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

[Fivestar4everMVP]

Well, £50 is not so much money and can't really buy much in terms of investing the money in bitcoin, though this would have really been a great decision had it been the money was lager, reason being like you stated, we all are anticipating a bull run towards the end of this year or early next year, and if you buy £50 worth of bitcoin right now at this current price, even if the price of bitcoin skyrockets to $100,000, profit made from your £50 wouldnt be so significant..

So If I were you, I think I would buy more bonds with the money, so far I am already holding a bitcoin bag somewhere, but if it be that I am not holding a single bitcoin or satoshi, I would buy bitcoin with the money, for a start.

[1714197576]

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[darkangel11]

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.

Great choice, although being your age, I can't say with certainty that I'd do the same.
At the moment I'm still in my 30s and I'm a believer in bitcoin. I just know it's going to be worth more than it is now and that this wasn't it's last ATH in 2021. Knowing that and having years to wait (hopefully) I'm ready to put my trust in bitcoin and see how it goes. I bought years ago, not expecting much. I accepted that it could go up only 100% over the next 10 years and felt good holding it. It went up more than 10 times what I expected and I know it's going to keep on giving to people who aren't in a hurry and don't react to every market fear and panic.
To me buying and holding bitcoin is an obvious choice and it's probably the best thing you can do with your money, provided that you're able to forget about it for at least 3 years. For older people who might want to finally enjoy life and spend their savings, I don't know. Depends on their background, health, family needs and many other things.

[fintechguruji]

Before investing in Bitcoin, it's important to consider your financial goals. Are you looking for a long-term investment or a short-term gain? Bitcoin is known for its volatility, so it's important to have a clear understanding of your financial goals before investing.

Bitcoin is a complex market, and it's important to do your research before investing. Look at the current market trends, historical data, and expert opinions to get a better understanding of the market.

Bitcoin is a high-risk investment, and it's important to understand the risks before investing. The market is highly volatile, and there is no guarantee of returns. It's important to be prepared for the possibility of losing your investment.

If you do decide to invest in Bitcoin, it's important to start small. Invest only what you can afford to lose and gradually increase your investment as you become more comfortable with the market.

Also Read: https://fintechguruji.in/bitcoin-btc-price-prediction-and-forecast/

[serjent05]

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.

Bitcoin trend history somehow gives a hint for 4-5x right now.  It is not that a person is expecting without a base.  It is possible a normal occurrence in Bitcoin market after Bitcoin halves and obviously, as an investor, you wouldn't dare to miss it.  

I do agree that expecting without any solid bases is a bad thing but if there are hints and history then it would be a waste if we failed to invest in such a market.

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.

Interesting idea, would it make a difference if you use different and faster internal storage?

[batang_bitcoin]

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.

That's yummy. Jet, you can do whatever you want with that 50 as you've said that you're not having any problems and you're retired already.
If that was me, I'll enjoy a meal with my family and eat outside but that was just me as that's what I did just this afternoon.

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.

NVME M.2 is quick and if you haven't used such before, you'll be surprised how quick and efficient it is.

[Bananington]

So If I were you, I think I would buy more bonds with the money, so far I am already holding a bitcoin bag somewhere, but if it be that I am not holding a single bitcoin or satoshi, I would buy bitcoin with the money, for a start.

Everyone will have an opinion on this money on how best to use it even though the OP has already decided what he will use if for which is for bitcoins. Everybody's answer is good enough for them but for me the best use of such money if for further investment to multiply it and get more. So whether it is used to buy more bonds, invest more in bitcoins, they are investments to me and are good ways to spend the money.

[CryptSafe]

Literally, the €50 is not a big deal for some while it is for some. I will be speaking from both sides now;

When it is a big deal for some, it means that such amount can go a long way to sort out things for those who deem it fit for Dem. In as much as it is a big deal, for them they would want to save and invest in it and if it be bitcoin, I will advise since it is  an investment, they should invest as little they could afford to loss if a short term investment but if a long-term then it is fine

When it is not a big deal to some, it means that such amount of money is not new to them as they have it enough and I would still advise as it is not a big deal, they can just put it in some investment to generate more funds like buying bitcoin and holding it for a long term.

I think the options are quite alright with me.

