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The kind of people you have pointed out, I am one of them. I treat bitcoin as an investment and not as a currency. So if a shop owner accepts payments in bitcoin and fiat both, I will definitely use fiat currency and not my bitcoin. The reason is the same as you have mentioned. If you compare the price volatility, then you will actually end up loosing more that the cost of the product.
But I think you don’t need to be worried about the transactions of bitcoin. The bitcoin is widely accepted in online world and new merchants are added every single day. So the transactions are happening, but not for the silly things like daily groceries or mobile recharge.
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More than 100 bitcoin is a huge amount and never risk keeping all in a single account. I know people will say about offline account because it is considered to be one of the most secure ways to store your bitcoin. However, it is always better to diversify. Never use a single account to store so much bitcoin.
Use a good mix of offline and online accounts. Keep a major portion of your bitcoin in the offline account and keep a minor potion in to two or three online accounts like blockchain or coinbase. This is the only way how you can secure your bitcoins.
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I prefer saving bitcoin just like you and the main purpose behind my saving is for the future. I am positive about bitcoin and I am sure bitcoin price will be sky high within the next 5 years. It may go up to a certain level which we are not able to think today. So with this hope, I am saving bitcoin and not investing it anywhere apart from trading.
I have a dream of buying something luxurious for myself and family in future and I am sure that my bitcoin savings will definitely help me to reach that dream and make it a reality. I will continue earning bitcoin for another 5 years and then I will sell that to for fiat currency to fulfill my dream for good.
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Actually there are a lot of catalysts based on which the bitcoin price is decided. There is no single factor. The main and major factor is obviously the market cap of bitcoin and the demand. Robust demand and increasing market cap also increases the price of bitcoin. On the other hand, if traders around the world starts selling their bitcoin to book their profit, the price will go down even if the market cap remains almost same.
So basically there are numbers of factors based on which the price goes up or down. But it follows the basic market rule of demand supply chain. If demand is more and supply is less, price will go up. If demand is less and supply is more, the price will go down, as simple as that!
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I truly support that Bitcoin is the best investment that humanity have came across in decades but I certainly do not say that put everything in bitcoin even if someone is living with their parents. I believe everyone should have a good mix of bitcoin and fiat currency and not everything in bitcoin.
Exchanging bitcoin into fiat currency is a time consuming procedure and it involves a certain amount of fees. Hence having a healthy balance in fiat currency is required so that one can support during themselves during the hard times. AT least 30% of a student's savings should be kept in cash and rest can be invested in bitcoin which may fetch him a decent amount of return in future. Having a good mix of fiat and bitcoin is always recommended.
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I don't think bitcoin can be compared with paypal in any way because paypal is not a currency. While bitcoin is a currency itself, paypal is a service provider of internet transactions. Paypal is also regulated by a central authority and several other country regulations. Bitcoin is decentralized and no one is actually controlling the bitcoin.
That's true that bitcoin is used by many criminals and for many illegal transactions. But bitcoin is far more potential than we can actually think off. Take it as an investment for another 5 years and you will see the magic. That's exactly is where I am heading.
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Yes and yes! That is my answer. Bitcoin is a good investment for any amount of money at any time. It has a huge upside potential to go up to any level in future. Even at this level, bitcoin price looks cheap to me because of the market cap. It is now 20.3 billion and increasing at a very fast pace.
Invest in bitcoin and save those bitcoins to a safe wallet and forget them for another 5 years. In 5 years, bitcoin price will be doubled compared to what it is now. So never hesitate to invest in bitcoin anytime. No other conventional investment will fetch you that much return for sure.
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Hats off to your way of thinking. Bitcoin is not a magic wand which will prevent crime. Bitcoin is being used for illegal transactions as well from a long time. Specially in money laundering industry bitcoin is a big hit! So it can't prevent crime in any way.
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Satoshi is a fugazi which doesn't exist. It's figment of someone's imagination and nothing else. However, I am really not much bothered about who has created bitcoin and why, because I am already reaping the benefit of bitcoin without knowing who is the inventor of bitcoin.
Also I support the fact that the inventor is hiding himself and it is for good. Otherwise he would have spent the rest of his life in Jail. I want him to live a peaceful and serene life because he has sown the way for financial freedom to many. God bless him!
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I am being honest that I am not waiting for bitcoin to come down to $100 to buy in bulk. Seriously not! Because if it happens, my bitcoin holding will go for a toss and all my plans with bitcoin savings will take a u-turn. I will be suffering a major loss.
I am waiting for bitcoin to reach new heights every single day because I am not an one time investor. I accumulate bitcoin everyday from trading a various other sources and I want to fulfill some of my childhood dreams with my bitcoin savings. That is only possible if Bitcoin price keeps increasing. $100 is frankly not an option!
