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

[Bitcoin_people]

You're lucky to win £50.  But you would be foolish to think of investing this £50. Because if you buy and invest bitcoin with this £50, you will not get much profit from it, but a small amount of profit can come. so you spend this £50 on your various necessities or you can spend it on any work of your family. And if you are thinking that you will invest in bitcoins then save some money from your daily earnings. Later invest your savings in Bitcoin then it will be good for you. and you are a legendary person in the forum so if you want to work on different signature campaigns you can get paid bitcoins and hold those bitcoins for a long time.

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[coupable]

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.

Of course, a diversified portfolio is better and safer than saving a single asset, even if the trust in it is very high, such as gold or bitcoin. In the example that you mentioned, it must be emphasized that these savings must not be subject to taxation for the investment to be complete, and almost cryptocurrencies (Bitcoin) are one of the few assets that can be saved secretly and securely away from the eyes of censorship and are not subject to any taxes.
The most important thing, in my opinion, is to avoid saving Fiat money to encourage something like a break with it, pending its final cancellation.

By the way, welcome back to the Bitcoin Discussion section. It's been a long time since I last saw you posting here. I hope you are in good health JetCash.

[BenCodie]

Subtract what you spent and use the profit to increase your holdings. Why not? It is money that you otherwise would not have after all. I believe that anyone should be allocating their disposable income to assets/investments/currencies that are safer than fiat...BItcoin being (in my opinion) the top of that list by far.

[Wend]

You're lucky to win £50.  But you would be foolish to think of investing this £50. Because if you buy and invest bitcoin with this £50, you will not get much profit from it, but a small amount of profit can come. so you spend this £50 on your various necessities or you can spend it on any work of your family. And if you are thinking that you will invest in bitcoins then save some money from your daily earnings. Later invest your savings in Bitcoin then it will be good for you. and you are a legendary person in the forum so if you want to work on different signature campaigns you can get paid bitcoins and hold those bitcoins for a long time.

If you knew his age, you would apologize for calling him foolish. I guess he's your grandfather's age. As far as I know, I don't think he's looking for financial investment advice, what he's doing is like a survey for young investors like us. And I also disagree when you say £50 is not worth the investment, everyone will have a different economy, it may be nothing to you, but it will be an asset to someone.
One more thing, he is not here to monetize signature campaigns like you and me .

[Jet Cash]

I'd more or less decided that I was going to use the £50 as an initial deposit  in my new Bitcoin wallet. This will be the third one, and I wanted to see how difficult it would be for a van dweller to run a full archive node in a laptop. I estimate that it would need to have a second drive of at least 2Tb, and it would have to be an NVMe to  keep the power requirement low. I haven't split the case on my new Matebook yet to see if it really does have a second ssd slot. I bought a Core i5 version, as it was substantially reduced in price. The latest version is Core i9, and it has twice the RAM and a few other improvements, but it still seems to be the same case, screen and motherboard. It costs an extra £900, so they may have economised by blanking a few of the expansion slots.

I'm also concerned about the current blockchain attack by those wishing to clog the chain with kiddies' doll images. Another possibility is to start a private signet blockchain. My knowledge of Bitcoin is really at the macro and political level, and I'm a bit light on the technical knowledge. Running a private of group signet would probably help me to learn a lot more about the operation of Bitcoin.

I'm grateful for all the interesting comments and opinions, and you guys have convinced me that I should probably buy another £1,000 block of premium Bonds. I'll let you know if I do that. It will have to be before the end of the month to be  included in the June draw. Maybe that will give me a prize as a birthday present.

[Sexylizzy2813]

To me £50 is not a little cash Mr Cash . First of all lemme congratulate you on your winning and expect more to come. If I'm to be having such amount in my account I'd look for a way to increase it by investing on it, you can split it into two (use the other half to get something for you that you would be using as a reminder), I'd say go ahead but your Bitcoin with the other half and who knows before the end of 2 months (if you're patience) you'd be smiling more than you are now because I believe Bitcoin will raise to 30k+ and your profit would make you giggle.

[Jet Cash]

I received my £50 prize yesterday. The gov seems to be quick on telling me that I won, but slow on transferring the money ( surprise, surprise ). I belive you get same day credit if you decided to leave your prizes with them.

[CryptSafe]

I received my £50 prize yesterday.

Congratulations on receiving your prize yesterday. It is nice you received it.

The gov seems to be quick on telling me that I won, but slow on transferring the money ( surprise, surprise ).

