I won £50 - should I use it to buy Bitcoin?

[Jet Cash]

@Broadanbig
Thanks for the kind words, but Bitcoin and Bitcoin Talk were very different when I first joined. It was much more experimental, and there were more security risks when making online fiat payments. I don't remember there being signature campaigns either. The forum now seens to include many members who see it as an income source, and will sell any Bitcoin they may receive for fiat currencies. Many of the former members have become extremely wealthy, and have left. I don't think my experiences as a not very significant newbie would be of much interest. They would be about as useful as my experiences with my first "computer" ( an IBM 421 using plug boards and punched cards ), or my first motor cycle - A Matchless 350 with girder forks and a magneto.

[1715152650]

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[Zanab247]

@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.

Going through your write up, I knew you are not asking for financial advice than to attract people to be more focus on gamble which is the hardest way to make money when you don't have the knowledge of gamble. But it will be better to let you know that you can still do something that will make your children to benefit when you pass out from this sinful world, and It will be better to start investing in BTC since you are a pensioner and you used to receive monthly salary, I believe this is the right time to save money for your children to enjoy. Don't forget that anything you sow for your children will surely grow higher to bring potential fruits that will sustain your children and you for the rest of your life.

[benalexis12]

@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.

It's a good thing that you're enjoying your life now, although we know that most of the people around the world don't enjoy life in reality because of the lack of finances and you're lucky because you're one of those who don't have problems with it.
But you take the chance to enjoy everything you have in your life now. And I rarely see anyone who likes classic cars. It's true what someone said that made you happy too, maybe if I win 1000$ I can invest in Bitcoin but that kind of amount is better to spend it for the person I love to date.

[crypticj]

I recommend using any extra money t buy bitcoin. You will buy little by little and eventually, you will have one whole bitcoin. I think it's important to start this process and don't think about how many bitcoins you are actually buying, it could be £10, £15, or £50, but it's still good.

And even if you just invest £50, you will still get some gains when bitcoin will go up. So it's a win-win situation.

[Texac]

@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.

Going through your write up, I knew you are not asking for financial advice than to attract people to be more focus on gamble which is the hardest way to make money when you don't have the knowledge of gamble. But it will be better to let you know that you can still do something that will make your children to benefit when you pass out from this sinful world, and It will be better to start investing in BTC since you are a pensioner and you used to receive monthly salary, I believe this is the right time to save money for your children to enjoy. Don't forget that anything you sow for your children will surely grow higher to bring potential fruits that will sustain your children and you for the rest of your life.

as a retired person, you don't need to save anymore.  Saving at that age is useless, enjoy life for yourself instead.  saving at that age is useless, enjoy life for yourself instead.  If you have children, now is the time for them to take care of you, not you to worry and save for them.  they need to be mature and independent in everything, you should not be so wrapped up in them that they become weak when you are not around.
in the OP's case, I'd rather gamble with stocks than invest £50 in bitcoin.

[CYBER_COWBOY]

I always buy bitcoin when I get some money over even if its as low as $8... I can do this several times each week and the amounts is all from around $8 to $25.
In the end the total amount gets quite high.
Maybe its not worth to invest a small amount just once, but do it over and over again is not bad.

[Jet Cash]

I worked for the London Stock  Exchange for a while, and I've made money in the past from share dealing. I don't think I could do it now. I don't respect most of the big corporations, and I have no empathy with, or understanding of the modern consumer. I think you have to be stupid to buy a Tesla, but it is the fastest grown, and, I belive, the largest motor manufacturer now. Why anyone would want to purchase a limited use, environmentally damaging expensive vehicle, that can be bricked at the whim of the manufacturer, I cannot understand. I have much the same opinion of Apple products. As you can see, you shouldn't take any financial advice from me. I hope this thread has been helpful for members though. There are many suggestions that you can apply  to  your personal financial situation.

If I could make any suggestion, it would be to get out iof the shackles of a bricks and mortar life style. Get yourself a large van, and convert it into a comfortable living space. You wouldn't believe how much freedom it gives you, and how much it increases your health by reducing stress related to government controls and restrictiuons. I wasn't locked down during the Covid panicdemic, and I avoided the crippling injections.

