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Bitcoin is a decentralised currency with a maximum supply amount of 21 million coins. You hold them in either a private wallet or on an exchange the former being similar to operating your own bank account. You can save with it or exchange it for other coins and more opportunities are now developing to spend your crypto in real world situations.
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I would agree that the price has currently bottomed but that level was $6,100 no $9,300 from your original post. We have had 2 false starts at a recovery so far but the 3rd attempt looks positive so far in making steady progress and not flying upwards. The fact that Soros claims to have started buying into Bitcoin is a good indicator that the worst is over.
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If you are making regular deposits from FIAT into Bitcoin and use this as a savings scheme then your returns over time will more than offset the commission and transfer charges you incur each time. The price has now stabilised from the corrections we saw over the past 5 months and with some Big money investors such as Soros taking an interest the landscape is rapidly changing for the better.
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My greatest challenge with Bitcoin so far has been finding quick and cost-effective ways to withdraw when I need some FIAT. I was using Kraken but they shut down their service running through Japan and I also had a crypto debit card but they withdrew service. After some trial and error with LocalBitcoin (It did work on the 4th attempt!) I have found a new locally based exchange.
It is great trading and making money in crypto but you still need to be able to get access to funds to spend in FIAT from time to time.
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Hi Forum
I would like to know what real value you think HODLing adds. What is the point of just holding bitcoin till moon and lambo ? This is cryptocurrency, why aren't we using this as currency? If we all just hold then this whole thing takes on a completely different business model, we lose all real value that it has as currency and it just becomes a full on speculative bubble.
Bitcoin and other currencies have no value if nobody uses them. So I would like to encourage everyone to spend and replace instead of just blindly holding. We won't see merchant adoption skyrocketing if nobody buys stuff with bitcoin. And yes I know it can go up in value, but why not just spend your BTC and EFT some fiat over to your local exchange and replace the BTC you spent ?
If any businesses accept BTC or other currencies it is our duty to support them extra for it and use cryptocurrency.
Your question is valid but your thinking is not close to the thinking of the ones who have probably made thousands if not million of $$$ in their own currencies just by holding it. It is really not a smart decision to sell your Bitcoins with huge losses. The ones who bought it at $19000 will face more than 100% loss by selling their coins at $7000 or below that. It really gives a funny but foolish type of image to them because many of them might have invested more than millions. And some of them already did attempts of suicide just because of facing huge drops in the price of Bitcoins and the collapse of crypto-world in general. So the best decision at current time is to hold the coins and wait for the right time to sell them. Bitcoin has some great future predictions so if any of those predictions becomes reality then those people might get rich within 2 years. I can see what point you are trying to make but seriously you need to work on your mathematics and understanding of percentages, it will surely help you with your investments in the future. 19,000 down to 7,000 is about a 63% loss a 100% loss would be $19,000 to $0  |
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I don't think it is having as much of an impact as you would like to think. I bought into one of these type of companies last year in their ICO and so far the results have been pretty underwhelming to say the least. I honestly believe people are spending way more with credit cards on gambling sites than with crypto and not sure if that will change.
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After the past 6 months I think we would welcome all of the positive news about Bitcoin that we can find, thank you Kotone for taking the time to compile that extensive list. We are in a slow creep phase now as adoption by different countries passes legislation or grows. Once this expands there will be little standing in the way of a lengthy period of growth for BTC, heading for exciting times I think.
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I think there are many more women involved in the cryptocurrency industry than you would at first think. When I look through the ICO websites there are almost always women as part of the teams and I can think of one current ICO (MeetnGreetMe) that is headed up by a woman. Ideas and projects are not relevant to gender good ideas and motivation is what we need in the industry.
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I don't think it qualifies as the invention of the century, but the blockchain accountability and the distributed data processing and consensus mechanisms are definitely a big bonus to the computer world. Bitcoin is one application of the blockchain it of course has many other uses but the financial advantage it has presented is a blessing for most of us.
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I personally think that the final point in the original post probably has the biggest influence in the equation. The Japanese have had to endure Zero or even negative interest rates since 2011 that is 7 years without any yield and of course negative in real terms against inflation. People want to put their money somewhere and get a return so Bitcoin was a simple choice.
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Even though there is a ban on exchanges in China at this time I still think that the Chinese people will have a major influence on the Bitcoin market. VPN are very useful tools to navigate around blockades. After China then the major influencers in the regions would be Japan and South Korea as both economies have embraced the technology.
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Many exchanges will not allow persons under the age of 18 to purchase, so perhaps you could start off joining in with some Bounty campaigns and earn yourself some other coins that you can then keep or trade up for Bitcoin. If you can get a site with a basic unverified account then you can still trade small amounts so you should be good to go.
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The demographics of cryptocurrency are pretty interesting for sure, but I have to smile when you say old people don't know much about it. What age are you calling people old at? Thirty, Forty, Fifty? or just past 65? You would probably be surprised about how many 40 and 50 somethings are in to crypto just that they aren't as obvious in the way they discuss it online |
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I think maybe at age 14+ you might want to think about teaching your children about Bitcoin and other cryptocurrency but before that I don't see any needs. We put too much pressure on our children today already with technology and school work it is just as important to have an active imagination and be creative I believe.
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If you are planning to invest in Bitcoin for the first time ever in March or April 2018 then I think the answer to your question is 100% yes this is not only a good time to be Investing in Bitcoin but a Great one. The sharp decline from the $19,000 high seen at the end of 2018 has given a great buying opportunity to position yourself for the next rise. It also makes good sense to purchase regular amounts and enjoy an average price over time which protects you from over purchasing if you try and chase the price to buy one time all in during a rising market.
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I think similar to what spaffin just posted. This year will be important to Bitcoin not really in price terms but in acceptance terms by different countries and for a multitude of purposes not just allowing exchanges. We can see in the US for instance that 2 states have already allowed payment of local taxes by crypto and the IRS has implemented taxes on trading profits. The more countries join in with acceptance the better overall for the status of Bitcoin and the other cryptocurrencies.
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I love Bitcoin as it has given us a secure and speedy way to exchange value with each other without having to rely on the corrupt practices of the major banking institutions. Add to that the maximum amount of Bitcoins you will ever see is 21 million and you have a currency that cannot be continually diluted by simply adding more.
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Blockchain is defined as a digital ledger in which transactions made in bitcoin or another cryptocurrency are recorded chronologically and publicly. So the blockchain is the methodology and Bitcoin is a coin designed to use it.
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Although the current depression in Bitcoin price has lasted for a few months, and nobody was expecting the correction to last for this long it does look to have stabilised now. The most prudent policy is to stagger your purchases over time with regular investments to benefit the most from a good average price.
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Why would you even search for Bitcoin and criminals???
Bitcoin has more legal usage than illegal in any event, what you are looking at are simple ways to do money laundering and exchange value for illicit goods
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