Just a few hours ago I bumped into this story of a family that has lived on Bitcoin for 4 yrs travelling around 40 countries. That story did not just got me excited and motivated, but it also activated some doubts from within that I started to ask "how?". Was that even possible? It is very rare to hear this kind of story but the interesting family claimed that this was made feasible after they had liquidated all their assets, from their retirement accounts and cars, to their clothes and toys, and bet it all on #Bitcoin in 2017 when it was valued at $900 per coin. Did you read that? Nine hundred dollars then! May be that could give the claim a kind of credibility after all. What do you think? I would take my doubt to have been misplaced if some of you here can question the doubt by given some evidences that show that it is hundred percent possible to live a bitcoin life for four good years as the news has shown this beautiful family to have done. Let us know what you think about this family's claim and may be tell us what and how you have spent your Bitcoins over the years. This is an interesting piece of news. I mean, that was a very brave and deliberate decision they took back then. I wouldn't say that's luck if they are enjoying the benefits now, they took a great risk then. Selling all their assets to invest in bitcoin isn't something everybody can do. However, I think I'm confused about 'living on bitcoin'. I do not think it is possible for them to use their coins for all their expenses without having to convert to fiat first. I mean, how did they book their flights? how did they rent the vehicles they used in each country they visited? how did they buy clothing? how did they feed? We all know all these are not yet possible without converting to fiat first. If by 'living on bitcoin', you mean they living off the money they've made over their investment in bitcoin back in 2017 because of the rise in the price of bitcoin, then it's very much possible for that to happen. |
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Many people already clarified the difference between investing and trading. They've explained that they two different methods of making money. Investing is less risky as compared to trading.
Investing small assets or resources is great idea. You just have to consider your ROI and the time frame. The returns on your investment after particular period of time is worth considering before making any investment. Making an investment of $100 for a year and yielding only 10% isn't a great investment for me. I'm sure you'd agree with me that yielding 10% every month is great investment.
I think trading with small assets is better compared to investing them. If you're very good in trading, then it is advisable you trade your small assets as you're sure to make profits especially if you use leverage. They might be small at first but with time, you'd realize you've made much already.
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I had thought that we wouldn't see development such as this just yet with bitcoin. Using bitcoin as retirement plans isn't something I thought could happen in two or three years to come just because of its volatility. I have my reservations because the concept of crypto-backed retirement plans can only be made possible by stable coins such as USDT and we all know bitcoin is far from being stable.
This, happening now, shows how fast bitcoin is moving towards mass adoption. I wouldn't be surprised if, at this rate, bitcoin becomes a worldwide currency in just two to three years.
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Bitcoin has accomplished a lot over the last few years and deserves a lot of credit for it but has not achieved its goal yet. Bitcoin is set to achieve global protection whereby everyone will accept its use in terms of payment methods and apply it to their business and transactions.
You're absolutely right. Bitcoin was made to be currency to spent on goods and services, used as a store of value, used for settlement of debt just like the US dollar or the Euro. I'm sure everyone here agrees that bitcoin still has a long way to go to do just that. Bitcoin has to be adopted by everyone for that to happen I, however, would say we shouldn't just write off the accomplishments of bitcoin over the years. I mean, bitcoin has risen from obscurity ten years ago to being adopted by top financial institutions such as PayPal and Visa. While there is still a long way to go, I believe bitcoin has done relatively much in terms of adoption by the masses compared to ten years ago |
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since I discovered this crypto market I have always been fond of trading, and I have always tried to train and educate myself to improve my skills.
On the other hand I always had to live side by side with those who call themselves holders, i.e. those who don't take decisions.
They just accumulate no matter what, based on the faith that bitcoin's price will always increase (I said price, not value, on puropse. They talk about disrupting, about new order but all they care for is to have a share of the pie, like anyone else)
Now, this is the exact opposite of what I think of investing: blindingly relying on something that you cannot control but, for the time being, they are being proved right.
If it proves right that the real, deep power of bitcoin is scarcity, and that this scarcity will always push its value (and price) higher, IF this is true, what sense does it even make trading bitcoin?
I mean, you could always do it of course, but there's no much relevance about it..
on the other hand a trader could argue: "look at gold. Gold is scarce as well but it's not always rising".
yes of course, but at the same time it will unlikely come back to its lowest prices, to the price levels of, say, 70s or 80s..
