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

[Jet Cash]

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.

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[humanvelocity]

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.

[siedemtrzy]

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.

[Jet Cash]

@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.

[posi]

@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.

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.

[peter0425]

 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.

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.

[kryptqnick]

When I know that I'll need some cash from my BTC over the next month or two, I sell a bit in advance when the price seems pretty good. That's what I do to avoid the 'law of maximum perversity'. Not all countries have reliable bonds you can buy to invest money, and some may require significant sums to invest. I bought a bit of military bonds of my country, but it was just to support my country (Ukraine) rather than as an investment. And once you buy it, you can't get your money back for a time specified in the bond contract (usually 6 months or up to a year), so it's not an easily realized asset in any way.
As for £50, I liked humanvelocity's reply, but I can see that it's not really an option for you. It seems that this money won't make a big difference as an investment, so why not donate it to a good cause, perhaps? Or use it for an experience that you haven't tried or haven't done in a while? Like playing mini-golf, going to a cinema, trying VR. Something like that. I know of your age, so some of these options may be less appealing than others, but there are plenty of things that are worth trying once or doing occasionally.

[CarnagexD]

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.

putting a not much money and expecting it to multiply 4-5x right away is a bad idea and expectation approaching the  market. Keep it for yourself right now and educate yourself first as to how and where you better put it. The best time to invest is when you no longer look for other people's advice for your own financial decisions. It's your money. It's your fund your putting into risk so why taking others opinion.
Create your own conviction first. It's no the doubling or tripling of the Bitcoin price. It should be surviving and preserving your capital is the most important.

[acroman08]

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.

then I'd suggest buying a few mbtc from that money and if it gained profit later this year or next year, use that to fund a car that you'd like to restore. if it were me and not short on money, I'd use it on something I'd enjoy. it's also the reason why I suggest you choose to buy mtbc so if you gain profit from it use can use that to add to your funds to buy a car that you can restore which you enjoy.

[Medusah]

50 pounds are nothing.  If you had won 50.000 we could talk.  If I had won 50 pounds, I would just take my family out for dinner.

[Hatchy]

what you should do with your grand prize, depends on your goals and risk tolerance. if you have confidence and patience on the growth of Bitcoin and you are willing to accept the risk of volatility then buying more Satoshi would be a good option. but if buying more bonds will have a more stable and secured option for your savings and you could actually win more prizes in the future, then go for it.
no one should tell you what to do with your grand prizes. you should make such decisions on your own from your instincts, so you wouldn't come later in the future creating another post and blaming someone on the advise he or she gave you concerning this matter.

[Zlantann]

putting a not much money and expecting it to multiply 4-5x right away is a bad idea and expectation approaching the  market. Keep it for yourself right now and educate yourself first as to how and where you better put it. The best time to invest is when you no longer look for other people's advice for your own financial decisions. It's your money. It's your fund your putting into risk so why taking others opinion.
Create your own conviction first. It's no the doubling or tripling of the Bitcoin price. It should be surviving and preserving your capital is the most important.

Every investor expects to make a profit. It is not proper to put your trust that an investment will get to a particular price but it is not wrong to expect it to increase more than 5 times. The truth is I am expecting my Bitcoin holding to multiply more than 10 times but my financial plans don't depend on my lofty expectations. @Jet Cash is an experienced Bitcoin maximalist and understands financial matters but I think he just wants to gamble with his fifty pounds and wants to get the response of members.   

50 pounds are nothing.  If you had won 50.000 we could talk.  If I had won 50 pounds, I would just take my family out for dinner.

Fifty pounds is a whole lot of money if you invest it. If you take your family out ten times because you feel the money is irrelevant, you have just lost 500 pounds that would have been enough to invest based on your standard. Fifty pounds is enough to buy about  0.003 BTC which is someone's monthly salary in my country. Instead of spending that insignificant sum on luxury, it will be better to gamble it in Bitcoin.     

[Jet Cash]

Never let it be said that I don't accept the advice of Bitcoin Talk members. I've decided to invest £2.50 on a double scrambled egg on toast in the Sainsbury's cafe.

What I will probably do is the see if there is a UK member here who wil sell a few Satoshi to go in the new wallet I have created for my archival node project. That is on hold at the moment, as I haven't checked inside this laptop to ensure that it really does have a second NVMe slot that will accept a 2Tb SSD. This is the thread, which is really aimed at digital nomads -
https://bitcointalk.org/index.php?topic=5450377.0

[Nwada001]

Never let it be said that I don't accept the advice of Bitcoin Talk members. I've decided to invest £2.50 on a double scrambled egg on toast in the Sainsbury's cafe.

What I will probably do is the see if there is a UK member here who wil sell a few Satoshi to go in the new wallet I have created for my archival node project. That is on hold at the moment, as I haven't checked inside this laptop to ensure that it really does have a second NVMe slot that will accept a 2Tb SSD. This is the thread, which is really aimed at digital nomads -
https://bitcointalk.org/index.php?topic=5450377.0

Even with advice from members here, the best advice is always the one given to oneself. You know what's best for you and what you want to do with the extra cash, so I will support your decision.

About buying some SATs from UK bases here in the forum, why not try some P2P options like Hodlhodl and Agoradesk but I also don't know if there is a minimum buy amount if you can purchase as little as £2.5.

[Rupok]

Not all countries have reliable bonds that you can buy to invest money in, but with P2P you can cash out the money.If you believe that you will see a sharp increase in the price of Bitcoin at the end of this year or perhaps at the beginning of next year, then you invest in Bitcoin.But your substantial money for investment will not generate a big profit as an investment.Fifty pounds isn't a whole lot of money if you invest it, which will make your bitcoin investment well worth it.But it totally depends on you

[SquirrelJulietGarden]

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.

Do you really think that buying bond now is a good idea?

In last two months, many banks have troubles and even collapsed because of bonds. I think it is better if you use that £50 amount to buy bitcoin. At least, it will be surely that you will make the £50 to £100 at least because Bitcoin will reclaim its $69,000 all time high in next bull run. For higher price like $90,000 or $120,000, I am unsure but if it happens, you will make your £50 to £150 or £200.

[Jet Cash]

It is a government bond. In fact each bond is worth £1, and entitles you to one entry into the monthly draw. If the government does create a CBDC, then the bonds willl no doubt be converted into the new currency. Of course because the bond is a non-interest bearing instrument that is redeemable at par, you are losing purchasing power because of inflation. I hoped that I would be lucky, and the prizes would beat the inflation rate. I believe that lucky people make their own luck by exposing themselve to potentially lucky situatiuons. Secretly, I hope to win £1,000,000 to buy some woodland to preserve  and help the environment. Being realistic, it probably won't happen, but I still have the basic purchase price of the bonds as an emergency reserve fund.

[DeathAngel]

£50 isn’t going to do a lot for you in bitcoin these days but sure, go for it. You can probably x 4 your money by the end of 2025.

It depends how much bitcoin you already have though. If you don’t have a lot then do it, yes. If you have a nice stash then just buy the Mrs something because £50 isn’t going to make you rich buying bitcoin.

[Cryptomiles1]

@Jet cash, why not leave it as spare cash to your savings account maybe for emergency purpose. I understand that investment is very important and or even to enroll again with at least £25 is also good instead of stressing yourself with little cash or want to get something quickly you don't need to alter your money in the bank. In other hand if you look at buying bitcoin will yield more value then is also good to buy and hold since the market is getting ready to take a new flight.

[humanvelocity]

@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.

Appreciate the merits boss