Bitcoin “I Finally Took the Plunge”

[AKjosh12]

Finally dropped a hundy on some bitcoin yesterday and it’s pretty exciting to watch it move. I like the fact that it’s not a government regulated currency and that it has a cap and cannot be reproduced creating inflation.

What’s everyone using for a wallet or have you found a good site that works more efficiently? Have only done a friend to friend transfer. Trying to avoid any extra service fees that I can.

 

[dennishoddy]

Wish I'd been into it 6 months ago. It's grown over 1000%.
But, buyer beware, its in a bubble, and bubbles burst.
Take your money and run. Don't stay in it for any long term.

 

[AKjosh12]

I think it will have its ups and downs, but the potential for increased revenue is there with more big business’ and investment companies further legitimizing the currency by accepting it. Have only dropped $100 which is money for sure, but nothing that will break me. I’m interested to see where it will be in another year. Want to stick it out and drop some coin during it’s next bust period to buy up a larger amount.

 

[yury]

I like the fact that it’s not a government regulated currency and that it has a cap and cannot be reproduced creating inflation.

Crypto-anarchy, yeah! Actually nothing stops a government to regulate this currency -- bitcoin transactions are recorded in a public ledger, so one or more person's pseudonyms can easily be tracked by IRS-like organization thus to use a fear factor to regulate whole thing IHMO Also it is a horse race to produce next in chain block of bitcoins, so a government that will invest in fast bitcoin production will rule the world. (BTW unlike gold, the bitcoin resources are unlimited)

 

[AKjosh12]

There will always be an increase in value with a greater number of bitcoin being purchased. If it sells in mass by an individual the price will take a temporary hit. Bitcoin caps out at 21 mil, the product is a risk similar to the stock market which I understand. I’m not expecting to be a millionaire overnight but appreciate the warnings and will continue to watch the movement of this currency.

 

[Burk Cornelius]

I guess I don't understand bitcoin. I know that a currency that isn't backed by the Federal Reserve doesn't sound very stable to me

excerpt below from an article I saw reads like a blueprint for foreign scammers or outright thieves. I wouldn't want to be the guy to have to call the police and say "someone stole my bitcoin"


"The most well known and one of the largest Bitcoin exchanges is Japan-based Mt. Gox, which is a market exchange â€" meaning buy orders are matched with sell orders. (Editor’s Note: Mt. Gox filed for bankruptcy and shut down in late February.)
Other exchanges considered reputable are BTC China, Bitcoin.de (Germany), VirtEx (Canada), Bitstamp (Slovenia), BTC-e (Bulgaria), CampBX (U.S.), and Bitcurex (Poland). There are also fixed-rate exchanges and brokers, such as Coinbase, that will trade for you.
Remember, you must be very careful about where you place your trust and your money: Bitcoin exchanges are not highly regulated. While this is part of the appeal for many, it does make it easier to get swindled.
Once you have settled on a broker or exchange, you create an account with a user name and password and link your bank account. Mt. Gox (and others) ask for personal information and photographic scan of a drivers license, passport, or national ID card. Coinbase asks for your phone number, and some exchanges even require a recent utility bill to confirm your identity and location."

 

[AKjosh12]

My Aunt actually texted me last night. A lady in Arizona was scammed by her not understanding how the currency worked. The bitcoin transaction was legit, but she sent the swindler the transaction receipt for her bitcoin in the premise of getting an appartment rented. He took her funds and ran.

She was upset that bitcoin did not refund her, but honestly a bank would not help with a cash transaction either. Like your above statement said, find a reliable broker and work it from there. It is unfortunate and I would be upset as well, but people just aren’t what they used to be.

I’ll probably drop $200 on litecoin and call it good for the year.

With Amazon and other large retailers acceoting bitcoin and broker firms using it as an investment strategy i’m feeling descently safe in the investment.

 

[Wall]

With Amazon and other large retailers acceoting bitcoin and broker firms using it as an investment strategy i’m feeling descently safe in the investment.

So if you have to go through a brokerage to buy & sell, how do large retailers accept it as payment, how do you use it as currency? Is there a transaction fee associated with these purchases? How much?

I'm with Burk on this, I've read about it, but I don't really understand it. Honestly, I don't think that anyone truly does, & that's what makes it kinda ****y.

 

[yury]

When I talk with really smart people who understand the subject, I'm hearing that they are too skeptical about bitcoins. Some of them got several coins in early days for fun. And they say not to trust people who has bitcoins. Whole bitcoin-thing reminds me pyramid scheme.

Even if it's limited to 21mil, mining will not stop, it will continue process transactions. A transaction signing is not free, and eventually mining people will get some of "their" money back. It not like you can take piece of gold/metal/paper and give it somebody - it's not a thing, it's a service.

I'm amazed how many people trust hype about crypto-currency and services that handle them.

 

[Wall]

When I talk with really smart people who understand the subject, I'm hearing that they are too skeptical about bitcoins. Some of them got several coins in early days for fun. And they say not to trust people who has bitcoins. Whole bitcoin-thing reminds me pyramid scheme.

Even if it's limited to 21mil, mining will not stop, it will continue process transactions. A transaction signing is not free, and eventually mining people will get some of "their" money back. It not like you can take piece of gold/metal/paper and give it somebody - it's not a thing, it's a service.

I'm amazed how many people trust hype about crypto-currency and services that handle them.

Exactly

 

[AKjosh12]

I’ll play around with it over the next couple months and let you know how it goes. A few hundred won’t break a person by any means. I’m still kind of green in the whole process, you can get a swift card which transfers your crypto currency to USD and allows you to use bitcoin and other currencies for everyday purchases through your bank.

 

[yury]

In case if you are interested in purchasing more, they sell some at https://www.usmarshals.gov/assets/2018/bitcoinauction/

P.S. more coming, search "bitcoin" at https://search.forfeiture.gov/NoticeSearch.aspx

 

[AKjosh12]

Been doing well, have been buying up ethereum on the dips to invest in some alt coins and a few ICOs. Time will tell what all happens. Seems to be doing well so far have not made extreme gains as of yet but enough to further invest in other areas. I’m definitely not complaining.

Some things to look into if investing or interested are:
-MEW - My Ether Wallet to store ERC20 coins (ethereum based tokens hitting the market)
-ICOs (Initial Coin Offerings)
-Shapeshift.io if not using binance
-Binance
-Coinbase (to get your feet wet)
-hard wallets (nano s by ledger or trezor)

Kind of fell off the wagon in the community for a minute good to see everyone is still kicking.

 

[Burk Cornelius]

How is the bitcoin experiment?

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