[ultrloa]

Since that is free money given to you much better if you just use it to reward yourself like buying some material things which is useful to you so that you can remember that you bought this thing out of your winning from what you participated.

For sure you have a lot of holdings already since you said you are a bitcoin maximalist, that £50 is small amount only and for sure you can earn more than that for other ventures you do. There's nothing wrong to treat ourselves sometimes since we need that to ease our stress accumulated from our multiple investments.

[Rigon]

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.

With £50 you get a small amount of bitcoin and I think you won't get much profit after holding those bitcoins for a long time. But this £50 of yours you can buy bonds again and participate in the competition there. If you are lucky, you may win big money later on. If you think this £50 is too much then why not use the legendary account you have? If you can use your account for something then you can earn good amount of money every week and use it for investment. I'm not giving you advice I'm telling you subject to your receipt.

[ChiBitCTy]

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.

Hey Jet, hope all is well buddy haven't spoken with you in some time.  As I've blabbed about a million time on here I'm a financial advisor, so I always like to read these types of posts to see what people say/ask.  I love learning about new products and I have to say I've never heard of anything like these "UK National Savings premium bonds" that you mention have no interest but are held in a pool which pays out wins like a lotto..this is an interesting concept.  I'm curious how much is in each pot, how often do people win, and how much of the pots holdings get paid out (like percentage wise).

I of course agree with you that diversification is key. Have always been a fan of everyone owning some bitcoin in their portfolio (as long as you're financially able to do so).

And that's funny you mention how bitcoin is always down right when you need to sell..so true!

[Bushdark]

As your name implies Jet Cash, I think your purpose of asking this question is just to get some random views of what our opinion could be about investing and earning without taking too much risk. For me I would rather advise you to keep doing what you are doing or better still, try another alternative to so if it could earn you more money. It is good for us to diversify our investment especially going into things that would earn us some good profits too.

 Some times we might not know that there is a treasure in a particular place until to start digging. Invest in other things and see how far it would go. I like trying new things which is why exploring is another way to diversify our investment.

[qwertyup23]

Since that is free money given to you much better if you just use it to reward yourself like buying some material things which is useful to you so that you can remember that you bought this thing out of your winning from what you participated.

For sure you have a lot of holdings already since you said you are a bitcoin maximalist, that £50 is small amount only and for sure you can earn more than that for other ventures you do. There's nothing wrong to treat ourselves sometimes since we need that to ease our stress accumulated from our multiple investments.

I guess this depends on how you view your BTC investments- do you aim for short or long term? The answer to that question may at least give you a foundation on how you would approach on investing or using your free 50 pounds on the process.

Personally if I were given such money, I might use it personally since a money given for free feels that I should spend it to treat myself with. Unlike the money that I used in BTC investment, they are purely for investing in which the realization of profit may come later.

Take advantage of the adrenaline and emotions that you felt when you received the free money and go treat yourself with nice stuff/food for the day.

[blue Snow]

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 certainly can't advise you because you are Legendary and have been a long time here. I am not sure about my feeling, but when I read this this sounds is like sarcasm.
You should understand how to manage it, I am just new here but know how to manage less money than you, like $10. Of course, The Bitcoin enthusiast will be bought even if it's only have $1, because he is very believing and doesn't want to miss the moment even if it is 1 cent. He know the future, and know what happen in bitcoin next.

I don't know why if legendary here still doubts and asks how to invest,  because bitcoin it's been 13 years.

[Jet Cash]

For those who haven't heard of the UK premium bonds, here is a link to the government site.
https://www.nsandi.com/products/premium-bonds
The interest rate is 3.3% at the moment, and it is tax free. This interest is put into a prize fund, and prizes are awarded  in a monthly draw. They range from £25 up to £1,000,000, and 2 million pound prizes are awarded every month. The odd of a £1 bond winning a prize are 1 in 24,000, and that is repeated for every month that you hold bonds. You can see that it isn't free money, but money won from gambling with the interest. I hold a few thousand bonds, so I am hoping for some more wins this year.