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Bitcoin is usually used by people interested in technology. I mean, persons with a certain technical knowledge are interested in bitcoin.
My observations are that way. I think Bitcoin needs to reach larger quantities. Can use bitcoin in people who are not interested in technology?
Can people use the bitcoin in the profession group like tradesmen, teachers, housewives, firemen, butchers? Are we going to see the days that these people use bitcoin?
That's true! People with interest in technology are usually the user of bitcoin and people with zero knowledge about technology are struggling to understand the concept of bitcoin. That is the reason why Bitcoin is still considered as a payment system of internet and not for the mass. People with technological interest will be able to adopt bitcoin faster and they will also try to find new avenues to spend that money. That is one major roadblock for the bitcoin to be known as the currency of common man. However, with growing reach of technology, bitcoin is also spreading at a very fast rate. So probably 5 years down the line, it would be able to become the currency of common man. |
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Good use of bitcoin you got! However, I prefer to use my bitcoin as an investment only. I trade and accumulate more and more bitcoin for a better future which can help me to achieve my dreams. I was initially tempt to use bitcoin as a currency and tried to do mobile recharge or buy coffee. However, when I had realized that I am only giving away my fortune to the shop owner, I immediately stopped it.
Because bitcoin has a huge upside potential and nothing can beat it as of now. Looking at the market cap, I can confirm that people are investing more and more money in to bitcoin to get more profit. The dream run of bitcoin has already started and I am sure that, we will see a huge increase in price in this year.
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MLM is actually a very full proof business. The reason most MLM goes down is due to the poor execution and nothing else. Otherwise, MLM should not have to go down in any way.
I will be ready to put my fiat money in the early stage of any MLM if the amount is low but not my bitcoin for sure. Every sinlge bitcoin I earn, I keep it in a safe place for the future because I know this coin will fetch me a much higher return in future. Probably not now, but anytime 5-7 years down the line. Hence I can't afford to loose my bitcoin.
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There are number of ways from where you can earn bitcoin. It would not make you filthy rich in your initial days, but certainly can provide you an extra income. You can save those little income for few months to see a big chunk of money. You can start with paid to post forums and faucet websites if you are not aware of the bitcoin technology much.
Then once you have saved up few dollars, you can try trading with little amount which actually can give you a good amount of return compared to any other method of bitcoin earning. There are lots of youtube videos available to learn trading from scratch which can help you for sure. That's how I started in the bitcoin world and now I am sitting on a good amount of money saved for future.
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That's really great to see that a Central bank of a country is recognizing the potential of bitcoin and moreover blockchain technology to include in to the financial transactions. It surely will have positive impact on bitcoin price and it has already started I guess. Also the Central bank of Nigeria is doing the same as OP mentioned.
However, it also has a darker side, while bitcoin is meant to be the currency of the mass, countries taking interest in bitcoin may or may not have adverse effect on the bitcoin users of that country. If the central bank tries to regularize the bitcoin transaction and start taxing it, it won't be good. Lets just hope the central bank only takes interest in the blockchain technology and not on bitcoin users.
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Like any other currency, bitcoin was also introduced to become the currency of the internet where people can transact money in internet with ease and anonymity. I guess that was the basic goal. However,with the changed and increased market share and dynamics, bitcoin has been widely accepted as an investment due to the huge upside potential.
I too think that spending bitcoin for buying coffee or any other daily goods is idiotic because, you are actually paying a part of your fortune to the shop owner. The money you will spend in bitcoin to buy a cup of coffee, will have a different and higher value in future, so which could have given you a good amount of profit, you spent for coffee. I too take bitcoin as an investment only and loving it!
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1 satoshi for $1 dollar is a bit too much of imagination but I truly believe that bitcoin would definitely reach at $5000 to $7000 level one day. Not soon, but probably in the future if the demand stays strong.
However, if bitcoin reaches $1 per satoshi, It will be the happiest day of my life, because I will be a multi millionaire and I can afford any luxury I can every dreamed off. But that is not going to happen, because for that, bitcoin's market cap needs to be more than the whole earth together.
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There are several ways to get cash in hand for bitcoin from one country to another. If you have a bank verified Paypal account, you will find a lot of exchanger who will exchange your bitcoin to paypal money in no time. Then you can accordingly withdraw your paypal amount to your bank account. However, a significant amount of fees you will have to pay to the exchange as well as to the bitcoin network.
However, I always use localbitcoin service and try to find traders from my country. I speak tot hem over phone and then start the trade. I found their rate are really good compared to the market rate and also they are fast. I can get money directly to my bank account. Just check the trader's rating before you open a trade with them and you are done.
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