How do you cope with the recent drop? For those of you who don't know, Bitcoin recently lost about $60 in value. For me, the $420 for 1 Bitcoin seems a bit overpriced, this is why I am still waiting and buying small chunks, just in case the prices goes south even more.
I dabbled trading it a little a couple years ago but not so much now. A few years ago it was reaching a value of over $1,000 a coin and I think that might have been it's high point. I wouldn't want to say definitively but I can't see it rising to that value again any time soon. If I had a better system I would be interested in doing a bit of mining again and then holding on to what I make while keeping an eye on the markets.
Are there any reliable exchanges around right now? That's one of the big worries here... where to trade with confidence that your money is safe? Mt Gox used to be the thing but they went down a few years ago so where does most of the trading happen now?
I've been using kraken.com very well. Small fees and very fast. Worked wonders for me. Anyway, mining is not reliable anymore, unless you are willing to invest massively in some multiple mining rigs. Otherwise, the costs of the energy will be bigger than your earnings.
I haven't invested in Bitcoin. I'm still trying to learn a bit more about it, before I take that plunge. It is still a relatively new concept, so I'm a little apprehensive right now. We will see what the futre brings.
You might lose the train, you know. Bitcoin, in my opinion, can be a real investment, as long as people are willing to follow it and don't gamble it like crazy. Of course it has fluctuations, but looking at the big picture, it's been going up, even at its lowest points.
If you can't stomach a $60 drop, then you have no business in bitcoin. Bitcoin's a wild ride and highly volatile, you need to be okay with that if you want to play around in that space.
This. Bitcoin seems to be going up and down like a roller-coaster so you've got to expect some drops to happen. If you can't deal with that then it's not a good idea to invest. I'd recommend getting into mining a lesser coin and then exchanging it to Bitcoins and then to cash. It's what I did a few years ago but I've unfortunately forgotten the exchange I used. It also depends on how electricity you'll use if it'll be profitable for you or not.
Exactly. Bitcoin is... well for a lack of a better description: fucking volatile. This of course suits some traders well but with high volatility comes high risk and that's why these investments are the types where you only want to use a tiny tiny part of your portfolio.
Could Bitcoin trading be seen in a similar way as day trading, or am I completely off the mark? Does anyone also think that Bitcoin will go back up to $1,000 a coin like it was some years ago or has it reached it's peak?
