Should you invest in Bitcoin? Four things you need to know

pantaiema

macutmore wrote: »

Other than using the common ‘Tulip Analogy’, if you want to let the world know that you are completely ignorant about Bitcoin Technology, saying “Bitcoin is a Ponzi!” is your best bet. It shows a fundamental lack of ability to do basic research into something you don’t understand, before making any broad assertions.

https://decentralize.today/bitcoin-is-the-total-opposite-of-a-ponzi-scheme-heres-why-4d795f0ed

Bitcoin original concept from Satoshi Nakamoto itself is genuine to create a world class currency but the people get involved in trading it as a currency might not be.

What happen to your bitcoin value saved in web wallet such as Coinbase/ GDAX when they refuse to give it back to you or they just run away after taking all of the money and let the company to go into liquidation / administration ??

macutmore

"What happen to your bitcoin value saved in web wallet such as Coinbase/ GDAX when they refuse to give it back to you or they just run away after taking all of the money and let the company to go into liquidation / administration ??"

A. You lose your money. Just like you usually might if you were scammed by anyone posing as your current 'regulated' bank. The whole point of BitCoin is you can be your own bank. That way you are responsible for holding your own money. Store your own private keys, without having to trust an exchange to hold your BitCoin. You can put your BitCoin under your mattress just like cash, you dont have to trust them being held by anyone else. If you do that the third party could be hacked. Theft in itself has nothing to do with what a currency is, only how securely it is stored. BitCoin has never been hacked. It is the most secure thing on the planet. It is easier to break into a physical bank & steal money than it is to fake BitCoin.

miss_not_alotofmoneypenny

Let's not kids ourselves here, the bitcoin train left a long time ago!!!! Look to the future and consider "DigiByte", Digibyte are aiming to become the Paypal of Crypto, also consider "Vertcoin" to.

Pound

Bitcoin value 6 days ago was $20,000, was close to $11,000 yesterday.

macutmore

Pound wrote: »

Bitcoin value 6 days ago was $20,000, was close to $11,000 yesterday.

Bitcoin has "crashed" 30% SIX TIMES in 2017. Each "crash" has been followed by an increase of: 76%, 237%, 183%, 165%, 152%. Bitcoin takes 7 steps forward, 2 steps back, 7 steps forward, 2 steps back. Every 2 steps back is heralded as the end of #bitcoin. Relax! https://t.co/bV5ZFeucTp

MrToads

I'd avoid mining at this point.

Why? because the upfront cost of hardware, along side power costs and increasing difficulty make it very difficult to compete with people who have data centeres built into the sea or eco cooling etc.

Some profit can no doubt be made on other coins, like Monero, but you are still taking a bet on increase in difficulty, and wether the value will increase or not.

Rather than invest in a rig, balancing a portfolio makes the most sense. Common sense always applies, do not rish what you are willing to lose etc. But having a background in tech myself, I too feel the urge "to figure things out" build a system and a mine. For the time and cost, is an espensive train set compared to investing the same amount in the right currencies to start with.

To avoid in bitcoin or not, is polarizing. I have a freind in investment banking who says avoid. (as if fiat currency isnt the biggest scam in the history of the world!) I have people who are hardcore pro one coin or another.

My personal view is the underlying technology is significant. I do not see any of it as trading currency (Even if that is what it is), I see it as investment in tech that is inevitable. Bitcoin has so many implications beyond its store of value I see it is happening.

Dubai recently announced integrating blockchain into the government;

If you think this is not going to become a part of daily life I'm not sure how to convince you. Read up on the technology.

Don't take my word for it, thats ok, how about Bosch - Heard of them? they are world leaders in electronics. They have been around a while and can see why IOTA is so important.

Tron coin, is run by a chap who owns one of the biggest social media networks in asia, some degree of success is built in.

What I am trying to emphasise is the importance of research and how a technology solves a problem.

I read somewhere only 1% of the world are actually on board with crypto right now. If we look at bitcoin alone there are not enough for every millionaire in the world. It;s going to happen one way or another, its more about wether you get on board now or not.

With the release of futures last week we saw a 30% price correction, and I read a few selling and getting out. It dropped from $19,500 to $12,600 in a day. But a few days later back up to $15,500.

It will no doubt drop and rise again, but I believe 2018 is going to be a huge year and it will surpass new highs, as people get over the panic and fear and realise the tech is here to stay.

Please don't wait for it to be "accessible to anyone" - that is when the software comes out to make it easy for my Grandma to use, it is too late. Even if it is a small hand put some in. The advantage now is we are still far away from mass adoption and room for growth.

I use BTC as my main currency for transaction, at 50% portfolio, 20% ETH, and the rest ALT coins.
Growing around 15% per month through 2017.

To purchase I like coinbase app despite the pricing (it is really easy), or gdax which is the same backend.

The easiest way I have come across besides Bittylicious is BuyVirtualCurrency

Besides the fees that they are an actual company with a hysical building is reassuring to me. The main disadvantage of coinbase and exchanges being they have your keys.

Only invest what you can afford to lose, and dont look at daily or weekly fluctuatioin. Monthly and long term game is where it is at, think in 1 year- 2 years rather than checking the daily noise, my heart cant take that kind of activity! :-)

MrToads

Pound wrote: »

Bitcoin value 6 days ago was $20,000, was close to $11,000 yesterday.

Is now back up to $15,000 after the correction...unfortunately I was with family or would have put money in the dip.

pyrotech999

Mining bitcoin takes time and costs you in energy, its harder than when it started.
This is the strategy to make money with Bitcoin and Ethereum.

Follow this strategy and don.t get greedy and take big risks, you do not need too.
I have honesty invested just £100 in November 30th 2017
Taken £1887 out and paid off a loan
Left £180 in which i hope to clear my holiday cost of £2000
After that i will leave for a year and see just how much more i can make. Its RISK FREE

BitCoin is still good however for your first coin i prefer Ethereum
How you should play it to lower risk amd maximise profit

Firstly get that 10% bonus - its a huge start
Consider buying Etherum first before bitcoin as current daily rises are about 14%
How to get your link?
Go to google
Search for "Eazyshop bitcoin" and i put a link there for friends

Plan your Bitcoin and Ethereum investment properly and start with just £100. If your investment starts 10% up then your gains rise quicker
pretty obvious really
So get the extra 10% and keep it low risk
With the link you get around 10% bonus on your £100 investment.

It can take 1 to 2 days to rise by 10% so what a great start this is.
Coinbase also have low trading fees and no monthly fees

You only get a bonus with the link, if you go direct you do not get it as its refferal bonus for friends

Remember to take out your initial investment when you double your money. Then from then on, every time it doubles use profits to also buy Litecoin and Ethereum or Bitcoin.

We recommend that when your original money doubles - take out half. Your then in a no lose position
You can leave all future profit to grow, or spread risks by buying other coins, So say with Ethereum you again double your money, buy some Bitcoin with half.

How long you stay in is up to you, set your goal
Pay off a credit card? A car? A holiday ? or a year or so maybe pay off the morgage
There are alot of people using my link and advice, making profit then using my advice and their link as their work. its my work and a strategy i developed and tested so i just wish if they are going to steal my work after joining on my link, that they would at least reference me when copying the strategy

jonesMUFCforever

No mention there of any downside in prices - do you not think a stop gap price should be used in the event of the price declining?

popuppirate75

Some of the exchanges do that (put a hold on trades during peak volatility). Although that may have more to do with their servers bursting at the seams...