Bitcoin Forum

Hello Everyone I'm new here. I did some research about cryptocurrency exchange. I know very little about this topic. What should I do What do you suggest?I thought of investing to bitcoin for $100 to start before vote in usa. What do you guys think?

What's the purpose of your buying?

You can buy it anytime you want , are you expectinv that the price will increase after the election in US ? that's why you want to buy Bitcoin and hoping to get profit after the election , did I understand it right?

Where exchange you actually planning to buy coinbase or other exchange ?

When's the vote? I think coinbase can confirm IDs pretty fast from experience (at coinbase.com). Not sure about anyone else and you might want to familiarise yourself with sending and receiving funds before you buy by testing out a faucet or something if they're fast enough to give a payout these days.

You understand it right. This is gonna be my first time that's why I will buy to find out whats its gonna be happen. Election in US I think it will increase the prices.

If you will go in a centralized exchange it commonly asks KYC thing which possibly linked your personal information.

If you were going to ask me it is a wise decision, well, it's definitely good to invest in Bitcoin even though there's no presidential election happen.  But since then, there's a rumor that Bitcoin price will pump on that event.  There's nothing wrong if you will try and take risks since Bitcoin price is unpredictable and no one knows when it will pump or dump.

About the exchange, it might be good if you will find Bitcoin ATM near you, or just use this, Coin ATM Radar (https://coinatmradar.com/) to locate those ATM machines. Or find a P2P exchange that didn't require KYC.  

Since it is your first time, choose a good wallet and never rely on a custodial Bitcoin wallet.  For now, Electrum (https://electrum.org/#download) is the best choice.

Where did you read or who advice you that the price will go up so you better buy, are you buying because of the election not because Bitcoin is bringing something to this generation that will change how we deal and transact, I think you need to read a lot your motivation is very weak, you need to educate yourself first I don't even know if you know how to buy or how to get a wallet.

it is possible that some people get hyped up or maybe some people get scared and panic sell but US election won't have any big or long term effects on bitcoin price because it is a very irrelevant thing as far as bitcoin (the global decentralized currency) is concerned.

IMO. The election has no relevance to the price of bitcoin. Maybe the action of the presidents will do whether positive or negative about bitcoin but it's the after thing.

I should say that whatever the situation is if you think that the price is low or whenever you feel buying just buy.

See if Binance.us will do for you.

Whether the US election will have an impact on bitcoin's rise, I haven't read the news or maybe I missed something, but financial hardship during a pandemic would be something different and in my opinion if the US election won't make bitcoin grow.

The 1040 tax form has this question right underneath the name section "“At any time in 2020, did you receive, sell, send, exchange, or otherwise acquire any financial interest in any virtual currency?”

That pretty much sums up the government's position. They know it exists. They want you to know that they know that you read that question. You will have to reply "Yes" to that question if you're filing taxes, even if just buying $100. The election has other implications like possible quantitative easing by the next president, but the tax implications are what you should know most. Death and taxes...

Wait wait wait... whuuut? America do have tax questions with a decentralized monetary system? AFAIK even if you buy bitcoin, by any wallet (like coinbase), you would only require to submit your documents upon verification right? Would that really be traceable that this person bought, nor send, exchange, or receive, that amount of crypto? What if they answered 'No'? Was it included in the 1040 tax form and the USA's tax law?

I'm just shocked that this exists. There are so many people whom pay taxes as well, but aren't pretty much aware that their crypto activities is also included in a tax form. But nonetheless, I guess even if the OP bought bitcoin before or after, it wouldn't really matter as long as he/she is aware with the basics of crypto, more especially its volatility and risks.

It is good to invest in BTC. Period. Whether it's before or after vote doesn't matter much if you plan to be in crypto longer period.Short term investing in BTC is tricky and for newbs it is practcily gambling.If it goes up the wont sell on time, and if it goes down they panick and sell with loss.

Be smart,buy BTC and put it somewhere safe and forget about it for some time.Do that every month and you will profit.

