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

[karmamiu]

If you are not guilty uaing that money then you should buy it, that is your decision to make. Alrhough I also believe that good things are coming this year in terms of market prices, let us also not forget that everything can happen and changes are bound to happen no matter what we say. So it is best that we are still careful.

I had also once won an amount and I trier buying crypto with that amount and kept it separately just in case.

[panganib999]

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.

Agreed. Live a little my friend! I've seen your posts and you seem too invested in bitcoin and all its shenanigans (which is not wrong, I'm not trying to tell you how to live your life) but I guess it wouldn't hurt to take yourself out for a nice break every now and again, to maybe relieve yourself of all the stresses that you may have accumulated over time. If that still doesn't sit well with you, bitcoin maximalist as you are, You could stand to buy bitcoin with a portion of the 50 you won and the rest you keep for yourself. That way you'd have some money to ball out while the rest you put back into your system of investments and watch as it grows.

[drwhobox]

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.

Don't see the profit for 50£ it will be big over time plus OP is OG in the forum so don't you think he can make more with this 50£?

I agreed with the dinner part and I also did kind of same with bonus money. I use my commissions from binance to spend on myself and other stuff out of business. As an example yesterday I withdraw my commission for the last month to buy playstation games. It is nice to spend occasionally on something that not involved in business rather in life.

[The Cryptovator]

I have known you for quite some time, and I understand that everyone's circumstances and preferences are unique. If you were new to Bitcoin, my suggestion would be to use that £50 to buy Bitcoin and hold it for an extended period of time. I am aware that you are not concerned about earning money from this forum via a signature campaign, where you could potentially make over £100 per week. Therefore, I am curious as to why you are contemplating investing £50 into Bitcoin when you could earn a modest amount instead. Even if the price of Bitcoin were to double after a year, you would only earn an additional £50. Thus, it may not be the best option for you to invest £50 in Bitcoin. Instead, you could use the funds to enjoy yourself on the seaside.

[lalabotax]

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.

In this case, it will surely depend on your money management and affordability of you to buy or not. Sometimes, people prefer to divide their money to decrease the chance, but they are stil capable to gain the profits. If you are willing to make saving on beside Bitcoin, I think that diversfying your money into Bitcoin for half and other for your sabing wil be wise enough. It is better than forcing is to invest fully in Bitcoin but we cannot afford the risk.

[Jet Cash]

I'm impressed with the diversity of replies in this thread, and almost all of them are sensible and reflect a consideration for the varity in members income, wealth and work demands. It made me realise how lucky I am to be retired with sufficient income to choose  the quality of food that I eat. I know I post about eating nettles, dandelions amd other hedgerow foods, but that is because I believe they are healthier. The fact that they are free is jast an added bonus. I prefer to buy wild caught north Atlantic salmon, rather than farmed salmon even though it is much cheaper. My concerns for the current farming practices and food preparation makes it difficult for me to eat in restaurants.

One thing that posters don't seem to have picked up on is the fact that, hopefully, this win is not an isolated instance. With premium bonds it is rather like buying a season ticket to a lottery, and, as long as you continue to hold a ticket, you are entered into a monthly draw, and when you want to withdraw your funds, you get the whole amount that you paid refunded. I have a few thousand tickets, and hopefully that will give me a continuous, but erratc, income stream. This is the alternative to the interest that is normally paid on a savings account. If I decide to use the £50 winnings to purchase Bitcoin, then I will do the same with all future winning up to £1,000. I'll review the decision at that point. In many ways it a variety on the pound cost averaging investment policy adopted by several Bitcoiners.

I try to build my Bitcoin savings by a variety of indirect means, and at the moment I am endeavouring to sell a domain name for 0.1 Bitcoin, but I am having problems in persuading the buyer to use Bitcoin. I did send him a link to this forum, and I even started a thread about it, but there is still a lot of reluctance to use Bitcoin. Silk Road and the dark web still seem to be colouring the public perception of Bitcoin, and that is why it is beneficial if forum members can publicise legal and reputable uses for Bitcoin.