[worle1bm]

If you really want to invest money then you should proceed further without asking for our advice as these small investment will also make change in future when it will be worth more.But you can also save that amount for yourself as others have said here to get something for you as winning prizes gives us joy which can be celebrated in different ways so if buying bitcoin is what you have planned go ahead but if have other plans focus on them because you will get more chances of investment later on also.Although investment is good but planning and management is necessary in everything.

[touseefahmad1999]

It's great to hear that you recognize the importance of diversifying your savings and not relying solely on Bitcoin as an investment. While Bitcoin can be a great long-term hedge against inflation, it is important to have a mix of assets that can provide more immediate liquidity and stability.

As for what to do with your prize money, it ultimately comes down to your personal financial goals and risk tolerance. If you are looking for a low-risk option with a chance of winning more prizes, buying more UK National Savings premium bonds could be a good choice. On the other hand, if you are comfortable with the risk and believe in the long-term potential of Bitcoin, buying some Satoshis could be a good way to participate in potential future growth.

It's important to note that investing in Bitcoin carries risks, as its value can be highly volatile and subject to sudden changes. Therefore, it's important to only invest what you can afford to lose and to not put all of your savings into Bitcoin.

Ultimately, the decision on how to use your prize money should be based on your personal financial goals and risk tolerance. If you are unsure, it may be a good idea to speak with a financial advisor who can provide personalized advice based on your specific situation

[GigaBit]

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.

I agree with you that the portfolio needs diversification. The decision you have taken is not unreasonable. If using £25 and wins a prize worth £1,000,000 your life will change. But since this is a lottery, the chances of winning here can be very low. Even though you've already got £50 it means there will undoubtedly be a chance of winning the lottery. If the opportunity is relatively high then you should definitely put your money at that platform. And if you think buying Bitcoin and holding it for a long time will make you happy at 3x or 4x then you can invest. In UK National Savings premium bonds you have to depend on your luck. But if you hold in Bitcoin, you can definitely get returns from there even if it is a small amount. Even though Bitcoin has high reliability but i don't want to underestimate your thought.

[coolcoinz]

@Broadanbig
Thanks for the kind words, but Bitcoin and Bitcoin Talk were very different when I first joined. It was much more experimental, and there were more security risks when making online fiat payments. I don't remember there being signature campaigns either. The forum now seens to include many members who see it as an income source, and will sell any Bitcoin they may receive for fiat currencies. Many of the former members have become extremely wealthy, and have left. I don't think my experiences as a not very significant newbie would be of much interest. They would be about as useful as my experiences with my first "computer" ( an IBM 421 using plug boards and punched cards ), or my first motor cycle - A Matchless 350 with girder forks and a magneto.

You have to expect this to happen on an international forum where guys like you, who were making decent money at work and have savings, investments and all that, clash with people from Pakistan or Bangladesh, where an equivalent of $0.5 actually has value and allows you to buy food or drink. First time I saw how much money people in some part of the world make at their jobs, I was amazed that it's possible to earn so very little. $50 that a signature campaign pays out weekly is huge money. Money that puts food on the table for the whole month.

I don't think that people left only because they got wealthy. There's many old users, or not that old, but people who bought bitcoin below 1k USD, who are still here. I was here when bitcoin was at $600 and I was here at $60k and I'll be here at $100k, unless something bad, or unexpected happens to me. Some people just become burned out, tired of the forum. A few old members simply died. The community is going to change as time goes by.

[el kaka22]

Even though we are in the bitcointalk forum and most would say yes, I will have to say no. I think 50 pounds is too little to buy bitcoin with, since considering it would mostly be eaten by the transaction fees as well, from bank to exchange to trade, all will be taking some time and there is no need for that. I would highly suggest that people should be doing what they always need to do and earn more before they invest.

Get as much money as you could, and use that income to buy bitcoin. Reach to a level that is at least 200, if possible 500 is a better place to start. That is of course when you go from outside to inside of crypto. When you get paid 50 bucks in crypto, that's fine, because it's already in crypto, not fiat that needs to be turned into crypto, that's much better.

[panganib999]

Even though we are in the bitcointalk forum and most would say yes, I will have to say no. I think 50 pounds is too little to buy bitcoin with, since considering it would mostly be eaten by the transaction fees as well, from bank to exchange to trade, all will be taking some time and there is no need for that. I would highly suggest that people should be doing what they always need to do and earn more before they invest.

