Thinking About Getting Bitcoin...Advice Please?

Wow! So weird.. I started looking into it really hard today driving around listening to Youtube videos. youtu.be...
It's a pretty good one with one of the main guys "founders" if you will (by his word), but I didn't understand how if he was the founder why he had to buy bitcoins from someone in the beginning. Oops.
The whole bitcoin mining really melts my brain and is really such an energy or fossil fuel drain for fake monetary.
I also went on the internets to see how I could spend my fortune when I hit it rich. That is a little troubling to see the few places that take bitcoin. Maybe I'm wrong and just new, but I don't see how you get rich in bitcoin world and buy a mansion in Bora Bora. Or a few tacos down the road...

a reply to: IAMTAT

Well, unless it drops, I sure as s*** wouldn't buy tomorrow. It just shot up, a lot. It's poised for a downturn. My guess is it will fall back to at least $9500, and potentially all the way to $8000.

Based on your lack of experience, I would really suggest not doing it at all. What's your exit strategy? Don't have one? Then don't buy.

a reply to: IAMTAT

My advice would be 10k in Bitcoin and 10k in Etherium until AGIcoin hits the market, then sell everything but the clothes on your back and your toothbrush and put it in AGIcoin.

a reply to: IAMTAT

Get in a time machine and go back 10 years.....

a reply to: seasonal

That is pretty crazy but totally believable.

I mined LTC on a laptop back in 2012, it wasnt a big amount mind you but it was possible and insanely profitable at todays rates or even the rates of 4 years ago. After that, in 2013 i mined various alts on a rig with two high power GPUs that cost about 1500$ to put together. But mining was a hassle and after the crash i sold the hardware. Anyways, today your average person can 'stake' many alts which gives you additional coins simply by leaving any computer on 24/7 and online with a wallet app running.

With a bit more stake one can also run a 'masternode' which basically gives you passive income by supporting the network. That is the non technical explanation mind you lol.

Imo - LTC will always hold value simply because it was the second crypto the original silver to bitcoins gold, other than that ehhh for growth potential versus btc that is.

Ethereum has good growth potential versus btc ofc. There are a few more but one must do their own research and everybody has different calls. Id vote for Cardano as the most likely for bigger gains out of the top ten in market cap. That being said, pretty much anything in the top ten market caps and a good percentage of the top 25 market caps are relatively safe investments. I like EOS as well.

Of course, highest gains will be realized by coins with tiny current market caps. Under 100M caps especially. However I would advise NOBODY new to crypto to invest in any of those heavily as they are obviously higher risk and new traders will get slaughtered attempting to day trade. Some other lower cap faves of mine are SALT, DNT, ZRX, QATH, and CLOAK. Again - dont take that as advice to invest on any of those for 99% of those here.

If you want a simple answer to the OP for a potential investor without a grasp on btc.. I would invest only what you can afford to lose in bitcoin in set amounts over time if not a large initial investment and forget about it for a year at least. Get the btc in a secure wallet and let it grow. No need to watch it as the MSM will now report the big moves.

a reply to: TexasTruth

You can sell bitcoin for USD direct to your bank account. Then buy anything. However overstock.co m is a good example of a place with a wide variety of products accepting btc. In Europe it is accepted in many more places/markets than it is here in the US as of now as well.

Over there you can buy food, cars, real estate directly with it.
There is a crypto company called Salt Lending based in Denver launching their project next month or Q1 2018 who will also give people USD loans using their crypto holdings as collateral.

a reply to: lightedhype

Id vote for Cardano as the most likely for bigger gains out of the top ten in market cap.

Unless you can afford to lose the full amount don't do it. You could make a great return or you could lose every penny.

No one really has any idea what is going to happen to the value of bitcoin (or any crypto currency).

You would be as well going to a casino and putting the whole amount on black. (Which is not advise to do that).

Here are some interesting facts about BTC activity and mining

Bitcoin is deflationary, meaning that mined coins are finite. Once miners unearth 21 million coins, that will be the total number of Bitcoins that will ever exist. But due to lost and forgotten Bitcoin wallets, active Bitcoins will be far lower than that.

