I just saw the second comment on this thread that was recommending that you put it on a casino dice and roll at once to multiply it. Don't even try to take such a risk, you might end up losing it all at once, instead of a multiplication. And moreover I don't know where you're living, that £10 can be worth a reasonable amount in your country, you can just start your savings from there.
You can be adding more to it by doing timed investment, and with time your investment will grow and also the price of the assets will go up in future and it will be worth more than what it is worth now. So, there is no need for any rush, even though it's free money, you still have to make sure that it is used wisely and not wrongly.
Topic: What would you do if you were new to Bitcoin and given £10 Bitcoin For Free (Read 396 times)
June 02, 2021, 08:53:40 AM
June 02, 2021, 07:51:07 AM
Well, i guess if i was given bitcoin without even the slightest knowledge of what it is, i would first conduct some research, and extract some sense out of it. Though truth be told when youre new to cryptocurrency it really is complicated. The wallets, the exchanges, and the price fluctuations are too many to handle. I would need a friend who is an expert on this field, and possibly ask to teach me the dos and dont's of crypto. Without someone that would teach me, i would end up selling the bitcoin in a lower price. Worse case, i could be vulnerable to phishing sites and scams.
June 02, 2021, 07:50:14 AM
1. Would you store it in a savings wallet to earn interest.
2. Would you leave it and watch it hopefully rise.
3. Would you sell it.
4. Would you trade it for another Cryptocurrency.
5. Would you buy more Bitcoin.
6. Would you do something else with it.
2. Would you leave it and watch it hopefully rise.
3. Would you sell it.
4. Would you trade it for another Cryptocurrency.
5. Would you buy more Bitcoin.
6. Would you do something else with it.
I don't really get the £10 Bitcoin part. Is that a 10 USD worth of BTC? If that's it then I can do anything much for such 10 USD worth of BTC especially nowadays. So I'll probably just keep it and forget about it but I'll consider all the options you've mentioned when the time comes when I needed it
June 02, 2021, 03:09:35 AM
1. Would you store it in a savings wallet to earn interest.
2. Would you leave it and watch it hopefully rise.
3. Would you sell it.
4. Would you trade it for another Cryptocurrency.
5. Would you buy more Bitcoin.
6. Would you do something else with it.
2. Would you leave it and watch it hopefully rise.
3. Would you sell it.
4. Would you trade it for another Cryptocurrency.
5. Would you buy more Bitcoin.
6. Would you do something else with it.
Since the question is specifically directed to people who are new to bitcoin, I think what any newbie would do is to leave it in the wallet and hopefully wait to see it rise.
If you'd ask someone who isn't new to bitcoin and cryptocurrencies, I believe the best option would be to trade it for other cryptocurrencies.
As much as bitcoin remains the best cryptocurrency in the world, there's no way to earn 100% profits by just hodling even for a few years. You can however achieve this when you buy coins that have the potential to multiply in values in just months.
June 02, 2021, 02:49:21 AM
If I were to have the mind I had 8 years ago, I would've most likely spent it. Worst case, I would've lost it somehow.
Considering my today's mind, I'd hodl the hell out of it and continue to accumulate more! Those £10 will be valuable over the long term. It's all about a matter of time before today's £10 worth of BTC will become a Romanian minimum monthly wage, lol.
I think that most of us would probably have done the same thing. Bitcoin wasn't worth a lot back then and FUDs are really strong so a lot of people will have doubts about it. Regarding if we were to do what we have learned now and apply in the past, pretty sad that we can only imagine our hindsight. Considering my today's mind, I'd hodl the hell out of it and continue to accumulate more! Those £10 will be valuable over the long term. It's all about a matter of time before today's £10 worth of BTC will become a Romanian minimum monthly wage, lol.
June 02, 2021, 02:41:57 AM
If I were to have the mind I had 8 years ago, I would've most likely spent it. Worst case, I would've lost it somehow.
