I think the best mental methodology to trading is to learn from your mistakes and not spend too much time on regretting your decisions. You have made a mistake, but now you will be able to avoid it as part of the learning process.

The less you think about your loss the better it will be for you.

There is no possible way to get a proper income with something as volatile as bitcoin, or at least I would say so on my behalf (Don't quote me on that though). With bitcoin and altcoin trading, you are even less likely to make a solid income than you would with a job that pays a set amount of bitcoin/ week, for example. Trading is a bit 'up and down'. Sometimes it can be successful while on other occasions it can be a complete disaster.

Yes, I would say that bitcoin can easily be classified as money. Wow this thread was posted a long time ago, and with that time change has also come.

Bitcoin has certainly changed a lot during this 7 year interval. Bitcoin has basically become a currency by this time and it is easily usable online. Many few major retailers online now accept bitcoin, however the majority don't, which is soon to change.

I prefer to buy and use mainly bitcoin. Ethereum is also a great coin, but I mostly like using it as an altcoin, and investment tool, but not as my main currency.

I would suggest you experiment with a bit of both. Both are great for investment and have its ups and downs. At the end of the day it all comes down to what you want to use it for.

It is possible to buy an account, most of the sellers sell it in the Auctions and Accounts and Invites section, however, I would discourage you buying an account as it drastically increases the chance you have of getting your account banned. Also, you will not have the necessary experience and knowledge that people get from the forum by cheating through the ranks.

However, it all comes down to you. It is not illegal to do that (only if you buy/sell hacked accounts), but it is hugely looked down upon.

Bitcoins price has broken records for itself in the past few days, maybe a week. At this rate of development, I do not think that there should be any reason to fear anything in terms of investments.
Yes, the price did drop to ~$2300, but look at where we are standing right now - on an all time high.

I would not recommend to anyone to sell their bitcoins for some time in the future, unless you desperately need to. Holding it longer increases your margin of profit.

I would think that the stock market and bitcoin are 2 different things, at least from a certain perspective.
While they may both be classified as investments or trading, bitcoin is definitely the long term option. The best way to maximise your BTC profits is to hold onto your coins for as long as you can, withdrawing little to nothing in the process of doing so.
The stock market is much riskier and is more drastic. It can be subject to change by manipulation quite easily and / or fraud. It is much riskier in my opinion, but I may be wrong.

Well, Yes and No. I do not think that any altcoin will be able to take over Bitcoin any time soon. Most likely, a good altcoin such as Ethereum will only be able to become a good altcoin beside bitcoin, but not overtake it. Bitcoin is still the king in terms of value, and trade amount.

Well, there is a chance, but it is hugely slim. Fiat has been used for generations on end by now, and it will be time before everyone can adopt to such said change.
I am also sure that governments are not that dumb to hand over full control over fiat to the main population. That would be an absoloute disaster for them, as they can no longer manipulate their currency for financial gain.


I agree with what you have to say. Banknotes and coins are already diminishing and we will soon see out daily currency in its electronic format, whether that is bitcoin or fiat.

Bitcoin definitely has the potential to overtake fiat, but I do not think that governments will allow it.

Well this certainly depends on when you buy bitcoins. If you are a serious trader, then selling your coins is something that you just have to deal with. However, as mentioned before, if you directly buy an item with bitcoin, you are going to have to pay less for transaction and processing fees if you were to sell your BTC for fiat and then buy the exact same item. This is why amazon is a huge hit for bitcoiners as they can easily buy an item at the click of a button (not literally, but much faster than with normal fiat, or selling bitcoins to fiat)

Just hold onto your bitcoins and reap the profits that will come in a few years, if not months.

People should use bitcoin for a large number of reasons, the main being that you are able to send transactions quite fast to anyone who has a bitcoin address and an internet connection.
The second reason is that transactions are safe and secure, meaning that it is very hard, if not impossible, to track down to whom a certain address belongs to.
Also, bitcoin's popularity is rapidly on the rise, meaning that the price will also go up drastically - a great investment opportunity.