That is one thing with the government when it comes to payment or anything that involves cash. The delay in payment is hell. They will tell you there are laid down procedures for payment process to scale through. They will find every possible means to scrutinize you, the payment and to know where such fund is coming from before anything takes place so if they find any fault, they would take the money and pass charges against you so they do not pay you but the Same government officials and politicians are at it embezzling funds meant for public use and nobody is going after them but they will find all means to take away the little  you have added to their own.

I belive you get same day credit if you decided to leave your prizes with them.

Sir, leaving my prize with the government is not feasible as they can not be trusted. They are not tired of looting.. I think my little prize would be good enough for me to take it and help the poor and needy as the case maybe. That would make me satisfied as I did it myself instead of the government.

[GiftedMAN]

I received my £50 prize yesterday. The gov seems to be quick on telling me that I won, but slow on transferring the money ( surprise, surprise ). I belive you get same day credit if you decided to leave your prizes with them.

Congratulations on your win and happy to hear that you have finally been credited the amount you won regardless of them holding it longer than expected. Hey Jet I will like to know why the government couldn't send the it once you were announced as the winner, where they waiting for some clearification or they were waiting for you to keep requesting for it to be sent.I will also like to know if some kind of amount was deducted the €50 for tax please do well to update me.

[Jet Cash]

The government in England is very clever at pretending that it is not taxing things, whilst secretly taking money. Premium Bonds are one example. They purport to be tax free, but infact the interest that is used to create the prize pool is paid at under market rates. So bond winnings are effectively taxed at source. They do the same thing with the National Lottery., as you don't pay tax on the prizes. However, the lottery company pays tax on the money it receives. Another scam is horse racing bets. You have to pay tax on your winnings, but you can elect to pay this on the amount you bet. So you are effectively buying a bet for the government, win or lose you have still paid it. Of course the government taxes the bookie on his profits as well. I suspect one of the main reasons governments are stressed about Bitcoin is the fact that it is hard for them to impose taxes if users avoid exchanges. I'm surprised that the new bank notes didn't include QR codes - that would have allowed the government to track the passage of serial numbers through the economy.

[lepbagong]

I think what you do by wanting to buy bonds again with the aim that one day you will be able to get a bigger prize, of course it's very good, but if you compare it to investing in bitcoin at a time like this, of course it's worth considering too. because investing in bitcoin by comparing buying bonds where only hoping to get a lottery is of course very disproportionate to investing in bitcoin, in my perception that investment in bitcoin is more attractive because there is certainty compared to only lottery which is not necessarily possible.
but everything is returned to those who have the funds because they will experience it themselves and there should be no intervention whatsoever, as long as they feel that what is being done is the best, just do it.

[Jet Cash]

Well I seem to be on a roll at the moment. This £50 win, plus the £100 I mentioned on the economics board, and a £30 cashback payment on my debit card all seem to be good omens. Also, I noticed a 50 pence piece under the bench in the cafe, and I picked up £20 in the street. They were those horrible shiny plastic notes that seem to work their way out of your pocket if you aren't careful. I spent a year playing cards for a living in my late teens, and one thing I learnt was that you should run your winnings and cut your losses. This is the opposite of the bahaviour of most people, who quit while they are ahead and chase their losses. So what is the point of this post? I wanted to say that I'm pushing my luck, and I bought another £500 worth of bonds. Unfortunately, they won't go into the draw until July, the they won't be eligible on my birthday ( June 20th ).

I did make a half hearted attempt to buy some Bitcoin in this forum, but, as I can only pay by UK Sterling faster payments, I didn't get any takers.

[darkv0rt3x]

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.

Not only buy some Bitcoin but keep doing it. Just as savings. Keep byuing monthly. If you can afford it, why not? Instead of doing it with a bank and with fiat, do it with Bitcoin!

[Aikidoka]

I wanted to say that I'm pushing my luck, and I bought another £500 worth of bonds. Unfortunately, they won't go into the draw until July, the they won't be eligible on my birthday ( June 20th ).

I hope you'll be lucky once again and earn more money in the month of July. I would recommend that you consider investing at least a portion of your earnings in Bitcoin while using the remaining part to enjoy life. It's unfortunate that the draw is scheduled after your birthday, which falls on June 20th, but that's just the way it is and you can't do anything about it 

I did make a half hearted attempt to buy some Bitcoin in this forum, but, as I can only pay by UK Sterling faster payments, I didn't get any takers.

You could probably explore alternative P2P sites online. As far as I know, there are some platforms that don't necessitate any form of verification and you might come across ones that accept UK sterling as a payment method.

[pawel7777]

I wanted to say that I'm pushing my luck, and I bought another £500 worth of bonds. Unfortunately, they won't go into the draw until July, the they won't be eligible on my birthday ( June 20th ).