Considering my today's mind, I'd hodl the hell out of it and continue to accumulate more! Those £10 will be valuable over the long term. It's all about a matter of time before today's £10 worth of BTC will become a Romanian minimum monthly wage, lol.
Considering my today's mind, I'd hodl the hell out of it and continue to accumulate more! Those £10 will be valuable over the long term. It's all about a matter of time before today's £10 worth of BTC will become a Romanian minimum monthly wage, lol.
June 02, 2021, 01:35:57 AM
It would be done as an experiment, though. In today's rates, the transfer fees would be insanely high that it wouldn't make sense to use the said amount to gamble, or even if the transfer rates were to be set at 0, it would still take days for the amount to be transferred before I can play, and I have no time for that. Compared to my initial decision, I wouldn't have to do anything at all and that 10 quid would be useful to me.
Don't need an experiment, just DCA or increase your stack if possible. Like you said, the fees alone are not worth keeping such miniscule amount so turn that 10 into 4-figures and let price appreciation take its course
June 02, 2021, 12:43:42 AM
I think I would do, what most newbies will do... which is nothing.
Let me explain... Most people fear the unknown, so when faced with something unknown.. they will do nothing, until they researched the new thing that was presented to them. When they fully comprehend what the "new" thing is, it will either tickle their curiosity and they will investigate further OR they will not be interested and simply find a way to get their hands on the "cash".
I have seen this first hand, when I gave people a "Paper wallet" with some bitcoins for Xmas... I would say more than 80% of those coins are still on the paper wallet and only 20% of those coins have shifted to a new Bitcoin address. (possibly transferred to an exchange to be converted to fiat currencies)
Let me explain... Most people fear the unknown, so when faced with something unknown.. they will do nothing, until they researched the new thing that was presented to them. When they fully comprehend what the "new" thing is, it will either tickle their curiosity and they will investigate further OR they will not be interested and simply find a way to get their hands on the "cash".
I have seen this first hand, when I gave people a "Paper wallet" with some bitcoins for Xmas... I would say more than 80% of those coins are still on the paper wallet and only 20% of those coins have shifted to a new Bitcoin address. (possibly transferred to an exchange to be converted to fiat currencies)
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June 01, 2021, 11:40:38 PM
I will sell it at a high price and buy it back at a low price. I do not want to save it in the wallet instead of trying to increase the amount of bitcoin. I am sure that at this moment, we can use it to earn more bitcoin from trading. But do not try in a rush as the bitcoin price is not predicted so we need to be careful to sell and buy back. If you can rinse and repeat the process, you will see your bitcoin amount will increase and you do not just have £10.
June 01, 2021, 10:12:22 PM
It is free so I will hold it and see how it goes from there. Learn more about BTC and hoping to invest more on it. It is a small amount of money and it will only be eaten by the fees if you intend to cash it out. It is a good initial investment since it is free.
I had my first BTC from faucets which would have cost a lot now if I was able to keep them when I first started.
I had my first BTC from faucets which would have cost a lot now if I was able to keep them when I first started.
June 01, 2021, 09:56:41 PM
Force to hold, £10 worth of btc is relatively small, the idea of selling will be cut short when you see the fees to transact, and being a newbie makes it even more difficult because you will confuse, so as a newbie I would look for a way to buy a little more to what I receive as gift, assuming I have a little crypto knowledge.
June 01, 2021, 04:13:46 PM
A little bit clarification as posters on this thread does have different responses because some do believe that it is 10M in worth or just simply £10.
I doesnt many any sense if we do talk about £10 because this is just as small amount and nothing you can do much about it.
So i presume this do talk about millions or OP had just edited it out since some people had mentioned about million.
I doesnt many any sense if we do talk about £10 because this is just as small amount and nothing you can do much about it.
So i presume this do talk about millions or OP had just edited it out since some people had mentioned about million.
June 01, 2021, 02:59:56 PM
Well that's a bit high if converted to my local currency so I'll just keep on hodling.
Just like what I replied to the previous thread, I could have been probably locked out of it.
If I was still enthusiastic in day trading like back then, I would day trade but my light bulb was done for.