Well, in its own respect yes and no. The main limitation to bitcoin's safety is the computer / server the coins are stored in. Bitcoin is only as secure as your computer is, nothing less.
Still, the most secure ways to store bitcoin are to buy a hardware wallet, such as a Ledger wallet or Trezor. This will make sure that the private key that you have will only be yours, and not controlled by someone else. That is the biggest problem with online wallets, they are in control of your private keys. Meaning that if they get hacked, all the keys might be compromised.

Bitcoin has certainly done many wonders with its volatile nature, spiking another $1500 USD in the past few days. I can definitely see getting rich with bitcoin to be a real thing, and many people have already proven this to be true. Trading is one of the fastest ways to earn bitcoin, provided it is completed correctly and not too much losses are made during this period.
However, getting rich is not limited to just bitcoin in general. The amount of money you are able to generate for yourself is tied to the amount of work you place into your job. If you work hard, you will be rewarded.

I would say that people want to have bitcoin over fiat as it is more anonymous and transactions are much, much faster.
However, its anonymity also has money downsides, the biggest being that it is encouraging the expansion of the black market and dark-net. But, as an average consumer, it is a huge bonus.
Also, another big advantage of using bitcoin over fiat is that the value is harder to manipulate, in a certain way. Bitcoin's value is tied to its user, and is completely decentralised.

Wow, this is certainly good news. However, I have also not been able to find any official statements about this from any major websites or government release papers. If this is true, it is certainly a good thing to be done and I really hope other countries will follow this example.
It certainly looks like the world is changing towards a unified currency that can be used across all countries, and changes like this are the first piece of the puzzle to making this come true.

Yes, I would say so. Bitcoin has grown to be quite large and is widely used all over the word. It has certainly started to boom over the last few days an d has gained many new members in the process.
The current fiat system is hugely bloated and has inflated itself into a bubble ready to burst. I personally feel as if the 2008 market crysis was just the tip of the iceberg in terms of what we are going to see. Bitcoin will certainly help a massive amount in settling a new currency for our digital society. Paper money just doesn't seem to cut it anymore. It is no where being anonymous, easily lost or damaged and the manufacturing process harms the environment.

No, why would bitcoin die any time soon? It would make no sense for it to. Bitcoin is fully raised on a network of trust, and if the network of trust grow's, so will BTC's value. The only way possible that bitcoin could suddenly crumble to the ground is if it had lost all/ most of its users. And I do not see any of this happening any time soon. In the last few days / 1 week we have seen bitcoin's price jump up by $1000 USD. Maybe it wasn't caused by an influx of popularity and rather because of Segwit, but it has certainly brought new bitcoin users to the surface.

Oh no... That is a lot of money you are talking about. I would not suggest you invest all of it in any cryptocurrency, or invest at all. Make sure you have at least a decent amount of money left for you if your personal situation turned sour. The loss of a job can make things really hard and you need a financial safety net in times like this.

However, I would suggest you do your research about ICOs that seem to be of best interest to you, but I would personally invest some amount of it in Bitcoins and hold onto them. Holding onto your coins will certainly have its benefits.

Well, everything is possible, there is no way to determine what the future holds.

But it is highly probable that bitcoin will not crash to the extent that you have written any time soon. Bitcoin is still in its 'developing phase' and has received plenty of support from its users, both old and new. Bitcoin's value is strongly tied to its demand, and while the demand is up - so will the value be.  We have seen the price of BTC grow drastically in the past few weeks, of not days and looks like it will be permanent. I do not think the price will drop anywhere below $3000 USD if we look at the current trends today.

Well, this topic can go both ways - Bitcoin can reduce unemployment as well as make people unemployed (Maybe not at this stage).

Yes, bitcoin has the potential to reduce unemployment as it engages more and more people in its network by providing job opportunities through trading, services and many more. All these opportunities have the power to generate enough revenue for a person to live off it, if the individual at hand is to spend enough time on the work that has been given to him / her.

However, Bitcoin can also cause unemployment as people in banks and those directly connected to Fiat printing may loose their jobs. I know it may seem dumb, but it can happen.