My Bitcoin up 1,348%

Bitcoin 2017 ChartIt was back in December 2013 when I purchased £500 worth of Bitcoin which at the time gave me 0.7 BTC. I kept it to £500 as this was the amount I would initially invest in a single company, larger amounts for investments funds. I was tempted to round things up to to a whole Bitcoin, nonetheless I stuck to my rules and was happy with 0.7 of a Bitcoin.

You can read my post at the time Taking a punt with Bitcoin here.

The value of my Bitcoin fell shortly afterwards and I forgot about it in a kind of ‘just ignore it’ sort of way. Until 2017!

So currently (31/12/17) my 0.7 BTC is worth £7,240.85, a whopping 1,348% increase! Earlier this month it was even higher at over £10,000!

There has been a lot of talk about digital currency this year surrounding the rise of Bitcoin throughout 2017. A number of other digital currencies have come on the scene such as Ethereum and Litecoin, but for now at least, I will stick with my original Bitcoin investment. I am interested to see how far this will go, I am reading everything from a Bitcoin crash to a Bitcoin being worth £1 Million in 5 years. At least for now anyway, I am finding it entertaining and a great source of conversation.

Taking a punt with bitcoin

Screen shot of the bitbargain.co.uk trading page

Bitbargain.co.uk trading page

I have ventured into buying aprox. £500 worth of bitcoin, as more people have purchased this new currency its value has increased significantly over the past few months. I think it will continue to gain as people understand it more and feel more at ease purchasing bitcoins and then buying goods with them on the internet. As its popularity grows so will demand, I am speculating it’s value to increase against the £Sterling to then sell and make a profit.

I purchased 0.3 BTC for £232.50 on 01/12/13 and 0.4 BTC for £288 on 05/12/13.

The process of buying was a bit daunting. After a little searching and reading I found bitbargain.co.uk, a trustworthy online marketplace for trading bitcoins in the UK. After registering I was able to search sellers by entering the amount I wanted to buy. You don’t have to buy 1 whole bitcoin, you can search and buy such as 0.01 bitcoin or 0.5 bitcoin. When you agree to buy, a transaction window pops up with the sellers bank account details, sort code etc. You then go to your online banking and make a cash transfer to the sellers account, all the time the transaction window stays open. The seller monitors his/her bank account and waits for the money to come in, as soon as it does, he/she confirms receipt and you are credited the bitcoin to your bitbargain.co.uk account… Phew!

I then discovered that I needed to do something else. Bitbargain.co.uk charges for keeping bitcoin in your account after a short period, I needed to transfer my bitcoin out of bitbargain.co.uk and into something called a digital wallet. After a little searching and reading I found Blockchain.info, created a wallet and transferred the bitcoin from my bitbargain.co.uk account into my wallet… Phew!

The bitcoin now sits in my digital wallet from which I can buy goods from companies that accept bitcoins, or in my case leave it and see what happens.

For more info on bitcoin, this web site is a good place to start: www.weusecoins.com