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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?