Don't get me wrong, I still hate holders ok, with their mantras, their plan-b and stf shit, butwhat I mean is may be they are right. May be BTC is in that phase where it still pays being herd, the herd of holders..
If you are successful with trading bitcoin, then it doesn't matter what others do. I'd only consider what others are doing to make the most of the opportunity if I'm not successful in my trades. Just as you consider and believe that trading is a strategy or way to actively make money, many others believe it is too risky and shouldn't be embraced and as such they resort to hodling. I'd say you focus on what you know how to do best, which is trading in this case, and mind whatever happens with others. |
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I believe employees in all countries would have this type of investment plan in a way there would be companies rendering services in which the employee would be saving 10% or more of his/her salary into retirement account. This type of investment would be tax free and I believe this is how it supposed to work in all countries. Normally, people save fiats into retirement account, and as we know that fiats are fully vulnerable to governmental manipulations which can result to fiats value depreciation/devaluation.
Bitcoin has two major advantages:
1. Privacy, in a way we can save our bitcoin unknown to theives if all creteria for safety is considered and applied.
2. Appreciative money or asset that is not at all in any form vulnerable to central authority manipulations, and completely decentralized.
Some organizations are offering this type of service now in which you can be able to save usually 10% or more of your earnings into the retirement account, some other cryptocurrencies are also offered like ether, litecoin and bitcoin cash. I believe this type of bitcoin investment plan lacks privacy, but I think it is cool as the fiat paid lacks privacy already but the main advantage is that bitcoin being a deflationary currency will be best for this kind of account unlike fiats that will still depreciate over long time period, bitcoin will only appreciate (increase in price over a long time period.
What do you people think about bitcoin retirement accounts?
Although, we should still remember that bitcoin is meant to be a privacy coin, not your private key not your bitcoin.
The concept is a great idea. Saving up for retirement in crypto is a way of preventing against the devaluation of fiat since it's saving cash over a long period of time. I, however, think quite a lot of things are still needed to be put in place especially if the crypto here is bitcoin. Bitcoin is not a stable. It is very volatile. It would be devastating to save up over the years and find out there is a terrible bearish move which has caused your cash to depreciate in value. I understand bitcoin might possibly give profits over the years due to increase in its price but then it could also go the other way around. I think a concept such as this would only be possible if the crypto is a stable coin such as the USDT. That way, you're sure of whatever you put in is what you get. |
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Bitcoin has a number of disadvantages. Let me list out a few even though everyone knows about it,
1. High fees - yes, it's not a regular problem but it keeps on popping up
2. Confirmation time - on an average, a bitcoin transaction takes around 30 minutes to get 3 confirmations. Usually 1 confirmation is fine but majority of the websites look for 3 confirmation before they can accept it as a valid payment
3. Psuedo anonymous - many see it as a benefit of using bitcoin but that's the only reason why bitcoin is increasingly being used by illegal miscreants or terrorists. That's worrying - look at Europe now!
Bitcoin was never an ideal medium of exchange, rather it was always an investment or an avenue to hide income for majority of us!
You're totally right. I absolutely agree with you. I tried sending some bitcoins just today and I was amazed I had to a very fee of about $10 to send coins worth $75. That's a whole lot and it discourages users from using bitcoin and prevents new users from being users. Secondly, just he said, confirmation time is really an issue. One have to wait for quite a while for confirmations to be made before it can be valid. I made a transaction some time ago and I had to wait for 10 confirmations. It's terrible, you know. 10 confirmations. Pseudo anonymous isn't a disadvantage to me. It is part of what makes bitcoin, bitcoin. There isn't much to be done about that |
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This is my opinion, from my own experience and knowledge of the subject from executing many operations.
investigate and have knowledge of the company that we are going to buy, its stock or currency that you are going to trade
be analysis of graphs and know how to read trends.
trust yourself and do not copy others, because the other can be wrong.
be patient not everything is now, sometimes you have to endure so that you can reward it.
have continuous monitoring of price values.
have a strategy, not everything is crazy, the best things is to take things slowly and think before acting.
not having emotion and having a cold and calculating mind, everything is going to happen only is to be a calculating person.
always be aware of everything new, news, technology and more. the more updated the better.
have variety, not commercial with only one I recommend having a portfolio of investment variety.
the most important thing to have a fixed-paying job to invest, do not put all your money because you can risk losing everything.
