What would you do if you were new to Bitcoin and given £10 Bitcoin For Free

[MMBITES]

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.

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[Beparanf]

Seriously 10£ in Bitcoin? That is not even for the transaction to transfer the fund into other wallet or investment plan that you mention on your thread. If ever the mempool is not full, Maybe the leftover Bitcoin is not worthy for investment or for converting in fiat.

For me I will just transfer it on gambling casino and bet it on dice in one roll to multiply it immediately.

[mocacinno]

The premise of this question is that you're new to bitcoin... This changes quite a bit... It also depends on the fact if these people were actually interested in bitcoin and searching information about it before you gave them 10 pounds worth of BTC or if you were "cold-calling" them (more or less) by advertising on non-crypto related webpages or spamming their inbox, or handing out physical flyers on the road.

Truth be told, if somebody i didn't know would walk up to me on the street and give me a handfull of magic beans right now, and a couple meters down the road there was a guy shouting: "i'll buy your magic beans for 10€", i'd sell them without giving it a single tought...
If i was actively investigating magic beans, and i was already interested in purchasing some to HODL, and somebody would walk up to me and give me some for free, i'd put them in my pocket in case and HODL even if there was a guy shouting he'd buy them from me for FIAT.

The thing is, by asking this question on this forum, you might get an extremely biased result... Most people in here are not new to bitcoin... Most of them are active in the community for years... It's very hard for us to imagine being new to bitcoin, and being confronted with it for the very first time.

[Toshko]

With 10 quid you could learn how to do a transaction. Create a couple of wallets and practise transfering in between them. It's still very useful knowledge for a beginner.

[btc-room101]

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.

Say what? The feed on sending BTC is $15 right now, so your 10 quid isn't even enough to cover fee's to spend it, say you had $20 USD, then could send a friend $5

If you sold you would lose on the transfer, and the exchange 20% grab, you would still get zero

Say I buy $100 USD of bitcoin, I get $80 because of exchange losses and fee's, then I transfer to my address and I lose $20, then I go to sell it and I take home $50, this is bitcoin.

10-GBP is like 0.000001 BTC these days, smaller than the transaction fee, you have entered the world of nothingness

Next time say 100-EURO, then you can watch it become 50-EURO in just a few transactions.

[acener]

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.

To be honest if it was back in my newbie days I would just take it and convert it into Fiat and enjoy,
But now that I experience and learn more about crypto I would surely keep it and buy more to earn more.
I used to earn crypto back then and whenever I could I would instantly convert it into Fiat and show my friends and family member that earning in crypto is real.

[mocacinno]

--snip--

Say what? The feed on sending BTC is $15 right now, so your 10 quid isn't even enough to cover fee's to spend it, say you had $20 USD, then could send a friend $5
--snip--

Code:

bitcoin-cli estimatesmartfee 6 ECONOMICAL
{
  "feerate": 0.00002737,
  "blocks": 6
}

that's the current economical smart fee with a target of 6 blocks in BTC/kB... So, with a 3 sat/vbyte fee you should have a decent chance of getting in on of the ~6 next blocks...
A one input, one output tx from a segwit wallet has a size of ~140 vbytes, so a fee of 420-500 sat's should be sufficient if you spend your unspent output all at once RIGHT NOW (as we speak)... That's 18 cents, not $15...

The fee isn't a fixed thing... It's an incentive for the miner to put your transaction into the block he's trying to solve. It fluctuates (heavily). It's not because you had to spend a hundredfold of the current fee last week, that this remains true forever . Bottom line: if you get 10 pounds worth of BTC, and you're fine with waiting a couple of weeks, you'll probably have the chance to spend it without paying half (or more) of the value in fees...

[o_e_l_e_o]

Say what? The feed on sending BTC is $15 right now, so your 10 quid isn't even enough to cover fee's to spend it, say you had $20 USD, then could send a friend $5

We've been clearing 1 sat/vbyte transactions for several days now. If you are paying $15 for a transaction then you are being ripped off. A standard transaction of ~200 vbytes will cost in the region of 5-10 cents.

If you sold you would lose on the transfer, and the exchange 20% grab, you would still get zero

What exchange are you using that charges 20%? Most charge around 0.5%. Again, you are being ripped off.


I like Toshko's answer above. £10 is currently worth around 0.0004 BTC, or 40,000 sats. This is enough to make dozens of transactions. You can create multiple wallets, practice writing down seed phrases and restoring from them, practice making transactions between your wallets, notice the difference in size between legacy transactions and segwit transactions. Maybe even use half of it to buy yourself a coffee or a gift card. Enough to learn some basics and get your interest growing. Then you can decide whether or not your want to buy more.

