Let's say I have 2.1 BTC And I don't spend it. Will it go up a few cents if I save it? Cause in my wallet I have up to about 50 cents worth of bitcoin. I started up with 13 cents 7 months ago. Now all of sudden I have bitcoins worth 50 cents. What do you call this? I only made that one 13 cent deposit. Nothing else!
Having 2.1 BTC isn't really a lot of bitcoins, I recommend that you hold on to it, from what analysts are saying, after August 1 the price of bitcoins will eventually soar to new heights and even get to $5000 during the fall. I agree but 2.1 BTC is not bad at all. He always has the option on converting it to fiat but not everything. But you are right, this coming August 1 due to the bitcoin split and hardfork, there is tendency for the price to skyrocket again. I speculate that by the end of the year, the price of BTC will eventually reach $4000. Regarding on whether you spend or save it, it really depends on your needs. If you have an emergency and you need extra money to pay for it, then do not hesitate to convert your BTC to fiat since that is one of the reason on why we save it, for future/emergency needs. |
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We all know that there is corruption everywhere, like in government or any other organization. Because of money, corruption can always happen with greedy people who always wants more money to them. Since bitcoin can be considered as money, can it also lead to corruption?
As what you say corruption is everywhere it is driven by greed. But luckily bitcoin is decentralized which means no banks are involved, banks are also corrupt for my opinion. I don't think that corruption is involved yet to bitcoins or any other coins, maybe the maker or something. But lets hope corruption will not occur in this industry. I agree, due to bitcoin being decentralized, the government has no means of intervening the market thus, lowering the potential chance of corruption. But since the price of bitcoins are highly volatile, corruption is still inevitable. Not to mention, due to the identities of people being unknown when transacting, this can also lead to illegal trading and transactions (i.e. money laundering, providing funds to criminal activities, etc.). |
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I was just thinking that since Bitcoins is 100% on the internet, what would happen if the whole world adopts it and 20M bitcoins gets stolen by a genius similar to what happened to Bitfinex?
It is very possible that a genius may hack majority of bitcoin. But that act alon will make all his effort in vain in hacking the majority of bitcoin. Reason is that, bitcoin will automatically fall in price until to the point of being worthles. Support will be taken away because it shows that bitcoin is a failure. If the whole world adapts and accepts bitcoin as a payment, government intervention would inevitable. This means that security and regularity will be more guarded and secured and potential threats like these would always be taken into consideration. Also if that where to happen, I can see that the price of bitcoins will drop due to its nature being hackable. The only threat that I see today is the high volatility of the price but that is to be expected. |
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Maybe we can not directly explain bitcoin with complicated things. Many things we can use for the means of learning to children. For example we can use games that produce bitcoin so children understand first. Can not directly explain bitcoin clearly
I still don't understand how would a game that produces bitcoin will help kids understand bitcoins. The game itself probably doesn't teach about bitcoin because it's a game. In case that there's a dialogue in the game and it's about bitcoin, the player would probably just skip all that and proceed to the actual game. Now that the kid has a bitcoin, how did he learn bitcoin at all? If having bitcoin teaches you about bitcoin, then maybe you should have given him a bitcoin right from the start. This will save your kid from all the troubles of playing a nonsense game. By the way, I just want to make it clear. Having bitcoin doesn't teach you what is bitcoin or how it works. Obviously, you do not teach a child or a teenager directly the meaning of investing into bitcoins as it may be complicated for them to understand. One possible remedy that is available is to teach them first the value of money and the different ways of earning it. For example, you can teach your kid that if they want to buy a toy or something, they must first earn it by cleaning their mess or helping in the chores. Let me reiterate, the chores does not need to be complicated. By simply sorting their toys gives them the impression of the value behind money. You do not teach it to them directly but you let them learn it indirectly. |
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Playing gambling is easy. We just have to bet on luck. If we are not lucky then we will not get any.
Otherwise when we are lucky then we can get any thing. So gambling is not a definite job, gambling is a very risky thing for me.