According to The Genesis Block 10% of Bitcoins haven’t been active since 2012, and a substantial 35% haven’t been spent since 2011. This second number is most likely to consist of lost coins. Bitcoins can be lost due to irrecoverable passwords, forgotten wallets from when Bitcoin was worth little, from hardware failure or because of the death of the bitcoin owner. It’s extremely improbable and effectively impossible to recover lost coins.

An interesting fact is that the person or group who created Bitcoin, Satoshi Nakamoto, has over one million coins that were mined during the early stages of the renowned crypto-currency. These bitcoins have remained unspent and moved, whether or not this was intentional or not, the motivation remains unknown.

This pile of bitcoins accounts for one third of all inactive coins in existence. Not a single satoshi has been moved or spent. Is there some cunning plan for these coins in the future? We will never know, but can assume after years and years of inactivity they are lost.

Source

One MILLION coins!! Thats 10 BILLION dollars right now.
Makes you wonder what happend or is going to happen.

One thing that always concerned be regarding the value of cryptos is how there seems to be new ones created out of thin air every day.

I started to understand the finite nature of btc being a component of it's value. But that doesn't seem to matter now that their are hundreds(?) of different crypto's. What's to stop there from being thousands in the coming years. Where is the value in them if they can be created so easily.

Well we cant get this $%$^ to work. All the verification steps are done, but when we try to buy any, we get error 404, error 501, 502. It's random.

originally posted by: iTruthSeeker
Well we cant get this $%$^ to work. All the verification steps are done, but when we try to buy any, we get error 404, error 501, 502. It's random.

Having the same problem this morning.

a reply to: ArcAngel

When you buy bitcoin, do not ever, ever disclose to anyone how much you have.

Why? For example, what would be the harm of that here?

In fact, I wish someone would talk straight, and tell us how much they bought, in terms of USD, and how much they lost/gained during x-period of time.

Any takers? I'm curious, but also cautious, however I seem to be on the verge of going for it with maybe $1,000.

Respectfully,
Not scared to talk real money

originally posted by: ArcAngel
4. When you buy bitcoin, do not ever, ever disclose to anyone how much you have.

originally posted by: angeldoll
a reply to: ArcAngel

When you buy bitcoin, do not ever, ever disclose to anyone how much you have.

Why? For example, what would be the harm of that here?

Hackers. It's also why you shouldn't tell people where you store your cryptocurrencies. Just say you use a hardware wallet. If someone finds out that you have tons of money stored in an online exchange or a desktop wallet, they may be motivated to find a way to steal that money from you... Which has happened to people who weren't knowledgeable about security.

originally posted by: angeldoll
In fact, I wish someone would talk straight, and tell us how much they bought, in terms of USD, and how much they lost/gained during x-period of time.

I've come just short of doubling my money in 6 months, and I basically went all-in... So I've made a nice amount.
My mother bought 1 litecoin in July when it was just about exactly $50. Today litecoin is $100, so she doubled her money as well, just in a much smaller amount.

a reply to: trollz

Gotcha, thanks! And I'm so proud of your Mom! She doubled her money. Go Mom!

a reply to: IAMTAT

Bitcoins.

AKA Cyber-coins? One-world government coins?

I would recommend against it, personally.

But I'm an old blue chip guy.

Anything real crazy for me is buying actual gold coins.

In a power outage, I've still got something to barter with.

Not just 1's and 0's floating in a server.


Just my opinion.

originally posted by: DBCowboy
a reply to: IAMTAT

Bitcoins.

AKA Cyber-coins? One-world government coins?

I would recommend against it, personally.

But I'm an old blue chip guy.

Anything real crazy for me is buying actual gold coins.

In a power outage, I've still got something to barter with.

Not just 1's and 0's floating in a server.


Just my opinion.

Have you ever paid for something using a credit or debit card?

a reply to: trollz

Of course.

Tell me, how many bowls of soup could I buy if I had nothing but a single bitcoin on my computer?

originally posted by: DBCowboy
a reply to: IAMTAT

Bitcoins.

AKA Cyber-coins? One-world government coins?

I would recommend against it, personally.

But I'm an old blue chip guy.

Anything real crazy for me is buying actual gold coins.

In a power outage, I've still got something to barter with.

Not just 1's and 0's floating in a server.


Just my opinion.

I admit I am having second thoughts about BTC and still haven't pulled the trigger on this.
I am also thinking about gold for the very reasons you've mentioned.