[bitterguy28]

5. Would you buy more Bitcoin.

How could you Buy more bitcoin if you are only awarded with just bitcoin? kinda  irrelevant .


But aside from this one, i will do everything that mentioned.

I will buy other coins, some will be converted into Fiat, some will be invested into another businesses and many more .

[indo1]

2. Would you leave it and watch it hopefully rise.

I will do that, Because I know bitcoin can grow even better in the future, Although we often see an unstable market, but according to the data in the long run bitcoin has a good development and always rises.

[Lucius]

Say what? The feed on sending BTC is $15 right now, so your 10 quid isn't even enough to cover fee's to spend it, say you had $20 USD, then could send a friend $5
10-GBP is like 0.000001 BTC these days, smaller than the transaction fee, you have entered the world of nothingness

Such a great expert, and does not even know how to calculate the price of the transaction at a given time, surely you are dangerously affected by the Chinese air you are exposed to every day while performing complex operations of loading and unloading goods at the freight terminal.

Seriously 10£ in Bitcoin? That is not even for the transaction to transfer the fund into other wallet or investment plan that you mention on your thread.
For me I will just transfer it on gambling casino and bet it on dice in one roll to multiply it immediately.

Another one that hasn't learned how to set the fee correctly, which means that it must have overpaid its transactions several times - but that may not matter because if it's already throwing money in the wind, then it's better for crypto miners to take it than some gambling site.


If I personally didn't know what to do with such an amount, I would give it to charity - it would certainly help someone, because some people believe it or don't work for a whole month to earn that amount.

[davis196]

If I was a total newbie,I would most likely sell it for fiat money.
After almost 5 years in the Bitcoin community,I don't consider myself a newbie anymore,so I would just HODL any amount of BTC that I earn.It doesn't matter how small it is.
OP,you are asking this question as if you got 10 pounds worth of BTC for free.Did you really get that amount and who gave it to you?

[cheezcarls]

This reminds me of the time when Bitcoin Cash CEO Roger Ver personally gifted me £10 worth of BCH after meeting him in the conference almost 3 years ago. You know what he said to me? #HODL

However, I sold it after a year when my £10 doubled to £20 and learning how to transfer it to another BCH wallet.

If I were a newbie who was given £10 worth of Bitcoin, I choose to learn how to send it to another wallet. I received my first $20 Bitcoin when I was doing an e-sports blog post for a client, and I learned how to transfer it to another BTC wallet then storing it until I have accumulated enough Bitcoin to convert it to fiat.

[Obito]

I'll take it as long as there is no hidden intention behind the gift of £10 worths of bitcoin, I mean as a newbie, you really don't know how to use it and it's uses so the most rational thing to do is hold on to it until you figured out what to do.with it.

[Kez1817]

If I am a newbie, I will use that 10£ in learning how to transfer funds to other wallet or use it to start learning how to trade. 10£ is really small amount but for me I can start trading with such amount through altcoins because if I trade bitcoin that's not enough and can only gain a very small profit if ever you'll not lose. If you just buy bitcoin in that amount and just hold, that's not profitable. Earning huge profit is also depends on the capital amount you will use.

[pinggoki]

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.

If the price of the bitcoin is like on the last time which is over or around $60,000 definitely I will sell it immediately because I am pretty sure that I will earn x3 of the price that it was given to me because at the first place, this bitcoin is just a gift to me then what you will do on a gift? Of course you will take profit on it especially if the gift was bitcoin and not a material thing. Another thing that I will do is to just use it for trading especially that now is a good time to trade where in the market was full of nightmares and because of the market crash that happen on the past days.

[Ararbermas]

If someone give me £10 Bitcoin for free maybe hodling is the best option on this situation because bitcoin down now in the market so it has big potential to grow up again, or i will make it half for trading so that at the same time i can make profits even just short term.. Actually those you have mentioned above is a good idea as well but for me this two option is enough in personal opinion..

[androyster]

Does it come with unicorns?

[Haunebu]

Honestly, I would HODL it since the fees themselves are close to $10 these days. I would transfer it to my wallet and store it there along with other cryptocurrencies. I would sell my entire BTC amount at once if I like the prices and if it reaches my optimal target.

I have been utilising this particular strategy ever since I began dealing with cryptocurrencies a long time ago.

[buwaytress]

They did a social experiment in MIT in 2014 giving all these highly intelligent kids $100 in Bitcoin.

You'd be surprised at how psychology affects what you do with that Bitcoin too -- impossible to do this experiment now in most countries, but I suppose still a lot of space in emerging economies.