Just to clarify a bit about my savings. I believe in diversification during these uncertain financial times. I have a few secret hoards of cash in case the banking system shuts down. I have an interest bearing savings account for minor emergencies, and a current account for daily use. I also have a credit card which I use to try to preserve a good credit rating. Not an easy task when you are a van dweller. I've also got a quantity of old silver coins in case fiat currencies lose all credibility, and I save scrap copper as another hedge against inflation. Despite Bitcoin's volatility, I believe it is one of the best hedges aginst inflation, and that is why I am considering the purchase of more coins. This is despite its ( to me ) current high price and volatility. I did try a bit of ungeared scalping, and made small profits, but I spent a lot of time in MacDonalds drinking coffee to do this. It was educational, but I've moved on.

If I win again next month, I'll bump this thread, and hopefull that will continue for the rest of the year. But I've just had 4 months without a win, so I am not optimistic.

[Renampun]

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.

if I was in your position, of course, the choice is very difficult but anyway (tell a little; I have been faced with a case that is almost similar to yours when I win a gamble, will I use the winning money to buy bitcoins or make it capital in multiples, in the end, I make it in 50:50 portions), all your choices are in your control, btw do you not have the plan to share it in 50:50 portions, I think it could be your option if you don't want to feel bad (like my case).

[John Abraham]

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.

Hi, Jet Cash. If I am not wrong, You will be 81 on June 20. Keep that Cash for yourself and buy a good thing for yourself on your Birthday. Life is too short. You don't have to invest or save everything you win or earn. Sometimes we make and gather many things but cannot enjoy them. We don't have enough time to enjoy our life. We spend the most time on earning and savings for the future. But where is the future? What is the future? If you are old enough. Suppose you are over 70's. Enjoy every day. Don't overthink.

As You said many times, You are a Bitcoin Maximalist, and I believe you already hold a good portion of Bitcoin. Let it grow, and enjoy your fiat money. Give some good gifts to yourself. I may not be able to remember your Birthday on the exact day. But Happy Birthday in advance, Jet Cash. Live Long and Stay Strong.

[YUriy1991]

@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.

Alright, well, @humanvelocity, looks like you have a few options to choose from. Fine dining out, delicious steaks on the beach, or the thrill of restoring a classic car. But let me ask you this, why not eat your steak on the beach while restoring a classic car?

After all, what would life be without a little adventure and challenge. Talk about living a dream!

[Jet Cash]

I'm starting to get a feel for the variations in prices around the world. I'm in Hampshire in England, and that is a fairly prosperous county on the south coast. It includes Winchester, which is the former capital of England, well when it was largely Wessex. It also includes Winchester college which is one of the major public schools ( remember that in England public schools are the expensive private boarding schools like Eton), and the second most important crown court after the Old Baiuley. A single room in an out of town motel costs about £100 per night, and a decent bottle of wine in a good restaurant is likely to cost more than £50. It looks as if a Big Mac costs £4.79 according to a delivery company, although that isn't something thatr i would buy. A cleaner in the local supermarket earns £10 per hour before taxes. Petrol is currently £1.55 per litre in the cheaper supermarkets. That is for the lower calorific E10 variety, that the government is trying to get us to use under the guise of saving the planet. E5 petrol that gives me more miules per gallon, and is thus cleaner in reality is about 6 pence more expensive. Have you noticed that the green initiate that is supposed to be saving the planet always seems to result in the destruction of green trees and vegetation to be replaced by concrete, glass and other inert surfaces. I think I will start to refer to it as the grey new initiative.
Anyway back to the topic of this post. I am now certain that I will use the £50 to purchase a few Satoshis ( should the plural be Satoshii ). And I will use that to test my new Bitcoin node when I have downloaded the whole blockchain. It will be interesting to see how efficient an internal NVME M.2 will be. With the way things are going it will probably need to be a 2Tb version, and I hope this machine has a second slot for such a drive.

[Coin_trader]

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.

£25 will not gonna increase your winning chance rate by high percentage. Actually, it’s almost negligible if you will reinvest it on bonds while it doesn’t have any interest.

Bitcoin is your best option here to maximize your profit in long teem since this money is just an extra cash for you. You can consider it as DCA purchase if you will regularly use the lottery prize on purchasing Bitcoin. This will give you huge return in the future compared if you will just reinvest it on bonds with small amount. Maybe you can reinvest once your funds on Bitcoin is already huge.

[yazher]

That's well advised though because nowadays you don't know which businesses are yet to fall because of these conflicts all around the world and to have multiple sources of income with different choices of currencies and trades, you will easily survive if there will be chaos in the future because you have a variety of choices to fund yourself but most people don't really care that way because they only focus on today's happening. most of them don't have any future plans, especially in financing themselves and keeping their money in more trusted sources.

