Bitcoin Forum

Namaste, BitcoinTalkIndia.

Ever since the past year or so, I've followed Bitcoin with an increasing amount of interest. Since then, I've seen Bitcoin amass an impressive number of endorsements from tech corporations and the financial elite. I think an open-source, decentralised, peer-to-peer cryptocurrency has the possibility of revolutionizing the present monetary system. I appreciate the philosophy behind Bitcoin and cryptocurrency in general. But until now, I've only owned a very small amount of bitcoin.

I've been given permission to invest a considerable (speaking relatively, of course) sum of money into Bitcoin as a long-term investment. I'm thinking of buying up more than BTC6 for now. According to the Winklevoss brothers, Bitcoin has the potential to rise to 40,000 USD a coin in a "small" bull scenario. If one chooses to believe this, then now couldn't be a better time to invest in Bitcoin. On the other hand, there is also the possibility that the price of a bitcoin could fall to zero.

I apologize if my questions seem too non-specific but they are the following,

• In your personal opinion, is now a good time to invest in Bitcoin?
• Would it be better to buy in small increments over time or all at once?
• What exchange would be the most reliable to buy bitcoins in India? I've tried out unocoin.com and it seems to be sufficent.
• Would it be alright to store the Bitcoins in an online wallet such as the exchange itself and blockchain.info or is a private wallet the only way to go?
  

I would appreciate your input. Thank you.

1) As far as Bitcoin is concerned I really doubt that there is any right time. Because it could happen that current price may be the lowest price or it could also happen that it may be the highest price.
2) I would say keep purchasing small qty at regular times. Afterall, if your from India still there is no clarity about Bitcoin currently.
3) Unocoin and BTCXINDIA are the most reliable at present. Service and quickness wise BTCXINDIA stands out among the rest.
4) If you would be purchasing smaller quantity you can store it among the blockchain itself. But once you have few BTC it is advisable to store it offline.

Also if you would like to buy/sell BTC you can contact me via PM or follow  https://bitcointalk.org/index.php?topic=837811.20

As long as more than 2 people agree on the Bitcoin protocol, Bitcoins price cannot go to 0. There are several other reasons as well as to why 0 may never happen with Bitcoin.

• This is impossible to answer as an investment, The Global market of Bitcoin promises that there will always be periods of highs and lows.
• It is always advisable to spread your buying rate around a long term average and follow that number.
• Reliability and Transparency wise, Coinsecure is a lot better than the rest. On Trade Order Book volumes seem low, but trades that come up at market price get completed very quickly.
• Depends on the volume of purchase, You could use an online wallet as a hot wallet, a Trezor as a warm wallet and a paper wallet that has your larger amounts.

With the first question, I was asking for your sentiment on the current Bitcoin market and its future, nevertheless I understand the futility in trying to predict the price in the short-term. I intend to follow your advice on buying to maintain a long term average. The process of using a digital wallet software and securely backing it up in case of hardware failure seemed daunting to me, but an offline paper wallet appears to be the solution I was looking for. A cursory glance reveals that Unocoin has rather competitive pricing and my last transaction with them went as well as I could have expected, I'll stick with that for a while. Thanks for the answers, guys.

Try Trezor if you really need a good wallet that is easy and secure.

You can also try out arbitrage between exchanges itself, by buying on the lower bids and selling on exchanges with a higher ask. This is one of the biggest benefits of Bitcoin, fast and easy arbitrage.

Answered in your list in my best capability...

You could try trading, but the only problem is that the exchanges aren't much active , and its hard to get the action like on sites like bitstamp. Also the price to buy is usually much above bitstamp, so spreading your buys or sells might not really work to protect you from the volatility .

If you decide to go with buying bitcoin in smaller increments periodically, try Unocoin's new feature http://unoco.in/sip (http://unoco.in/sip)

Or you can buy and deposit bitcoins in BTC lend . They offer 10% interest for btc deposits . These are locked for 90 days.

Very difficult to answer if it is the right time as you're essentially asking for trading advise. It seemed a few weeks back that the downtrend is over, but Bitcoin failed to break up and is now inching down again. In all likelihood it is going down more.

Buying in small amounts is good as while the price decreases the cost per Bitcoin you've also reduces.

Stop thinking of bitcoin as a get quick rich scheme. Invest if you believe in the technology and you are willing to hold for long term
.

+1

I think it is right time to invest in bitcoins and you can buy bitcoins from trusted users of this site.

As if there are lot of sellers on this forum atm ;)

Add to that the ability to sit tight when the value falls and you see your investment down by half. It is likely going into 100 territory so sit tight.

Yes I think this is the best time to invest in bitcoin and you can get the best deal online which will help you in getting bitcoins at little cheaper rate Invest today for Better tommorrow and i would prefer to invest in bitcoin rather then gold or stocks.

I would prefer to save it online wallet as it its the most safe and secure way to keep your bitcoins intact. And regarding investing you can invest it right now as we dont know what will be the prices tommorrow we can't judge whatever price at present is lowest or highest it may flactuate everyday.

Invest in bitcoin but dont expect quick returns. Just think it as an long term investment. Invest in it and just forget it for next 8 to 10 years its same as investing in life insurance we save it n forget it we just keep on paying premiums every year but i m sure bitcoin will give u better returns in long run.

Every once in a while almost each and every currency goes through highs and lows. Investing in bitcoins might seem a little risky, but as nerFohanzo stated bitcoin surely will prove to be a  good investment option providing better returns in future. So I'll advise to put a little faith in bitcoin and just go with it.

the best time is NOW, stop thinking and join the future
bitcoin has a bright future, one day whole world will accept this

I Agree. Don't think of future at present. Just Go with it. Still the Entire World is not aware about the bitcoin it would not be the case in future. As people start accepting and investing in it, it would sound great and BIG in future so let's have faith and this is the best time to invest.