Why even bother? Premium bonds yield 3.3% p.a. and there were some calculations that you'd need at least ~£10k to get that, otherwise the yield is even lower.
So, unless you're into gambling, you can get better return on fixed-term saving accounts.
Or, considering RPI is something around 13%, you can ironically just spend it on a long-lasting goods (clothes, canned foods etc) before their prices go further up. Probably still a better move than 3.3% bonds.

[Jet Cash]

Surely the odds are the same for a £25 investment as for a £25,000 one. Of course the chances of a win are higher for a larger holding. Don't forget the 3.3% is tax free as well. The first eligible draw for my bonds was in January, and if you assume that I will pick up another £50 before the end of the year, then I will still be down on the interest I could have earned.. But I wouldn't have had the fun of checking every month to make sure that I haven't won £1,000,000. Also, I wouldn't have been able to start this thread, and as I mentioned, I have found the replies very interesting and illuminating. When considering replies, you need to take into account my personal situation. I'm a rebellious prepper, who is over 80, and because I decided to opt for an offgrid lifestyle, I don't really want for anything. Well maybe some alloy wheels for my Volvo daily driver.


I appreciate the need for emergency fod supplies, but I already have 3 removal crates full of tins and pasta ( those are the 3 foot long crates), and those include sardines, salmon, tuna, and varieties of meat, as well as vegetables and soup. I should probably buy some Bitcoin right now, as I suspect it will drop a bit further, and then shoot up. However, I try to deal in domain names to build my Bitcoin investment. I can get a much better return on my investment by buying classic Volvo cars. I paid less than scrap value for Cinderella ( the volvo in the image), and it probably worth around £1,500, because it is a bit of a rat rod, but it is a great daily driver. It only cost £50 to pass the government inspection a couple of months ago, as it didn't need any repairs. Not bad for a 1988 car!

[edit]
I forgot to mention that I still seem to be on the good luck roll. Somebody had left £4.71 in change in the do iy yourself checkout at the supermarket. Not a lot, but all these bits are mounting up.

[tokentitan]

Hey not so fast!Bitcoin can be highly rewarding but for noobs it can also go the other way round.
In my early days I used to follow crypto channels on YouTube and follow their advice. Obviously it did not make me rich but smarter.
Investing in bitcoin is no child's play. Simply hodling wont achieve you anything if you do not know how bitcoin and the market works. What makes people invest and why and when. Believe me if you come to know how indicators predict you wont need any indicator in your whole life.
For some negative news is panic time for some it is the golden time.

[pawel7777]

Surely the odds are the same for a £25 investment as for a £25,000 one.

You would think so but not quite. this is nicely explained in this Martn Lewis's article:
https://www.moneysavingexpert.com/savings/premium-bonds/

To show you why using the 'mean' average isn't a good description of what most people will win, let me use an extreme example…

Imagine I sold a million people a £1 lottery ticket, and then paid just one winner a million pounds.

I could argue, mathematically, that the average (mean) payout was £1, so on average everyone got their money back. This, of course, is bonkers.

Almost everyone wins nothing – which is the median average – as if you lined them all up and asked, the midway person would've won nowt.

So to really see average luck, you need to focus on this 'median' average returns figure. And for the rest of this guide, whenever I refer to average luck, that's what I mean.

Don't forget the 3.3% is tax free as well.

So are ISAs.

But I wouldn't have had the fun of checking every month to make sure that I haven't won £1,000,000.

Makes sense, but consider if the difference between a higher rate account and premium bonds is worth paying for the tiny chance of wining £1 mil.

[Obari]

Well I can understand  the right corner you can be and since you're a bitcoin  maximalist, I really don't need to begin preaching the benefits and importance of bitcoin  to you as I believe  you're already conversant with them.
I dont know of the bond you mentioned and this is the first time I'm hearing of it but I think it also sound great but what are the criteria for drawing the raffle and picking the winner and if its truly fair, then I don't mind saying that you keep giving it a shot but as for the £50 I think you can simply just keep  pushing  the winnings into bitcoin  since you also talked about diversifying.

[pawel7777]

I dont know of the bond you mentioned and this is the first time I'm hearing of it but I think it also sound great but what are the criteria for drawing the raffle and picking the winner and if its truly fair,

I think premium bonds are specific to the UK. It's an interesting concept, instead of earning a fixed interest as with the regular bonds, premium bonds do not earn interest but they enter a lottery instead. So the average expected winnings stand at a bit above 3% p.a. (not quite true for smaller investors as I posted above) but you also have a chance of winning big, with the top prize being £1 million.

Great alternative for playing Lotto, as you don't spend money on the tickets, but not so great as an investment,