A terrifying foray into Bitcoin

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So a close friend of mine works at a Bitcoin casino and one day around new years he mentions to me that Bitcoin was on track to hit $1000 USD per BTC.

One long shit and a shower later, I started doing some serious research into bitcoin value and how it all works,

This is what looks like, it was actually around 450 USD mid 2016, and then suddenly it practically explodes and skyrockets.
What caused it I wondered, and then remembered. Trump.

So if the graph looks like this and Trump isn’t even officially in the whitehouse yet… what will happen when he actually starts making changes?
This coupled with similar worries about our own country in regards to brexit and a british pound which could crumble if Theresa May waves her arm too hard, and it got me thinking that I should maybe invest in some bitcoins before it’s too late.

Breaking into the market was terrifying, my friend hooked me up with some reading material https://bitcasino.io/bitcoin-info which was a massive help in finding out where to grab coins from, however without knowing anyone who had actually been down that route, I was somewhat on my own to find out, and finding out in this game means risking some big money.

After reading some reviews I ended up on Kraken.com which is apparently legit, the only problem is that the only way to buy the coins is to transfer money… to luxemborg. Couple this with the fact that it was Sunday before the bank holiday, and the fact it takes 1-5 days for the funds to reach and be registered on the website, and i’m actually sitting here £510 out of pocket, with money in the ether somewhere between international banks and nothing to show for it. I’m hopeful that the money will go through fine and i’ll eventually be able to do something on the Kraken, but sitting and checking the bitcoin value every day was driving me crazy – the value was still skyrocketing and would go up £20 while I slept, I needed something faster if i was to properly capitalise on this opportunity.

I dug around a little bit more and had a peek at Bitstamp and Coinbase, but didn’t end up going too far with either.

Back to work on the Tuesday, and I realised I did know someone who had purchased bitcoin after all…
One of my colleagues had to buy some on behalf of a company who had fallen foul to some nasty ransomware – the cost of the ransom was something like 3 or 5 BTC. I asked him where he got it from and he recommended me to the site i’m now using – Localbitcoins.com

This website was shockingly easy to use compared to Kraken and Bitstamp, both of which required pictures of your ID, proof of address and so on, localbitcoins you trade with other users rather than with the website and so each of the traders will have their own requirements – some of them want you to have X amount of previous trades, a certain amount of reputation or a selfie with ID. I found what appears to be a pretty trustworthy group of traders who work for bitbroker.co.uk who only required a selfie to be able to trade with any of their members. It also allegedly has buyer protection, essentially taking the bitcoin from the seller and giving buyers advantage in terms of safety.

The first transaction was the scariest, though I wouldn’t say any of them were particularly enjoyable to take part in.
Clicking the buy button takes you to a chat screen where they basically send their bank info for you to pay into (direct bank transfer between UK banks) and then you click a button to say you’ve sent the money and then… you wait… and pray…
The first transaction I didn’t know whether to hit the button which says ‘i’ve paid’ – scared that If i hit the button and wasn’t meant to, that it’d flag to the site and close the transaction as complete , turns out the trader had already released the bitcoin by the time I mustered the courage to push the button and so it was no problem though.

I performed multiple transactions with the group, all went off without a hitch, and now I have some bitcoins.It’s a very strange concept knowing you’ve sent off thousands of pounds to another bank account to be awarded with a single digit number.

Here’s hoping my investment pays off,
If things go sour, I won’t be too upset, after all without risk there is no reward.

 

Of interesting note, During the window which I was buying yesterday, the price fluctuated £10
I woke up today and it had gone up £40
I went to work, came home, and it had gone up another £40

If I had somehow bought 10 BTC on the first day, I would be literally £1000 richer only 4 days later – not far off from a months wage after tax.

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