As has been mentioned, I am 81 in June, and have hit middle age now. I have had a clourful and rewarding life, and as a result I have managed to dispose of ( read lose ) several million pounds, and I think it is time for me to behave responsibly. I am a true green environmentalist, and not one of the new green deal proponents who want to turn every green into an inert brown or grey mass. Every government "green" initiative is designed to destroy the planet, and to raise taxes or increase control over the population. Just look at the CO2 obsession. The real causes of global warming are nothing to do with CO2, but are caused by solar activity and sub-marine volcanic eruptions. That is why the arctic is warming, and the antarctic isn't. My goal is to raise a £million to buy somewoodland with a stream, and to preserve that for the benefit of the wildlife, the planet, and my health. A  million pound win woulkd be spent on this, but I accept that my chances of winning this must be north of !:100,000,000. The appeal of Bitcoin and the Premium bonds are that they both give me the remote chance of winning a million, and preserving my capital at the same time. I have looked atr some other options, and I may post about them sometime. I'm also trying to build slowly towards my million with a few side hustles. I bought a couple of Volvo 740 cars for example. I paid £350 for a 1988 saloon with engine and other problems, and I have fixed the engine problems, and I use it as a daily driver. It's still a bit of a rat rod, but it's probably worth about £1,500 now. I bought an estate (wagon in american) for £850, and that is in almost concours condition. It has a stearing problem which I believe is caused by failing rubber bushes. I'll replace those wil more reliable neoprene ones. Once I have done that, the car should be worth around £5,000. The problenm is that I love both cars, and I want to keep them. I've got far too much stuff in storage, and I need to do some serious disposal work, but I enjoy lying on the beach admiring the bikinis too much.

So why did I start this thread? I love Bitcoin and the Bitcoin Talk foum, and it is a sadness to me that so many of the valuable members from the past have left. I even enjoyed the street fighting posts of Tman. It is obvious from this thread that there is an incredible diversity of experience and wealth in this forum, and I hope that my readers will be able to draw on this to help them to make their own financial decisions. Almost all of the replies have some elements of good advice, and I am encouraged by this. My own circumstances are extremely uinusual, and I wouldn't really expect anyone to empathise with me, but I do consider all of the opinions. Bitcoin is unusual in that it is a resource that can be beneficial whatever your wealth may be. It ranges from the purchase of a few Satoshi up to over 1,000 Bitcoin, and that can help almost everyone to gain some protection from the impending financial collapse. Just be careful, and don't overstretch yourselves, and I don't believe in gearing ( leverage ), Bitcoin is too volatile for anyone but professional speculators to indulge in that.

[fuguebtc]

I don't know why if legendary here still doubts and asks how to invest,  because bitcoin it's been 13 years.

Why don't you think more openly? I don't think he needs anyone's financial advice here. As I know, he is over 80 years old, and he knows enough what he is doing with his money. Furthermore, £50 is not a huge amount and will make a difference when investing in bitcoin, and there is nothing wrong with him asking this question. In our life, there are many things worth investing in, not just bitcoin, and sometimes investing is not only for profit, but for many people, it can be fun and entertainment.

[Rigon]

For those who haven't heard of the UK premium bonds, here is a link to the government site.
https://www.nsandi.com/products/premium-bonds
The interest rate is 3.3% at the moment, and it is tax free. This interest is put into a prize fund, and prizes are awarded  in a monthly draw. They range from £25 up to £1,000,000, and 2 million pound prizes are awarded every month. The odd of a £1 bond winning a prize are 1 in 24,000, and that is repeated for every month that you hold bonds. You can see that it isn't free money, but money won from gambling with the interest. I hold a few thousand bonds, so I am hoping for some more wins this year.

I have never heard of UK premium bonds before. But by visiting the link you provided I got a lot of idea about UK Premium Bonds. You hold tens of thousands of bonds here. Maybe you haven't won a big bond yet. But I pray for you to have a big bond win with the tens of thousands of bonds you have deposited.

So why did I start this thread? I love Bitcoin and the Bitcoin Talk foum, and it is a sadness to me that so many of the valuable members from the past have left. I even enjoyed the street fighting posts of Tman. It is obvious from this thread that there is an incredible diversity of experience and wealth in this forum, and I hope that my readers will be able to draw on this to help them to make their own financial decisions. Almost all of the replies have some elements of good advice, and I am encouraged by this. My own circumstances are extremely uinusual, and I wouldn't really expect anyone to empathise with me, but I do consider all of the opinions. Bitcoin is unusual in that it is a resource that can be beneficial whatever your wealth may be. It ranges from the purchase of a few Satoshi up to over 1,000 Bitcoin, and that can help almost everyone to gain some protection from the impending financial collapse. Just be careful, and don't overstretch yourselves, and I don't believe in gearing ( leverage ), Bitcoin is too volatile for anyone but professional speculators to indulge in that.