Just like what I replied to the previous thread, I could have been probably locked out of it.
If I was still enthusiastic in day trading like back then, I would day trade but my light bulb was done for.
June 01, 2021, 01:02:15 PM
I'll just keep it for what it is and just wait and see whether it'll appreciate in value over time. £10 is an extremely low amount in crypto but given the increases that a cycle has, I will not be surprised if it doubles itself just within a decade. After all, I do have my own stash that I'm using for buying and selling, so setting aside the free £10 wouldn't hurt really.
20 quid within 10 years? Hell man, I'd rather go all in some roulette and get my doubled returns or none at all.
It would be done as an experiment, though. In today's rates, the transfer fees would be insanely high that it wouldn't make sense to use the said amount to gamble, or even if the transfer rates were to be set at 0, it would still take days for the amount to be transferred before I can play, and I have no time for that. Compared to my initial decision, I wouldn't have to do anything at all and that 10 quid would be useful to me.
June 01, 2021, 12:11:22 PM
I'll just keep it for what it is and just wait and see whether it'll appreciate in value over time. £10 is an extremely low amount in crypto but given the increases that a cycle has, I will not be surprised if it doubles itself just within a decade. After all, I do have my own stash that I'm using for buying and selling, so setting aside the free £10 wouldn't hurt really.
20 quid within 10 years? Hell man, I'd rather go all in some roulette and get my doubled returns or none at all.
June 01, 2021, 12:02:15 PM
I'll just keep it for what it is and just wait and see whether it'll appreciate in value over time. £10 is an extremely low amount in crypto but given the increases that a cycle has, I will not be surprised if it doubles itself just within a decade. After all, I do have my own stash that I'm using for buying and selling, so setting aside the free £10 wouldn't hurt really.
May 31, 2021, 06:38:36 PM
£10 is not much worthy at all cause now a days BTC transaction fees is very high. So there is nothing to plan with just £10, maybe I can use it as a micro payment on a custodial platform or sports betting on a gambling website. Often I order products from online, can be used as a micro payment on any such custodial eCommerce platform, cause in custodial platform they don't cost any extra fees for transaction.
May 31, 2021, 06:24:17 PM
For me if you are going to ask me, I have a simple answer to that. And that is to buy another crypto using the money. It was given to me free anyway, then I can gamble it for some startup coin. Of course the question is, is it easy to buy that coin I fancy or not. If its ethereum based then forget about it. I need to buy ETH from a shop then possibly transfer the ETH to the wallet where you can invest it to the shit token you wanted but that would cost a big fee. So I think I will invest it on something I can buy on Binance.
May 31, 2021, 05:56:24 PM
1. Would you store it in a savings wallet to earn interest.
2. Would you leave it and watch it hopefully rise.
3. Would you sell it.
4. Would you trade it for another Cryptocurrency.
5. Would you buy more Bitcoin.
6. Would you do something else with it.
So $10M worth of Bitcoin you do have? Okay that's a dream come true if that's the case 2. Would you leave it and watch it hopefully rise.
3. Would you sell it.
4. Would you trade it for another Cryptocurrency.
5. Would you buy more Bitcoin.
6. Would you do something else with it.
1. Store 50% of it so that's 5M worth of Bitcoin which is intended for HODL
2. 50% would do and the rest for other alts and could be traded of.
3. 10% would be sold for physical business
4.Of course, seeking for another altcoin involvement and trade with it.
5. I do have the money, all you need is to compound profits
6. Be aware and be wise on spending and make it grow rather than putting it to waste.
May 31, 2021, 05:47:16 PM
5. Would you buy more Bitcoin.
This one is the most possible thing to do with £10 Bitcoin. It is not a proper number of BTC to hold in a wallet and you hope to earn profits then. It is a too small number, just assume that it is just the beginning of a serious BTC investment. Of course, need to buy more to expect profits from holding BTC on a wallet. At least, we should hold around $100 in Bitcoin to expect profits.Jump to: