Who buys Bitcoin ?

So I been following bitcoin since last thursday, and the price action is epic. I started following it at $1899 and it's sunday night and it's over $2,050. I've heard about bitcoin for the past few years, but now I am looking to get in to it.

So I'm asking:

1. What's a good digital wallet ?
2. What's been your experience with bitcoin thus far ?

It's up $1,580 since last year according to coinbase.

I've read some negative reviews about that website.

I know there's got to be some ATS'ers buying BT.

What's the 411 on it ?

Pro's,Con's and what to stay away from?

The three that have peaked my interest is Bitcoin,Ethereum, and Litecoin.

Both Bitcoin, and Ethereum are performing well, and have been in a steady uptrend for the past year.

Any information would be greatly appreciated.

a reply to: neo96

I can't tell if it is just a speculative investment/security or if it is retaining its original purpose of acting as a form of peer-to-peer e-currency. It seems to me that it is just a speculative investment at this point and the bubble will likely pop (as will the housing bubble) in the next few years

some threads:
www.abovetopsecret.com...

www.abovetopsecret.com...

a reply to: neo96

I wouldn't mind buying into bitcoin. I've got Doge right now.

It's a good investment.

a reply to: neo96


As with any investment it is a bad idea to buy at record highs.

I am also just starting to look at bitcoin. But I would not buy at record highs-maybe silver?

a reply to: FamCore

I can't tell if it is just a speculative investment/security or if it is retaining its original purpose of acting as a form of peer-to-peer e-currency.

My understanding is the supply is finite.

And after a certain period of time production gets cut.

The drive right now is from Asia if I read right.

It is traded like Forex so speculation does play a part.

But buy and hold like precious metals according to their charts pays well without lifting a finger.

It's a bubble like anything else.

What goes up will always come down, but that goes to standard trading.

When the supply continually being reduced demand increases. Driving the prices up.

That's my thinking on it.

But I'm new to cryptocurrencies.

originally posted by: seasonal
a reply to: neo96


As with any investment it is a bad idea to buy at record highs.

I am also just starting to look at bitcoin. But I would not buy at record highs-maybe silver?

Price projections make $2,000 grand look like a bargain.

www.newsbtc.com...

www.newsbtc.com...

All investing carries risk.

That's the name of the game.

Didn't that one "vault" for bitcoin users fold a few years ago when it peaked and nobody got paid since it's all anonymous?
Had a Japanese surname attached,iirc, and some folk went ARRRRGGGGG...but still had no money on a computer screen.
Caveat emptor

I had to buy some. There was 13 dollars left in my bitcoin purchase. Now there is about 20 bucks. I should have bought a 1000000 worth

oh now its $23.32 up from 13

I use coinbase for my wallet and purchases

originally posted by: neo96
a reply to: FamCore

I can't tell if it is just a speculative investment/security or if it is retaining its original purpose of acting as a form of peer-to-peer e-currency.

My understanding is the supply is finite.

And after a certain period of time production gets cut.

The drive right now is from Asia if I read right.

It is traded like Forex so speculation does play a part.

Buy buy and hold like precious metals according to their charts pays well without lifting a finger.

It's a bubble like anything else.

What goes up will always come down, but that goes to standard trading.

When the supply continually being reduced demand increases. Driving the prices up.

That's my thinking on it.

But I'm new to cryptocurrencies.

There is no true finite currency.
All of your research and loathing of the Federal reserve should have taught you this.
People "say" what gold, paper, or encryption codes are worth.
Maybe the people that hold the wallets decide one day they aren't worth anything...
And take the money and run. Happened before. Will happen again.

a reply to: the owlbear

There is no true finite currency.

Should really read up on it.

Valuation Supply growth 12.5 bitcoins per block (approximately every ten minutes) until mid 2020,[12] and then afterwards 6.25 bitcoins per block for 4 years until next halving. This halving continues until 2110–40, when 21 million bitcoins will have been issued.

en.wikipedia.org...

There is no question, get into bitcoin. It may very well dump after it reaches $2500, but it will not matter long term. It was 700$ this time last year. 100$ in 2014.

Also, if you really want to strike it rich one day - research the 'alt' crypto market and buy into a few good projects. Think of it like buying Google or Amazon stock in the nineties. Do serious research though, only a dozen or so projects are legit for long term holds. The alt market is insanity right now. Like 500%+ gains in 24hrs insane. Checkout this Crypto Market Cap Site

It is a bubble but billions of $$ added per day is still impressive. The past few weeks have been amazing. Makes trading gold or stocks seem ridiculously slow for a small investor in comparison.

Coinbase is the go to for buying in the US but it takes some time to get verified. It is much easier for Europeans they have dozens of options.

Checkout the biggest Alt Exchange for a view into the insanity that is the alt market. Be prepared for disbelief is all I can say.

Eta - hate to say it and not to sound arrogant but dont listen to naysayers on this board. Very few here even understand cryptocurrency let alone the history, community, or the amazing things decentralised coders are developing as we speak.

originally posted by: neo96
a reply to: the owlbear

There is no true finite currency.

Should really read up on it.

Valuation Supply growth 12.5 bitcoins per block (approximately every ten minutes) until mid 2020,[12] and then afterwards 6.25 bitcoins per block for 4 years until next halving. This halving continues until 2110–40, when 21 million bitcoins will have been issued.

en.wikipedia.org...

And you trust "them"?

Just like that Japanese guy who held all of those wallets and saw their "wealth" disappear?

Where can you turn bitcoin into currency based on a physical standard rather than memory stick?

In other words, where can you turn your bitcoin into physical gold, silver, platinum, etc?
Numbers look awesome on a computer, but if you can't make the numbers on the screen turn into food or something to be traded for for food, they're just like my post.
Something on a screen that can be removed easily.

a reply to: the owlbear

You understand nothing of cryptocurrency or how blockchains work. Screw gold, silver, platinum, the future is digital. I know i know this is a conspiracy site and you are worried about your bunker but lets keep it real here.

As of now you can buy food, furniture, services, anything you can imagine directly with bitcoin. There are many many sites where you can transfer it into fiat currency through various means. Some of them instantaneously to your bank account.

The only way they can be removed is hacks. Yes you can be hacked but thats why you take preventative security measures. A bitcoin cannot dissappear only change hands.

Apologies for the rant - i am passionate about crypto have been following it since 2012. Turned 400$ into 100k these past 9 months. Still not selling 80%.

a reply to: neo96

Use coinbase it does it all for you but I would recommend getting in on litecoin....buy low sell high rinse and repeat.
I have had about 50 bitcoins in my possession but only made $2000 as the prices were much lower.

originally posted by: lightedhype
a reply to: the owlbear

You understand nothing of cryptocurrency or how blockchains work. Screw gold, silver, platinum, the future is digital. I know i know this is a conspiracy site and you are worried about your bunker but lets keep it real here.

As of now you can buy food, furniture, services, anything you can imagine directly with bitcoin. There are many many sites where you can transfer it into fiat currency through various means. Some of them instantaneously to your bank account.

The only way they can be removed is hacks. Yes you can be hacked but thats why you take preventative security measures. A bitcoin cannot dissappear only change hands.

Apologies for the rant - i am passionate about crypto have been following it since 2012. Turned 400$ into 100k these past 9 months. Still not selling 80%.

Okay,
Since you're into it...just what happened when that "vault" went down with all of those "wallets" worth millions?

And, if you wanted to turn your bitcoins into what passes as US dollars fiat currency in a personal bank account, could you do that right now?
Sure some websites accept them for payment...but if you wanted to turn your bitcoin into cash in hand to pay bridge tolls, make it rain at the gentlemens club, or just make an awesome collection of two dollar bills, what establishment can you use?

originally posted by: southbeach
a reply to: neo96

Use coinbase it does it all for you but I would recommend getting in on litecoin....buy low sell high rinse and repeat.
I have had about 50 bitcoins in my possession but only made $2000 as the prices were much lower.

What's coinbase's verification process, and time like ?

a reply to: neo96

I've been kicking myself in the arse about bit coin for years. I don't even like saying the name anymore.
I was gonna put down $200 bucks one night when they were at $10 a piece.
I cringe every time I read about it now.