Of course it is the truth but there are people who are addicted to gambling and will not take it to be the truth. The have a delusion that gambling is a profitable thing to do and so they will continue to gamble even after they lose a lot. There are players who win gambling games but they have been lucky or they knew of match fixing - either way its not everyone's cup of tea. It's alright to aim for money at the beginning but once we are not doing well and we still do not give up that dream then it's called delusion because we are getting stupid anymore. It's not necessary to lose everything we have before we realize, we lose already so accept it to cut the loses. The main reason on why people lose every money that they bet on is because they do not know when to stop gambling. Even if they already accumulated profit, they still want to gamble, - which is GREED. I do not believe that gambling can be profitable in the long run as it creates an attitude of a person going-in and out of it. If you want to be profitable, then just bet the money that you are willing to lose and if you at least double it, THEN STOP. After that, don't go to casinos or engage in any type of gambling as it may attract you to bet again. |
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Hello,
I'm wondering how can you trade with bit/altcoins when you're under 18 years old. I currently need to transfer some ethereum coins (earned by mining) to bitcoin and eventually to real cash. I know that you can use LocalBitcoins.com, however you can only trade bitcoin here. How about altcoins?
Thanks.
I'm not so sure about other sites that allows you to transact bitcoin when under 18 years old since most of the sites nowadays wants you to be of legal age due to the nature of your liability once you get into trouble. In my opinion, the best way to earn bitcoin is to join various campaign signatures since one of its pre-requisites is you being fluent in english and posting constructive posts. |
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Why use Bitcoins ?
I keep seeing threads on “why don't people” ? The real question to me is Why would they ?
-The average consumer will go way out of their way to save money. Bitcoins cost more.
-The average consumer will usually pay a little extra to have convenience. Bitcoin is less convenience and more hoops and complications.
I just cannot see any reason for the average consumer to use Bitcoins. Until average consumers start using Bitcoins they will just be an experiment and a small speculative bubble.
I have my personal reasons, I am interested Bitcoins them as a tech person, speculative investor and person that follows evolving treads and markets. I am just struggling to see any.. benefits for the average consumer at this stage.
Well the reason for people holding onto bitcoin is because of its high value for investing. Some retailers now accept bitcoin as a payment but I see at as a loss instead of a profit. Another reason for me holding my bitcoins is because I always convert it to fiat whenever I receive them from my campaign signature. People mainly use bitcoins only for investment or gambling. Well maybe an advantage of bitcoin is its nature and accessibility to average persons like us since we can earn it easily through different methods. |
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Bitcoins gave hope to many unemployed people who can't find job, i have seen many such persons in my community who are earning their livings and have also saved for future through bitcoins and they don't have any job yet.
I agree but bitcoin is not a cheat-code for anyone to earn cash fast. You must be patient since it takes a lot of time to earn bitcoin through different methods like joining various campaign signatures, faucet, trading and doing services etc. It may be a good alternative to invest in bitcoin while your sister is unemployed but it still better to have a decent job and then use bitcoin as a sideline. Some of my friends are only students but they earn extra income while studying, and that is their biggest advantage. I advice you OP to tell your sister to have a decent job and use her income as an starting investment here. |
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I think bitcoin price is pumping & dumping at any time it's one of the big disadvantages.
You are wrong. Absolutely Bitcoin price pumps and dumps but just sometimes it go down like the others cryptocurrency. We are investing, that's why we have to choose the best and suitable currency to buy and sell it at the right time to gain more income. The biggest disadvantages of Bitcoin is still a lot country don't accept Bitcoin as a legal money.We can also claim that that is the biggest disadvantage of all the existing currency. Even dollars isn't actually accepted in foreign countries. You still have to convert your dollars, which is quite a famous currency, into their local currency before it gets accepted. I think it's actually an advantage of bitcoin because in the long run, the situation can be changed. Fiat currencies will always be only exclusive for the local people. Like, Yen will always be only used in Japan. In case that Japan conquers another country, there might be a chance that they will start using Yen as well but surely Japan will not conquer the whole world. Bitcoin, on the other hand, is flexible. Bitcoin can become a universal currency because it's not under any government. Bitcoin can be used in Japan, in China, in USA, without any hassle at all. You can use it but at the moment, there's not much merchants accepting it. It's only a matter of time and mass adoption for it to be changed. I think the biggest disadvantage and at the same time advantage of bitcoin is its nature being decentralized. Since the government cannot regulate it, it can be a potential gateway for illegal activities and it also cannot be tracked. Lack of government intervention results to its price being highly volatile but it can also be considered as an advantage for investors. Another thing, one big disadvantage of bitcoin is the accessibility of it to the public. One may require an internet connection to be able to have an opportunity to earn bitcoin but most of the population around the world lives in the poverty area which does not have any access to these. |
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Lately, if I manage to double it, I'm withdrawing the initial amount and I'm using the rest much more bravely. Like a kind of "freerolling". Because after I have my own money back, I starts playing really only for fun.