This is what I learned from my experience, I hope these things will help you because it has helped me to know what to do in each situation.
It is awesome to know you have highlighted many of the known trading tips that are required to be a successful trader. Personally, of all you mentioned, I think not trading with emotions is actually the most important. Quite a lot of people have given in to fear, anxiety, nervousness and other emotions in trading and that have only resulted to losses because they could not keep a clear and calculated mind. I believe one important tip you didn't care to mention is risk management. Being a successful trader doesn't mean you won't lose some trades but it means you're able to minimize your losses to barest minimum. Some of the best known risk management practices are the use of stop loss, use of trailing stop loss and chart monitoring |
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Peter Schiff is one person every bitcoin user should praise for his work of evangelizing bitcoin even though he believes he's doing the opposite. Just like OP mentioned, bad publicity is still publicity. I am certain that there are quite a lot of people who only got to know about Bitcoin through Peter. I also know Humans are rather curious and love to see things for themselves. I am sure there are a few, if not many, who are now bitcoin users simply because of Peter. I'd say we leave him to his evangelism of bitcoin and just bask in the result he's giving the crypto community |
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This is the reality as long as we are modern. Think back to ancient times when people didn't know what money was. They make transactions through products. That is, one would replace the other's meat with vegetables. And that was the process of their transaction. People have changed over the course of the day. At one time they used the leaves of the tree as a means of transaction. Later, gold coins and silver coins were gradually introduced. And today paper money has been created to make transactions easier. But even 300 years ago there was no bank, and today we cannot go without a bank. In the same way, 20 to 30 years from now, maybe the banking system will go up. Because people don't want anyone else to know their bank account. And people will choose digital cryptocurrency as an alternative to this bank. Bitcoin may be his alternative. Bitcoin is a decentralized process. This means that there is no need for a third party in this process. There will come a time when people will no longer take the help of banks. They will manage all the activities of daily life starting from shopping through digital cryptocurrency.
If my idea proves to be correct, will the government of the country accept it?
1. Will the government of a country ever want their banking sector to be abolished?
2. How will the government collect taxes from the people?
3. If the government can't keep track of people's legitimate money, won't corruption increase?
You've actually right about the fact that it is possible for bitcoin and other cryptocurrencies to become the order of the day in the next 20-30 years. I also believe eventually, sooner or later, the government will adopt cryptocurrencies and the Blockchain technology. 1. The only other course of action for the government is to create a government-backed cryptocurrency. A stable coin just like the USDT. That way, there won't be the need to abolish the banking sector as many of the transactions using this government-backed currency will still most likely go through the banks. I don't how this will done yet but I know the government won't give up its control of money just easily. 2. This is one of critical issues facing crypto users. The issue of government regulation and taxes. While the government may not be able to to control bitcoin, I believe it would be able to monitor and control the government-backed coin and thus taxes will be placed on it. 3. Of course, there will be increase in corruption especially among money launderers. |
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I am just a beginner in trading, before it all started I was just reading here and trying to get some hint on how to trade. I also wanted to learn in trading so that even if I was just at home i am also earning, i thought it's easy to do but i'm wrong. I was happy when I increased my token due to trading (buy and sell) and I tried to increase it again and bought the order again, but my token was left in the buy order and the token's value suddenly went up. I panicked and suddenly even though the value was high I still tried to buy, because I thought I might lose if I left my buy order because it was vague to be reached again because it was too high. And the result was only 1/4 of my total token left to me .. I was very sad but I couldn't do anything but to move on, and learn from my experience. The saying is very true to me that you will only learn from your own experience and not from the others advice.
Experience, they say, is the best teacher but I so much believe it should be experience of others and not mine. That way I know what not to do. I am sure every successful trader out there have experienced losing out on trades on several occasions. It is, however, imperative that one not only learn from one's mistakes and experiences but from other's especially. When you learn from other's mistakes and experiences, you're are less like to make them yourself and as such reducing your losses. My unforgettable experience in trading, though fortunate, was when I made quite a lot of money, about $1500 in a trade in less than an hour |
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I remember posting on a thread that was discussing the adoption of bitcoin by PayPal. I remember mentioning that PayPal is a big and reputable financial company and its adoption of bitcoin will cause several other companies to follow suit. It is awesome to know, of course not surprising, that Visa is also taking the giant steps of adopting bitcoin and cryptocurrencies at large. Although some believe many of these companies are only adopting bitcoin because of the profits they'll make, I still believe that whether or not their aim is to make money, they are aiding the adoption of crypto in the mainstream world which is what every bitcoin enthusiasts want |
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It's awesome to know that what many people can only happen in the distant future is already happening. Bitcoin being introduced into the school curriculum is a great leap towards the mass adoption of bitcoin in the mainstream world.
