Have any of you invested in BitCoin?

Discussion in 'General Trading Discussion' started by JulianWilliams, Jan 16, 2015.

  1. JulianWilliams

    JulianWilliams Well-Known Member

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    Have you had any success investing in BitCoin? It's waaay to volatile for my taste, and the fact that a bunch of online wallet operators have gone bust or stolen the BitCoins they were holding isn't filling me with confidence either.
     
  2. missbishi

    missbishi Well-Known Member

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    It does seem dodgy, doesn't it! I have not invested in BTC myself, but I do collect free coins from various faucets. It doesn't take too long and I figured that I may as well take them if they are offered to me at no cost. I very much doubt I will build up a fortune, I just like knowing I am getting something for nothing.
     
  3. troutski

    troutski Guest

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    But you aren't getting anything for nothing. They give you the smallest fractions of BTC that are worth fractions of fractions of a penny. You'll never accumulate a tangible amount of coins unless you buy them or mine them, so you are essentially getting nothing for a couple minutes of wasted time.
     
  4. eagletal88

    eagletal88 Guest

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    I remember hearing Dave Ramsey do his "bit" on Bitcoin, and he was not impressed. Basically what he said was that the only way BitCoin would become an accepted currency is if people had confidence that they could use this BitCoin for purchasing power in other venues. At least with the USD, it is government backed.

    I am certainly no expert, but to me, BitCoin seems like a fad.
     
  5. turt

    turt Guest

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    With everything that's happened lately, I doubt that Bitcoin will stay popular. I think it will remain in use over the Internet but I doubt it will spread anywhere else which will really hurt its value.
     
  6. missbishi

    missbishi Well-Known Member

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    I think the value of BTC may recover a little but certanly won't get past £145. Several articles in this weeks media suggest that this is, in fact, the end for BTC. Maybe it was all just a flash in the pan? Maybe we'll be saying "do you remember those bitcoin things" in 25 years time!
     
  7. crimsonghost747

    crimsonghost747 Senior Investor

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    This is true, especially now with the value of the bitcoin being so high compared to what it was way back in the day.
    For bitcoin in general... I love the idea. It's amazing. However I'm not sure if the security aspect is good enough for it to be ever considered a safe currency to use in day to day operations.
     
  8. zenfive

    zenfive Member

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    Yeah I agree that the idea is good too, but I don't think that the world is ready to accept such a currency and bring it into mainstream life. As people have mentioned, I think it is way too volatile for me to invest in it. However, that also comes from the fact that I don't totally understand it. If for example you really do understand it, then it could possibly be beneficial and profitable to invest in it. But, I don't think it will be growing a whole lot more. Maybe there will be another crypto currency that takes it's place? Maybe someone develops an even better version of it.
     
  9. mithra

    mithra Guest

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    It's too late to invest in Bitcoin, isn't it? Since it's too volatile and unstable, it's definitely one of those markets that you need to have been a part of at the start so that you're there when it boomed. And then take your profits elsewhere.

    Right now, mining by yourself is impossible. Well, not impossible per se, but the ROI for investing a few thousands to mine yourself is years, if I recall correctly. It would be better to sell your skills for some bitcoins in the hope that it would go higher in the future. It's at $216~ right now so it's probably a good time to do that. Sell a skill, get the bitcoin, hold on to it until it goes up again then cash it out. Investing in it through mining is too expensive.
     
  10. wander_n_wonder

    wander_n_wonder Guest

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    I've read about it many times, but I agree with you, it looks very volatile to me. I keep on reading about scams as well and I don't think I'd like to be part of anything like that. In terms of investment, I would still stick to more traditional forms like real estate, stock market, or even starting up my own business. Reputation is much better and the likelihood that you will get back your investment is higher.
     

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