That should be the essence of gambling, just doing it for fun. In my opinion, you should not play with your profit since you already won money in the first place. Betting it again will only result of potentially losing it all again and the tendency will be that you're going to bet all of your money. Winning on gambling may seem fun at first but the real deal will strike when you start losing some. Another thing if you lost the profit that you earned, you are most likely going to bet and bet again until you recover your loss until you realize that you have exhausted your resources. Bottomline, don't gamble. |
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Bitcoin Never Stop. Then Government can not stop bitcoin because there don't have any control of bitcoin. Recently India give permission to bitcoin. from there bitcoin never stop and it will be usable every ware and every country.
In fact, here in the Philippines bitcoin was seen by the government not as money, but as property therefore, it is not subject to legal tender. The government now does not see it as a threat to the economy nor to the system but in fact, they see it as a rising potential for future trades. Also, since converting bitcoin to fiat is famous, some of our retailers even accepts bitcoin as a payment for fees. My friend interviewed the lawyer at our Central Bank (BSP) and discussed their view on bitcoin and they discussed about the future of it being legal at the moment. |
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Make your own strategy that would work better for you everyone has different approach and my advice is to buy at low price & hold it & sell it on high price. If possible buy some good altcoins too that too gives you good return.
This is true for the newcomers like you which will help you to learn and as well get some experience. Buy and sell at short intervals regularly so that you will keep getting profits out and may not lose even if there is a big fall. Also if you want to buy altcoin buy at PRE ICO and sell in a short time if you are getting good returns. My strategy on investing involves only a simple method; which is only to buy bitcoins if it's less than ~$2000 and just wait. Like what happened like last July 17, 2017, the price of bitcoin went down up to $1955 and right now, it skyrocketed again up to $2380. The key here is to buy bitcoins if its price goes down especially this coming August 1 because of the hardfork and bitcoin split. Surely, prices will go down again and I see this as an opportunity to invest again. My strategy involves a huge amount of risk but it pays-off once I do it on the right time. |
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I have a question regarding the price of DIMCOINS. Since many people invested bitcoins for this project and the price of it has been going down recently, will it affect the future price once the project is fully implemented? Does the price of DIMCOIN heavily relies on the price of bitcoins as well or is it due to external factors?
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Let's assume I am a retailer/merchant. I sell soups.
So I am selling soups all day for bitcoins. At the end of the day I have to pay salaries, suppliers, rent etc in dollars. So I take my BTC revenue and convert it to dollars.
However, since bitcoin can go up and go down I cannot be sure how much money I will have made in the day.
How are the merchants today accepting Bitcoin? Do they put the price with a huge premium so that they are not exposed to the risk? Like add 10% on top of price in bitcoins.. also you would need to re-label the shelf prices like twice a day.. brr.. too complicated.
Does anyone have any insight?
This exactly explains why some of the retailers think twice before accepting bitcoin. The hassle of them converting their earned bitcoin to fiat will consume too much time and the fees that they need to pay for the conversion. Since the price of bitcoin is volatile, they might incur net loss in the long run instead of profiting. But if the retailer is also an investor of bitcoin, then he/she might accept it as a payment. There are too many reasons on why some retailers do not accept it as a payment YET but there is always the possibility in the future. |
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As most of the expertise people suggested it's hard to earn. After hard working what they get is really used for future purpose than just for fun. The reason is that with bitcoin it's really a hard task to predict the future, but till date one who trusted has got benefited.
for now, its really hard and difficult to earn bitcoin by free way like one years ago before the price is jump too high. and this is why, many people wants to save more bitcoin so they can make big profit in future after the price is increase again. but no one can predict precisely when the price will be up to high and we can only waiting for that day. same idea my friend. Bitcoin has just lost its price. I think we just need to save it and wait for Bitcoin to increase ( It will go higher soon, I believe). So it has to be future purpose. Bitcoin can't be invested for fun. You spend times researching about it, it isn't waste. Just try to get some money from Bitcoin. Well almost everyone expected that the price of bitcoins will surely decrease due to the bitcoin split happening this August 1, that is why I believe this is the best time to invest. I agree with you saying that most people invest bitcoin because of its potential profit of its price and no one saves bitcoin for fun, almost everyone has a purpose on doing so. |
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I guess yes, betting is simple enough to be played by a newbie. Newbie should start gambling out of something simple, and I think betting is simple enough for them. Especially in sports betting, if they are sport guy, it will be easier for them.
