Topic: I won £50 - should I use it to buy Bitcoin? - page 7. (Read 1061 times)

Then why not add some amount to pursue your  restoration as this is your enjoyment ?
you are a pensioner and I think needs nothing about big in finance or any assets , and life is shorter than what we expected , so let us enjoy every moment in things that makes  us smile and happy.
and taking a little amount from your pocket aside from this winning will not hurt you in anyway .
but of course this is just my 2 cents as like you , I am now enjoying life as being Diabetic makes me feels like my time is going shorter each day.

From what you said, I'm guessing you've invested a lot in bitcoin, so adding another £50 to your bitcoin portfolio won't make too much of a difference to your investment. Although I do not invest in bonds, in this case, I would recommend continuing to invest in bonds. It is not only profit but also entertainment, creating fun for old age retirees like you. I think we can do anything as long as it makes us happiest. Both are not bad in your case.

@humanvelocity
I gave you a couple of merits, because I thought your post was a great idea. However, I'm now a retired pensioner, and I'm not short of money for the odd special meal. I'm a bit phobic about food at the moment, and I think I would prefer to fry a nice steak and eat in on the beach.
I guess I'm not really asking for financial advice, but I'm more interested in social opinions. Both of my suggestions are gambles, and I guess your suggestion is more of a lifestyle reward. If it had been a slightly larger sum, I'd be tempted to try to find another classic car to restore, I enjoy the challenge in this.

Asking for a financial advice on the forum is not the best idea. But I can say what I would do. I'd buy Bitcoin, that's for sure. £50 is not much, but still it's a move forward.

Take that 50£ and ask a girl/someone important you out for a nice dinner. Enjoy life and have a laugh because in the process of always trying to make money we often tend to lose important people around us. Lets be realistic because investing that 50£ in cryptocurrencies isn’t really gonna help you tremendously. Go have fun outside and i bet that money will be worth much more than 1£ or 2£ profit you make in 6months on cryptocurrency.

Although I am a Bitcoin maximalist, I believe that you should diversify your savings as an additional security measure. It is also important to keep some savings in easily realised assets. Bitcoin is great as a long term hedge against inflation, but I don't cosider it to be an easily realised asset. Of course it is a simple matter to sell coins for cash, but its volatility means that it is important to time the sale. The law of maximum perversity states that when you need to sell Bitcoin, its price will be at its lowest ebb. Bank savings accounts can enable you to withdraw funds almost immediately, but the interest rates are low. In view of these facts I decided to purchase some UK National Savings premium bonds last December. These are government bonds that don't pay any interest, but the interest from all of the savers' bonds are placed in a prize pool, and prizes are awarded each month. The prizes range from £25 to £1,000,000. I won £50 in this month's draw, and the money will be paid into my bank account, and it is tax free. Now what should I do with the money? I could use it to buy more bonds, as the minimum purchase amount is only £25. Alternatively I could buy a few Satoshi, as I believe that we will see a sharp rise in the price of Bitcoin later this year, or perhaps early next year. The million pound prize is tempting, but so is the doubling or tripling of the Bitcoin price.