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

[BlackHatCoiner]

As said by @mocacinno, the key word here is “new”. If I was new to Bitcoin, I wouldn't consider those £10 same like I would right now. If you're new, you shouldn't spend them, but rather experiment with them. If you wanted to try trading, then that's your chance to see their charge. Deposit it on exchanges, conclude when you'll have the least fees.

If you want to learn more about Bitcoin, test the wallets, even though there's the testnet for these situations. I would discourage you to keep them. Investing £10 on Bitcoin doesn't make you long-term rich anymore.

[wack slacker]

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.

For a sane person, he would fake multiple Bitcoin accounts to get more and then collect them and exchange them for cash. Others will trade practice. For me, I probably won't care much about it because its value is too low or gambling at the sites.

[BrewMaster]

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.

i thought about this before (giving away small amounts to friends to let them learn about bitcoin) but in the end i decided that letting them learn about how to use bitcoin through testnet is a lot better than through mainnet.
using testnet they won't have to worry about money so they won't get greedy to hold it and never use those coins to learn anything. also if they make a mistake and lose it they are still losing a worthless coin (tBTC has no value). on top of all that you can give them any amount not just a small one and they won't have to deal with possible high fees if the time they were using bitcoin coincided with a network congestion.

[bryant.coleman]

This thread caught my attention unintentionally.. I still remember the time when I first registered as a member to this forum (that was back in 2012). Back then, there were a lot of give-away threads, where experienced users would simply donate BTC0.01 or BTC0.005 to the new members. Back then BTC0.01 was worth around $0.05. But the same coins will be worth $360 now. So you can compare what would have happened, if you used those coins in each of the six options listed by the OP.

Some of the users might get irritated at me for posting these old stories again and again.. but I can't help. Bitcoin completely changed my life. I am still nostalgic about the time when I first joined this forum and made my first posts.

[AniviaBtc]

I will surely search for it maybe it will make me rich or whatever if I'm in his shoe.

Sometimes there are a lot of things in the world who are really a blessing in disguise so it is really a must to look for knowledge about something new to you.

A £10 Bitcoin is a huge money and I don't think the someone will refuse to have it instantly for free.

[nurilham]

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.

[Lanatsa]

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 


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.

[iTradeChips]

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.

[Iranus]

£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.

[dothebeats]

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.

[UserU]

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.

[dothebeats]

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.

[isaac_clarke22]

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.

[Fatunad]

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.

[Anonylz]

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.

[virasisog]

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.

[ethereumhunter]

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.

[Kakmakr]

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) 

[UserU]

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

[20kevin20]

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.