From the position you are in and still loving this bitcoin forum with all your heart and soul, my love for you grew even more. But my earnest request to you is to give some time here so that we can learn something good from you. There may not be many who have worked with you here. We are very lucky indeed that we still have you. I pray to my creator that you live long.

[mvdheuvel1983]

Investing in Bitcoin and in bond are both brilliant. You are well informed on different  investments however it seems like you'd favor Bitcoin investment over the other because.
You have already mentioned that Bitcoin has the potential to rise and what I think is that the more you have, the higher profit you get during the bull run. I can conclude that if eventually Bitcoin doesn't rise, your risk management strategies are airtight.

[Broadanbig]

As has been mentioned, I am 81 in June, and have hit middle age now. I have had a clourful and rewarding life, and as a result I have managed to dispose of ( read lose ) several million pounds, and I think it is time for me to behave responsibly. I am a true green environmentalist, and not one of the new green deal proponents who want to turn every green into an inert brown or grey mass.

This is my first time to have a conversation in terms of replying chat of a member at such age. It is rare to see such here. They might be available but do not want to say it for the fear of being trolled by possible scammers or otherwise. I checked and you are a Legendary and have been on this platform for so long devoting your time and energy to developing this board which I really admire. Just like a member said, it would be good you be around atleast for a little while so we could learn from your knowledge and experience as we still have alot too energy at this age to deliver to this platform.

Permit me to suggest if you could create a thread on the reputation board there you could write a short brief or story of your encounter with this platform, how you got to scale through as a newbie to the legendary you are today, your most challenging moments as a member here, your most happy moments, members you encountered as a result of your activities, steps you took in growing this far. It will be very much appreciated by  members as many would want to key into it for more and better knowledge based on your age as you have stated and how you were able to cope with it since bitcoin is a new tech quite different from the tech of your youth age then.

[goldkingcoiner]

Bitcoin is always a wise investment. Although not putting all your eggs into one basket is also considered a wise choice in the world of investing.

I personally believe that it would be smart to invest any amount of extra money into Bitcoin, and that is exactly what I would do, if I were you, but I am not going to give you financial or investment advice. Certainly not over 50 Pounds... Is it really worth considering what to do with such a small amount of money in the first place? It is not a life-changing amount of cash.

You might want to save up a bit more money because you should consider the fees for each purchase. If you invest small amounts of money regularly, the fees will add up and eat into your investment.

[arwin100]

So why did I start this thread? I love Bitcoin and the Bitcoin Talk foum, and it is a sadness to me that so many of the valuable members from the past have left. I even enjoyed the street fighting posts of Tman. It is obvious from this thread that there is an incredible diversity of experience and wealth in this forum, and I hope that my readers will be able to draw on this to help them to make their own financial decisions. Almost all of the replies have some elements of good advice, and I am encouraged by this. My own circumstances are extremely uinusual, and I wouldn't really expect anyone to empathise with me, but I do consider all of the opinions. Bitcoin is unusual in that it is a resource that can be beneficial whatever your wealth may be. It ranges from the purchase of a few Satoshi up to over 1,000 Bitcoin, and that can help almost everyone to gain some protection from the impending financial collapse. Just be careful, and don't overstretch yourselves, and I don't believe in gearing ( leverage ), Bitcoin is too volatile for anyone but professional speculators to indulge in that.

Its fine to have a thread like this since we can see how people deal up with those amount given and to see how there sentiments towards on their advice given since we can see different opinion about what to do if they are in your shoe. To many post to enjoy here coming from different members and also to the people you mentioned since we can see different perspective on certain topics to know more deeper about it and that is the use of this forum since we may know some information base on multiple opinions of people.

We really need to be more careful on our expectation bitcoin since this is risky investment and weak hands are the one prone to lose their money so they should learn how volatile the market before they can go in.