I agree Newbie or not sports gambling will all depend on how much knowledge you have on sports and one can start with the easy gambling options like which team to win the game and the like...just dont force yourself on game types you can not understand Sports betting is very easy and even a newbie can win after the game he will bet on. Everyone loves sport so that is going to be an easy thing for him, he can learn to have a lot of things to know. Newbie needs to depend on where they prefer to play, if they have some knowledge in poker why not try to play with experts? it will be depend on the luck that players have, so even newbies can take some cash out of this activity if luck permits them, the only matters is after winnings the possibilities to keep coming back and more than gain some earnings are the next problem to face. At the end of the day even if the person who bets is a newbie or someone who is rich, luck is the equalizer among them. If the newbie has the means of providing himself the cash to bet then I don't see a problem with it. But if he/she only has only a limited amount of money to gamble on, then I don't really suggest gambling it. Like you said, gambling creates an attitude of you going-in and out of it that's why either way, it is inevitable that they will really lose money. But then again, I don't believe in "beginners luck" that is why I suggest to all of my friends to not try gambling. |
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If we save many bitcoins today or in the past months and hold it for a long time maybe we can earn a lot of profit from bitcoin. If you are a long term investor you don't need to panic when the price goes down. We just need to believe that bitcoin will reach it's highest point.
Saving bitcoin will always be beneficial to all of us. Make those early bitcoin people as an example, they did earned a lot from being a long time holder. A kid became millionaire and still counting. Re-investing his profit and makes more money, it will always depend on how you will manage your saved bitcoins. People hold for the simple reason bitcoin increase in value, if it did not then people will try to get rid of their bitcoin as fast as possible, so holding is a reaction to the way bitcoin behaves, there is no point in spending your bitcoin now when it will become even more valuable at some point in the future. The people who invested in bitcoin in the early days are surely rich by now. But even if a middle-class person gathers same cash and invests in bitcoin, it is entirely possible that he get some profit due to the fact that bitcoin is rising considerably fast as compared to any other assists. Like that an example of silver gold, and some lands where it is profit is lower as compare to commercial area. So now a days it is also challenging lands as well. If you want to invest, I suggest that you buy bitcoins now since it is below ~2000$ range. This coming August 1, the price might even drop more depending on people who panic sell it. The benefit of bitcoin if you save it for a long time is there is always the potential of the price increasing from the amount that you bought bitcoins. Like you said, many people millionaires due to their investment way back in 2009 where prices of bitcoin are very low. All you need is a little bit of courage and patience and you'll surely be one of them in the future. |
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For your information, if you print dollars that will result to extreme inflation thus, making the value of money lower compared before. Even if it may seem a good idea, this is will eventually destroy the economy of one's country. Take a look at Zimbabwe, they have extreme inflation and the value of their paper money is around "one hundred trillion dollars" (check it on the internet) but in reality, it's just less than a dollar. Always remember the law on demand and supply because this is perfectly relevant to your question. |
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Many people need big proof to satisfy that this site is legit ..whats the best way to convince your relatives or friends
Nope, convincing or forcing them into bitcoin will only result to lack of interest and eventually a waste of time for them. The best thing to do if you truly want your family or friends to join in bitcoin in their own volition is by showing your actual earnings and investments made. By this way, they will realize that you are really earning money and not just wasting your time. Show them actual examples of you participating into different campaign signatures and you can also show your coin wallet. But if they do not really want to join then don't bother them. They will soon regret it. |
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It is east to use especially on transaction abroad, you don't need to fill up many forms just to send or receive money.
That is right, I am sending some of my bitcoins to one of my family member abroad and we are taking advantage of that really good. Also there are times where bitcoin is pumping when I send some of my coins and that is a good thing for them when they recieve the coins. Though the problem is the transaction time and the transaction fee. Well that is the beauty of bitcoin, high monetary value if converted to fiat and the convenience of sending it to anyone across the globe. Though it may have its limitations like you stated about the transaction fee, overall bitcoin provides endless opportunities to people who know how to use it. As for me, people should use bitcoin due to the nature of it being easy to acquire through mining, joining various campaign signatures, trading, or by gambling. The best part also is anyone has equal access to it. |
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