[KiaKia]

Must you spend any extra money that comes your way? Turn the money into USD and keep it, there are many ways you can grow up with 51$ using crypto, if you know how to trade 50$ is enough to start.

Some people are accumulating Bitcoin using 50$ every week or month, if you think you can do the same then start from somewhere, Rome was not built in one day, you can also look onto other crypto projects, and you can make good money with 50$ invested in q good project and you can later exchange your profit to Bitcoin for long term hold.

[DiMarxist]

We don't decide for person to invest in bitcoin, but is person's choice to invest, you can use it investments or something things that can give you return of a profit. If you you want to invest, invest in other crypto projects that can give you a little profits or use that £50 to use small business that will gain from it. And if you want to buy bitcoin, buy and hold for long-term for you to get double of your your money that you use to invest.  Therefore, I am curious as to why you are contemplating investing £50 into Bitcoin when you could earn a modest amount instead. Even if the price of Bitcoin were to double after a year, you would only earn an additional £50.

[m2017]

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.

Just as 50£ won't get you all the pleasures in the world, so investing 50£ won't make you a millionaire. Actually, you are right, humanvelocity.

"Easy come - easy go": Spending 50£ is not such a bad idea, because it's prize money that can be treated as a bonus.  No effort was required for this, which means that if you had these 50£, that it were not there, nothing would have changed.

~snip

What to do with these 50£? It can give them to someone from relatives, to whom it will help or simply please. Yes, even to anyone in need on the street.

Better yet, buy bitcoin and give it to your friend to join bitcoin-community.

[Z390]

OP,  what are you expecting people to say or what kind of advice are you expecting people to give you? this is a bitcoin discussion thread and yes many people will say that you should buy Bitcoin instead but I would like to ask if you have any other source of income because $50 invested in Bitcoin today won't give you a better return tomorrow so if you really want to continue investing in Bitcoin then this is a good time to start.

You can invest this $50 you won into bitcoin but know that it is not enough for a long-term hold, make sure you keep dollar cost averaging into Bitcoin starting from now before bitcoin halving get here probably between April of the year 2024.

Between this period of time it will be too late to keep buying Bitcoin again because after every halving, bitcoin value tends to grow higher and the wisest way to make money out of Bitcoin investment is buying the dips and when the dips are no longer available it is over.

[Victorik]

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.

Nice advise I must say.
I have personally experienced that the more you want to be greedy with money, you tend to lose it.
Like you said, let go and enjoy his money before you end up losing it.

[Mate2237]

Your topic question would have been asked by a newbie, you are a legendary member and have known what is bitcoin and it important, so if you won £50, you know to do with it because you are an experience person in the ecosystem.

If I were you, I would. Have use it to invest what will bring more profit to my extra income. If buying of bonds will profit you then you go for it. And that was why I said, you are man of your own decisions. By right you do have to create thread for it but for discussion sake. You know the most valuable asset among the two. Since you said, you want to diversify your investment then that is a good plan. And one thing I will say, remember you got the money from the purchase of the bonds. So don't rush to invest on bitcoin but still try the bonds.

[bayu7adi]

When I receive prizes or rewards from events or lotteries, I have two goals in mind. I have received them several times and before spending them, I always calculate the net profit from the prize because sometimes I pay some money to get it.

The first goal is to shop as a self-reward to motivate myself, the amount depends on my needs but it is definitely not more than 33% of the total prize I receive. I usually enjoy eating expensive food that I have never tasted before or buying sports equipment because I love sports. I do this purely because I like it and I feel happy when I buy or do it.

The second goal is to invest. The amount is always more than 66% of the total prize I receive. Sometimes I buy Bitcoin through a local exchange and sometimes I buy some necessities that will generate more money. This is because I also have other businesses in the real world. But the main point is to spend most of it on productive things, whether it is cryptocurrency or anything else that you think can bring in more money.

[hannahB4]

Nothing in your write-up denotes you own a Bitcoin before now, just that you know about Bitcoin. Naturally this is your money you have the right to do whatsoever you please with it from the point you raised but for me, I will see from this angle, which one will yield more profit to me in the next one year, after reaching a conclusion you act on your decision.