Bitcoin & cryptocurrency

[zombiescometh]

Definitely tempting

A couple of years ago i had a person offer me bitcoins for an AR I was selling but didn't really understand what the point was.

I had a buddy who used them to buy a fake ID so I didn't really learn to much about crypto currency.
Now I wish I would've taken the offer.

I've seen that some new apps/platforms are going to start using a crypto currency so you can buy, sell, trade, gift, and earn the crypto currency all in one app.

I'm thinking I might buy a fraction of bitcoin and ethereum just to play around with and not care to much if it all disappears.


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[Dist. Expert 26]

A friend of mine bought into one of the other currencies earlier this year and wound up turning 4k into well over 30k. I guess it just depends on when you get in and when you get out.

[tb-av]

Where are the good / safe places to buy it and have a wallet? I was hearing something on the radio that there are many places to buy and the big ones you land on in a Google search actually charge more.

About a month or so ago I was going to buy a small amount and thinking maybe it was in the hundreds or so. It was $3K which I was really surprised. So in that time of just trying to figure out how / where to buy and how / where to store, I basically missed a 5X climb.

So where is the best place to exchange Bitcoin and Ether?

[themonk]

I don’t get it. It’s a bunch of 1s and 0s, the stuff isn’t real


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There is nothing real of any currency. This one just happens to have a non-centralized digital ledger unlike most other currencies.

[zombiescometh]

Where are the good / safe places to buy it and have a wallet? I was hearing something on the radio that there are many places to buy and the big ones you land on in a Google search actually charge more.

About a month or so ago I was going to buy a small amount and thinking maybe it was in the hundreds or so. It was $3K which I was really surprised. So in that time of just trying to figure out how / where to buy and how / where to store, I basically missed a 5X climb.

So where is the best place to exchange Bitcoin and Ether?

Coinbase is apparently the most popular and has a large group of investors behind it.
From what I've read it's the easiest one to use and get started with if you haven't delt with crypto currency before, but it's also the most like a real bank and quite a lot of people dislike that aspect

Also a lot of people are suggesting that if you use coinbase you should only use it to buy and sell then transfer your currency to either a digital or hardware wallet that is more secure and where only you has the passkey to access it.

Both of these sites have reviews and decent info on different aspects of crypto currency

https://99bitcoins.com
https://www.buybitcoinworldwide.com

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[jerrysimons]

There is nothing real of any currency. This one just happens to have a non-centralized digital ledger unlike most other currencies.

This is the truth. Gold, just a shiny metal. USD is meaningful because it has the force of the US military behind it and we all believe the govt when they say that it has value, let the deficit keep rising indefinetly and we will see. But, you know I am not all doom and gloom, as long as everybody keeps believing it is all going to be ok, it will.

I missed the boat on bitcoin, and sadly I can't say it wasn't suggested to me early enough. Could have gotten in in 2014 and made millions by now. Oh well, coulda-woulda-shoulda. What is bitcoins' value? It is the innovation of blockchain. But I see what the skeptics are saying, blockchain is not exclusive to bitcoin, even as I find myself believing in the concept of bitcoin and cryptocurrency. Is it a bubble? probably, but if you were smart you could have made good money off it though. I generally feel like it is too late and too risky now at 16k per coin. Can't afford to risk amounts that could result in meaningful gains at that buy in price.

Also don't forget your taxes cryptorichies!

[tb-av]

Also don't forget your taxes cryptorichies!

I've been wondering about that one too. Seems to me the .gov may be getting rich too.

[pinzgauer]

I've been wondering about that one too. Seems to me the .gov may be getting rich too.

Another aspect of Bitcoin is that the exchanges are rarely in sync. And at times can have very large variances between them.

There was a pretty big slide on Friday as reflected in some exchanges but not in others. 20% by some reports.

Coinbase is issuing cautions. And stressing that they are enforcing withdrawal limits. And specifically, that you could be impacted by withdrawal limits should it start the crash.

Unlike a stock share where you own something, that should pay dividends, etc, just keep in mind that you are speculating on relative value of currency. And as such are entirely dependent on exchanges to transition that value in and out.

Large valuation swings are by definition volatility. And Bitcoin has been extremely volatile throughout its life. This is not the only run up, although it's the largest for sure.

So you have to ask yourself what has changed that makes a Bitcoin worth 5 x what it was previously? Relative to other currencies?

Because it's all relative to other currencies. Did people invest in dollars when it became stronger relative to the euro? Or the Euro relative to the pound? Only short-term currency speculators.

Even gold is not an investment. It's a way to hold wealth or value. You can say it's a hedge against inflation. There's an old saying that an ounce of gold has been stable to the value of a tailored Savile row suit for two to three hundred years. It buys what it buys. And currencies go up or down around it, mostly impacted Lately by how much they run the printing press.

[Averageman]

There is a far left talk show host out of Austin who claims he is getting rich off of Bitcoin and how it will be safer than money in the bank.....

I smiled a bit when he said that.

[grnamin]

The problem is that all the currencies require electricity to exist.

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