to use that £50 to buy Bitcoin and hold it for an extended period of time. I am aware that you are not concerned about earning money from this forum via a signature campaign, where you could potentially make over £100 per week. Therefore, I am curious as to why you are contemplating investing £50 into Bitcoin when you could earn a modest amount instead. Even if the price of Bitcoin were to double after a year, you would only earn an additional £50. Thus, it may not be the best option for you to invest £50 in Bitcoin. Instead, you could use the funds to enjoy yourself on the seaside.

Don't see the profit for 50£ it will be big over time plus OP is OG in the forum so don't you think he can make more with this 50£?

I agreed with the dinner part and I also did kind of same with bonus money. I use my commissions from binance to spend on myself and other stuff out of business. As an example yesterday I withdraw my commission for the last month to buy playstation games. It is nice to spend occasionally on something that not involved in business rather in life.

Agreed. Live a little my friend! I've seen your posts and you seem too invested in bitcoin and all its shenanigans (which is not wrong, I'm not trying to tell you how to live your life) but I guess it wouldn't hurt to take yourself out for a nice break every now and again, to maybe relieve yourself of all the stresses that you may have accumulated over time. If that still doesn't sit well with you, bitcoin maximalist as you are, You could stand to buy bitcoin with a portion of the 50 you won and the rest you keep for yourself. That way you'd have some money to ball out while the rest you put back into your system of investments and watch as it grows.

If you are not guilty uaing that money then you should buy it, that is your decision to make. Alrhough I also believe that good things are coming this year in terms of market prices, let us also not forget that everything can happen and changes are bound to happen no matter what we say. So it is best that we are still careful.

I had also once won an amount and I trier buying crypto with that amount and kept it separately just in case.

Appreciate the merits boss 

@Jet cash, why not leave it as spare cash to your savings account maybe for emergency purpose. I understand that investment is very important and or even to enroll again with at least £25 is also good instead of stressing yourself with little cash or want to get something quickly you don't need to alter your money in the bank. In other hand if you look at buying bitcoin will yield more value then is also good to buy and hold since the market is getting ready to take a new flight.

£50 isn’t going to do a lot for you in bitcoin these days but sure, go for it. You can probably x 4 your money by the end of 2025.

It depends how much bitcoin you already have though. If you don’t have a lot then do it, yes. If you have a nice stash then just buy the Mrs something because £50 isn’t going to make you rich buying bitcoin.

It is a government bond. In fact each bond is worth £1, and entitles you to one entry into the monthly draw. If the government does create a CBDC, then the bonds willl no doubt be converted into the new currency. Of course because the bond is a non-interest bearing instrument that is redeemable at par, you are losing purchasing power because of inflation. I hoped that I would be lucky, and the prizes would beat the inflation rate. I believe that lucky people make their own luck by exposing themselve to potentially lucky situatiuons. Secretly, I hope to win £1,000,000 to buy some woodland to preserve  and help the environment. Being realistic, it probably won't happen, but I still have the basic purchase price of the bonds as an emergency reserve fund.

Do you really think that buying bond now is a good idea?

In last two months, many banks have troubles and even collapsed because of bonds. I think it is better if you use that £50 amount to buy bitcoin. At least, it will be surely that you will make the £50 to £100 at least because Bitcoin will reclaim its $69,000 all time high in next bull run. For higher price like $90,000 or $120,000, I am unsure but if it happens, you will make your £50 to £150 or £200.

Not all countries have reliable bonds that you can buy to invest money in, but with P2P you can cash out the money.If you believe that you will see a sharp increase in the price of Bitcoin at the end of this year or perhaps at the beginning of next year, then you invest in Bitcoin.But your substantial money for investment will not generate a big profit as an investment.Fifty pounds isn't a whole lot of money if you invest it, which will make your bitcoin investment well worth it.But it totally depends on you

Even with advice from members here, the best advice is always the one given to oneself. You know what's best for you and what you want to do with the extra cash, so I will support your decision.

About buying some SATs from UK bases here in the forum, why not try some P2P options like Hodlhodl and Agoradesk but I also don't know if there is a minimum buy amount if you can purchase as little as £2.5.

Never let it be said that I don't accept the advice of Bitcoin Talk members. I've decided to invest £2.50 on a double scrambled egg on toast in the Sainsbury's cafe.

What I will probably do is the see if there is a UK member here who wil sell a few Satoshi to go in the new wallet I have created for my archival node project. That is on hold at the moment, as I haven't checked inside this laptop to ensure that it really does have a second NVMe slot that will accept a 2Tb SSD. This is the thread, which is really aimed at digital nomads -
https://bitcointalksearch.org/topic/downloading-the-blockchain-over-public-wifi-5450377

Every investor expects to make a profit. It is not proper to put your trust that an investment will get to a particular price but it is not wrong to expect it to increase more than 5 times. The truth is I am expecting my Bitcoin holding to multiply more than 10 times but my financial plans don't depend on my lofty expectations. @Jet Cash is an experienced Bitcoin maximalist and understands financial matters but I think he just wants to gamble with his fifty pounds and wants to get the response of members.   


Fifty pounds is a whole lot of money if you invest it. If you take your family out ten times because you feel the money is irrelevant, you have just lost 500 pounds that would have been enough to invest based on your standard. Fifty pounds is enough to buy about  0.003 BTC which is someone's monthly salary in my country. Instead of spending that insignificant sum on luxury, it will be better to gamble it in Bitcoin.     

what you should do with your grand prize, depends on your goals and risk tolerance. if you have confidence and patience on the growth of Bitcoin and you are willing to accept the risk of volatility then buying more Satoshi would be a good option. but if buying more bonds will have a more stable and secured option for your savings and you could actually win more prizes in the future, then go for it.
no one should tell you what to do with your grand prizes. you should make such decisions on your own from your instincts, so you wouldn't come later in the future creating another post and blaming someone on the advise he or she gave you concerning this matter.

50 pounds are nothing.  If you had won 50.000 we could talk.  If I had won 50 pounds, I would just take my family out for dinner.

then I'd suggest buying a few mbtc from that money and if it gained profit later this year or next year, use that to fund a car that you'd like to restore. if it were me and not short on money, I'd use it on something I'd enjoy. it's also the reason why I suggest you choose to buy mtbc so if you gain profit from it use can use that to add to your funds to buy a car that you can restore which you enjoy.

putting a not much money and expecting it to multiply 4-5x right away is a bad idea and expectation approaching the  market. Keep it for yourself right now and educate yourself first as to how and where you better put it. The best time to invest is when you no longer look for other people's advice for your own financial decisions. It's your money. It's your fund your putting into risk so why taking others opinion.
Create your own conviction first. It's no the doubling or tripling of the Bitcoin price. It should be surviving and preserving your capital is the most important.

When I know that I'll need some cash from my BTC over the next month or two, I sell a bit in advance when the price seems pretty good. That's what I do to avoid the 'law of maximum perversity'. Not all countries have reliable bonds you can buy to invest money, and some may require significant sums to invest. I bought a bit of military bonds of my country, but it was just to support my country (Ukraine) rather than as an investment. And once you buy it, you can't get your money back for a time specified in the bond contract (usually 6 months or up to a year), so it's not an easily realized asset in any way.
As for £50, I liked humanvelocity's reply, but I can see that it's not really an option for you. It seems that this money won't make a big difference as an investment, so why not donate it to a good cause, perhaps? Or use it for an experience that you haven't tried or haven't done in a while? Like playing mini-golf, going to a cinema, trying VR. Something like that. I know of your age, so some of these options may be less appealing than others, but there are plenty of things that are worth trying once or doing occasionally.