If you plan to keep for long period, yes, go ahead and buy.
If you only want to buy because some speculative expectations then:
1. There's a good chance those won't be met since it's not only US investing/speculating on Bitcoin and many may not care about US elections.
2. If you don't check everything you may end up pay more fees (deposit, withdrawal, trade, ..) than you actually earn, especially as you talk about only 100$ investment.

I think you should know what you buy first. If not you'll get panicked easily and might sell in loss and don't have the patience to wait for the 'right' time to exit the market. There's no need to rush, especially since you're new to this space. Crypto is more volatile than stocks. You should research more into the assets you're interested to buy and not the exchanges.

Is it wise? No. Gambling is not wise.

it is hard to predict what will happen since as we all know bitcoin is volatile sometimes we see an upward trend, are you going to hold bitcoin or are you going to use it to purchase altcoins? What's the reason behind it? purchase at your own risk, remember to spend money you are willing to risk or lose, don't just spend money only because of the elections, there are a lot of things to consider to be careful.

You should start buying Bitcoin when you are ready not because of some event, what with the election you did not give us information about buying and the election, since you already admitted that you know little about this topic, then don't buy yet learn about this technology first and everything on it, and you must learn how to invest what you can afford to lose, it seems you are going here in a wrong way.

If you have to ask such a question then $100 is probably an important sum of money to you, in which case you should probably not be spending it on a speculative asset like Bitcoin. Nobody really knows what will happen after the vote - whichever way it turns out. You are probably better waiting until after the vote if you really did want to buy bitcoin as a long term investment, because $100 in bitcoin is unlikely to make you very much profit (especially after any exchange or banking fees) whatever the outcome.

Best is to wait for the election results. If Bitcoin tanks, then it's a great entry.

It hasn't seen some major corrections yet, so you might want to tread carefully.

The cryptocurrency market doesn't respect such; but things of such can negatively or positively affect the entire cryptocurrency market price. For anyone to say the price of Bitcoin will rise please don't believe such becasue the market is volatile and can't be determine by anyone except the market forces which are majorly news. Let hope the outcome from the US election come alongside with the needed positive news for a price spike. For now buy what you can hold for long-term purpose.  

Doesn't matter if you buy now or later, anytime you want to buy BTC you can get it easily as you need. If you think that the right time to buy BTC before the US election vote start because you expect to get a profit after the vote ended, It could happen. However, I doubt if the US Election will influence to BTC Price up. In the US, bitcoin has been legal, and for each candidate, none have big plans for the development of Cryptocurrency regulations. Neither candidate firmly fully supports Bitcoin, so even if the price goes up after the election, it will only be a temporary speculative effect.

You have already mentioned that its gonna be your first investment on bitcoin and for that depending on US election will not be a wise decision IMO. Although I don't know how much financial stability you got but if this 100$ isn't a big amount for you then you don't need to wait for US election voting results. Already many users have shared their suggestion for you and you can easily find your answer from their replies.

If I am not wrong then you are expecting bitcoin price bump after US election but sorry to say that no one can give you guaranty about that. Its just a formal prediction where actually it depends on investors own decision. I am not seeing any obstacle for investors that they will have to join the market after election. 

I feel like the market will move, but it's more like gambling or risky trading. If you want to accept the idea that you may win or lose part of your money, do it. I would personally not act based on the US votes, although it does influence the future of the world for sure and, at the same time, the potential future of cryptocurrencies if we consider regulations.

What I'd buy Bitcoin for is to isolate my finances from the system of enslavement humanity is currently stuck into. Purchase it to secure your finances from a state that wants to take control over your personal life, or purchase it if you want to have something nobody has an unlimited coin printing machine for - or if you want to make sure that no matter which national currency fails, you will have something to serve as an alternative option.

