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bitcoin-backed-money is not particularly a good idea because, bitcoin is not a tangible asset. If a money is not based on a tangible asset, it will hold no value to the public. Only a few tech savy people would be interested to use it.
Acceptability will become a problem. If bitcoin can be physical asset, then probably it will have some value. Otherwise bitcoin is rocking in its current form.
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If not faucet, then my first bitcoin came from a signature campaign. the current campaign is the first campaign I have joined in and continuing till date.
Also I have invested few dollars in p2p loans though btcjam and getting regular returns.
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I don't think that duplicate wallet address is virtually possible. I think everything is taken care by blockchain itself.
However, you can use your email address instead of giving away your wallet id if you are holding account with coinbase. It will save your from your money being stolen.
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True indeed! Banks will not hate any currency which will bring profit in to their treasury.
Bitcoin is doing good and that's why banks are after it. They are even planning to start their own blockchain.
But till the time bitcoin can be earned freely and without regulation, they will not be able to make much impact on its distribution.
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Gambling involves a great amount of risk, so I would not suggest you to gamble with the total amount of bitcoin which you have bought.
Invest in various p2p loans and trade exchanges with 70% of your bitcoin and gamble with the rest amount.
Remember one thing, whatever you win in gambling, the house always wins at the end of the day!
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WHy do you want to tell your girlfriend about your secret investment in bitcoin. Let your bitcoins be safe.
If you girlfriend comes to know that you are holding a good amount of bitcoin and it has a very good chance to grow in value in future, she will keep a tab on bitcoin price and will ask for an expensive gift in future.
Keep it secret!
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As the topic suggest, I'm currently a college student with about ~$12k net worth.
I've invested approximately 70% in diversified ETFs (Domestic Market, FTSE & Developed market),
10% In bond funds (US Treasury, TIPS, Developed & EM bonds), and I'm still having the rest of 20% in hand, some of them were bitcoins, some of them were FIAT.
I'm thinking of holding up to ~$2,000 worth of bitcoins, and just keeping them for few years, will not invest more (adjustment) even if my net worth have become larger.
But at this time point, bitcoin would be 15%~20% of my investment portfolio.
And half of my bitcoin are being invested into P2P Landing platform such as loanbase, bitbond, etc.'s also having so that it'll accrue some interest as well.
My philosophy of investment is I wanted a well-diversified portfolio that generates reasonable ROI but at the also has lower risk.
So what's the percentage of your portfolio is bitcoin, and what's your philosophy of investment ?
I am really surprised to see your maturity at this age. Congrats! You are already investing in secure places like treasury and bonds and also holding a risky portfolio by investing in to ETFs. However, at you age, the risk taking capability is good. So I will suggest, investing around 30% of your monthly investment to bitcoin. As you just want to hold bitcoins of $2k value, it will help you to reach your target faster while the bitcoin is cheap. Bitcoin is certainly a wise decision and you will not regret. |
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No economy can print money as per their wish. It has to be backed by some asset. For dollar, it is backed by gold. The more gold USA will have, the more dollar they can print. If they start printing dollars as per their own wish, the dollar will become the weakest currency of the world. So it can't be done. |
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Bitcoin is already an international currency as people around the globe are using it.
But I really don't want to bitcoin to become like fiat currency. I don't want to buy my daily groceries with bitcoin for sure.
Treat bitcoin as an alternate investment route. It is not meant to become a regular currency.
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Let's cut the crap. Most of us are just waiting for Bitcoin to finally hit $100 to buy a huge quantity. Am I right or talking out my ass?
You are definitely not right! I am not waiting for the price to come down to $100. I am buying, trading and accumulating bitcoin in smaller quantities. It is called averaging out. I am certainly looking for the bitcoin price to reach new heights every months. I am an optimistic and I am sure bitcoin will be price much higher than what it is now. |
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If I backup the keys onto my phone's sdcard, don't other apps have temporary access to that file before I delete it? I'm using a Micromax phone and I'm concerned that the phone contains pre-installed malware.
Is it better to just move the money to a wallet on my PC?
It is absolutely not safe. You should have used other means to save your private keys. But if you are holding a very minimum amount of bitcoin, then not a problem. But if you are holding a decent amount of bitcoin, then I will suggest you to use paper or hardware wallet. It is the best way to secure your money. |
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Funny story! But if you have really invested so much in bitcoin, then I think you have take a wise decision.
Just keep checking the prices of bitcoin every quarter. Just to make sure that you are making profit by investing in to bitcoin.
If I were you, then I would have invested in 5 bitcoin and rest amount I would invested in trading bitcoins instead of keeping it idle. Anyway, best of luck!
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They can use exchanger service. In today's world, a little google search will help you find many exchangers.
However, without a bank account, it is a bit difficult task to get fiat in exchange of bitcoin.
Otherwise, you have to make use of this type of forums to search for someone who stays near you and wants to buy bitcoins. Then you can facilitate the trade. Without bank account, it is really troublesome.
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There are so many exchangers available in the market. A little google search will give you a list who can exchange between bitcoin and paypal.
Use more than 5 exchangers and use 10 BTC with each of them to your paypal account. Once you receive the funds in your paypal account, you can easily withdraw it to your bank accounts.
But yes, you have to disclose that earning to your tax file.
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Why would anyone want to burn money?? What kind of freaking madness is that??
If anyone don't need money, please donate it to a charitable organisations who works for poor. This way you can make your unwanted bitcoin in good use.
Please don't destroy money in any form. It is a sin.
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Nice imaginative article!!
But it is literally not possible to be free from this 'banking' and 'regulation' bondage as you have to belong from some nationality. Otherwise, you will have hide yourself for the rest of your life which is not possible for everyone.
Bitcoin is a path braking innovation and it certainly gives some degree of financial freedom to the people and nothing else.
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If it is a pharma shop then why are you calling it a high risk business? Are you planning to sell banned drugs??
You can always accept bitcoin for your shop and there are few websites like bitpay and coindesk who can help integrating.
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lol! Please stop this guessing game. Few members are still not getting the sarcasm of the thread owner.
Tell me, what impact is going to have in your life after know the creator of bitcoin. Do you want him to come up with another coin like this??
Why are you all after him? earn, trade and accumulate bitcoin and make the most of it. But please let him live in peace.
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True sarcasm. Lol!!
Really I am fed up with this claim. Frankly no impact is going to make in ours life even after knowing who Mr. Nakamoto really is. Neither the price of bitcoin will have any impact.
I want him to live in peace because once his identity is proven, all enforcement agencies will be after him, which I don't want to happen.
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Free market is the future, though it has a very very little chance to become reality because of the difference in people.
Very few percentage of the world population is computer literate and that will become the major roadblock to the free market. Not everyone will know how to transact anonymously.
So, free market seems like a distant dream at least as of now.
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