Get as much money as you could, and use that income to buy bitcoin. Reach to a level that is at least 200, if possible 500 is a better place to start. That is of course when you go from outside to inside of crypto. When you get paid 50 bucks in crypto, that's fine, because it's already in crypto, not fiat that needs to be turned into crypto, that's much better.

Pretty sure this man is a topdog in this community, and he's doing that because he supports bitcoin. Saw from another thread that he's been living off the grid with only bitcoin by his side too, which is why I humored his idea of buying bitcoin, albeit advising him to save a little for himself so he can still enjoy life. In any case, for a regular bloke, it still wouldn't make sense not to let them buy bitcoin even if it's as low as 50 bucks. The fees aren't that high as you're making it out to be (at least for now) and I think it's a good way to act as a gateway to the bitcoin industry, especially for people who are cautious with dipping their toes in the water for various reasons. So no matter what, I'd still advise them to buy bitcoin with as much money as they can fork, but for jetcash, yeah he's good he better have spent it or at least a portion of it on a nice dinner.

[ektotanes]

First of all, congratulations to you!
Secondly, I think it's not a good idea to seek financial advice here. But personally, I would invest this money in bitcoin or make some kind of gift to my loved ones. Money is not a goal, it's a way to achieve a goal.

[Mr.right85]

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.

It's always a good idea to diversify your investments and picking a page out of this bond isn't out of place. You've got your prize money and that's cool. There are hopes for more and that's another encouraging fact too.

I think you might have had your ideas about what you want but, should you not feel satisfied or your goals unachieved by taking the bonds, you could as well top your portfolio on it. Just hope its not something that is pushed by prize in the form of a million  pounds. That would be you stimulating your greed and its something we hope to avoid.

On the other hand, the £50 prize won suits well for a spare cash and that's what you need to pick a bitcoin investment, spare cash. You really get to scale things and pick one that suits.

[phuhuyxyz]

I recommend using any extra money t buy bitcoin. You will buy little by little and eventually, you will have one whole bitcoin. I think it's important to start this process and don't think about how many bitcoins you are actually buying, it could be £10, £15, or £50, but it's still good.

And even if you just invest £50, you will still get some gains when bitcoin will go up. So it's a win-win situation.

In my opinion, when to buy btc and how long you keep it is important. if you buy when the price is at the peak of 64000usd it is different from when you buy it at 16000usd. Let's darken your investment yield! that's one good idea. Start with the first £50 and buy more at the right time.

[crunck]

First of all, congratulations to you!
Secondly, I think it's not a good idea to seek financial advice here. But personally, I would invest this money in bitcoin or make some kind of gift to my loved ones. Money is not a goal, it's a way to achieve a goal.

This is a forum about finance and investment, if you are not here to discuss and share about investment, what are you doing here? You don't have to listen to anyone, but you can consult everyone's advice and make the final decision yourself. It's just 50£ too small to do anything. I think he's just creating a thread to see people's reactions rather than looking for financial advice.

[Jet Cash]

I've just discovered that the chance of winning £1,000,000 with a single bond in any one month is 1:60,000,000,000. It's a good job there are 2 prizes every month. I don't think my £50 would move me any closer to being able to buy a million pounds' worth of woodland.

[loopes]

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.

that is may be a debatable option to do, more over for people who like to hold their investment as a passive income. the first option to put your £50 prize to buy more UK National Savings premium bonds. those have no risk and giving a chance to win bigger prize every month. But in the other hand, no one know how huge bitcoin's price will grow in the future. off course with high risk that will always haunt you. But i prefer to choose invest your £50 into bitcoin because it will give you more profit.

[wiss19]

If I were you, I would probably not invest that but instead use it for something else that I wanted or maybe just keep it for when I might need to spend it somewhere, but if I were to invest in somewhere and I had these two options, I would probably first see and find out how often are bonds bought by the public to analyze my chances of winning.

And then, if there is a very large amount of people buying and keeping bonds, making the chances of winning a prize very small, I would probably go with Bitcoin, but if there aren't a lot of bond holders and I can have more chances of winning a prize if I invest what I've won, I'd go for it.