In a world where private life becomes less private than ever before, with an ATH of worldwide debt, with the worst economical situation the world has had in a century and in the middle of a pandemic where we literally have no idea whether one week from today we'll still be allowed to legally exit our homes or not while everything moves to the digital, I believe Bitcoin comes as a solution for those who're looking for a safehouse. These all make for solid reasons for me to purchase Bitcoin, not the US election. That's just a drop of water in the cup.

If he has nothing to lose, then he can spend that $100 to buy bitcoin but don't expect that it will rise significantly after the US election. Because I don't think the election results will have significant impact in bitcoin price? I don't see any valid reason why in the first place. If nothing else, he has bitcoin in his wallet and in the future the price of btc may increase. But don't expect too much.

The results won't, but the aftermath might. Some people have predicted civil unrest (https://www.cnbc.com/2020/10/29/facebook-ceo-mark-zuckerberg-risk-of-civil-unrest-around-election.html) if Trump loses and contests the results -- that would be good for Bitcoin in theory because it will be bad for traditional finance, and investors may want to look elsewhere. We're all in for a shitshow regardless, so I can understand why OP at least wants to make some money out of it lol.

I don't see any strong correlation between the US election and bitcoin. So for me, it doesn't matter whether you invested before/on/after the election. Maybe you can take it into your considerations after hearing that Trump bans crypto once and for all or Biden will show support crypto adoption if you will vote him (vice versa) but since there's no such news then don't expect anything. The market will flow like it used to.

Instead of focusing in the external factors, give more attention on how you will handle that $100 worth of coins and make it grow. Good luck :).

You are on the Bitcoin and cryptocurrency lovers forum. Everyone here probably invests, or at least believes in the success of this venture.
When it comes to the amount - $100, you have to decide for yourself whether it is a lot or little for you. Invest as much as you can afford. (This applies to all investments)
As for whether or not to do it before the elections, it doesn't really matter. It looks like cryptocurrency market are in an uptrend so it doesn't matter who wins the election, prices should go up anyway.
The most important thing is that you should check for yourself and decide if it is a good investment for you. So, first read, study and only when you are sure - invest!

You can invest in bitcoin for $100 anytime, whether it's because of the USA's election or you only want to invest in bitcoin. I don't know what suggestion to you, but I can only suggest if you're going to invest in bitcoin, you should wait for a low price to buy bitcoin and hold it for some time. And if you see bitcoin price increase so high, more than the price you purchased, you can sell it at that time. It is not because of the USA's election, another economic situation, or even political reason, but it is because you want to have a new investment type.

You need to think about what is you a reason to invest in bitcoin, and you don't have to listen to other people that say if you buy bitcoin now before the election, you will make a lot of money after the election. Just don't do that if that is your reason because we never know what will happen later after the election.

Some assumption from my end, either the OP most have been convince tump would emerge the likely winner of the poll so the price of bitcoin will spike since that's what is trending all over crypto twitter but don't be in a rush if you don't have any plans to stay in industry for a long time as the market might react negatively (short term) irrespective of who the winner of the election turns out to be.

My stay in the space has made me to understand the market does always react how people want it to react. When the majority are thinking it'll moon, it usually goes the other way. Do understand though that the results of the election doesn't have any significant to the growth of bitcoin as the media has been portraying it to be in the past weeks.

What make bitcoin price increase is the demand of the coin that increase yearly and scarcity that occurs every four years but not as a result of the US election but because of the halving of block rewards.

I don’t think that such an amount of investment as $100 can affect anything. In any case, buying bitcoins is never superfluous. The only thing that should be important is that such an investment is best done for the long term. Then maybe there will be a benefit.
In my opinion, if Trump wins the election, then growth can be expected, and if Biden, then a downward correction may occur. But this should not last too long.
The main answer to the question is whether to buy bitcoins? I am convinced that yes, they should be bought. And whenever possible regularly.

Judging the the profit/loss percentage, I don't think it will have much impact on that amount. 100$ is small to make profit with and it also becomes a big amount when lost.

As for the election, I don't think it's going to have any negative impact on the price of BTC and it does, it can't be much. At the moment, the price if BTC is doing fine and might just dip a little.