I believe people are beginning to see how bitcoin has benefitted people over the years and how it can benefit people more in the future. With bitcoin introduced in the curriculum, many who don't know what bitcoin is will be introduced to it and already bitcoin users will be free to share their experiences just like OP did.
I tell people that at this rate, it is only a matter of time before bitcoin becomes the worldwide currency.
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There is no other advice that worth more than what OP is trying to pass across. This is especially for newbies who believe trading crypto is making money quick. Many of them are not even aware that one can lose all in trading.
I wish I had someone tell me this when I started out trading. I traded with what I couldn't afford to lose and that set my emotions on high causing me to make some very bad mistakes.
Another advice that is very similar to this is to trade with only spare cash. Do not trade with money that is needed to run the day-to-day activities of your life.
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Its a best time for People to become rich. Don't need skills just Invest in crypto stocks Gold and take Easy loans I Think its a best time for People without skills or Much of Knowledge to become wealthy.  When times are hard and no money in circlelation then its hard for People without any skills or education to prospel Now its a time When a lot money will be Every Where and People like me without skills or education Can Finnally become rich and wealthy I agree with you that now is the best time to make investments to get rich. I however do not believe taking a loan might be a good idea. Repaying of such loans might become difficult especially if things go south. I believe one should make investments out of savings and not loans. Secondly, I think that making money out of investments shouldn't be done without adequate knowledge of what the investment is all about. How do one recognize a good or bad investment if one doesn't have enough knowledge to differentiate. Yes, passive investment in crypto stocks doesn't require much knowledge but still one should be able to understand how these things work. |
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A US based pizza chain has started accepting crypto currency as a payment method across South American nations. Burger king and Church's chicken already accepting crypto currency as a payment.
"Pizza hut nowadays cannot be detached from these technological advances and all those incorporating new approaches for daily necessities," said Richard Elkhouri, general director for venezuelan operations of pizza chain.
More than 20,000 shops around South America have been accepting crypto
So, What you guys think the government will do if people started using crypto for buying selling on a large scale as the control of system of monetary fund is going out of the hands of government.
This is a great news for the crypto community. If more than 20,000 shops around South America alone are accepting crypto, then it's only a matter of time before it becomes full blown. I am not surprised that restaurants are among the first to accept bitcoin or crypto as payment. I have always maintained that it is only when the masses can buy their day-to-day goods and services with crypto have we truly gotten to the mass adoption. I am sure, with this great leap towards mass adoption, many other companies and even small scale businesses will follow suit. Let's look forward to many of this in 2021 |
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Wow. This is a very nice initiative. I'm sure it would have aid my trading journey a lot more if I learnt of this some years ago. I believe it is especially good for newbies who are just starting out in trading.
I'd have suggested you add the stop loss and take profit features but I realized someone already mentioned it which is good by the way. Having Stop Loss is especially beneficial for newbies who don't have a risk management plan.
I know you've gotten more ideas on how to improve the app by the several responses given already in the thread.
I doff my hat to you on this great idea.
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Will Crypto live forever or die?
I am asking that question because there is a possible World WAR after many years it is because US has raised the threats for many Christian countries and it is the only who'd empowered Muslims (terrorists) against the Christian, US is a biggest enemy of Christianity Since the day one. Just imagine that US sold trillion dollar weapons to Kingdom of Saudi Arabia alone who is a founder of many terrorist organizations including ISIS + Al Qaida along with the terrorists groups/organizations they created in Pakistan, US also sold weapons to Turkey + AE + Many other Muslim countries and raised a threat for Europe and many other Christian countries. The interesting thing which is seen is that that US did never raise an accountability for his weapon puppet countries like the Kingdom of Saudi Arabia and AE, So it is possible that all Christian countries may awake and there could be a possible WW3. If it happens then do you think that bitcoin will live anymore?
Firstly, I do not think World War 3 is going to happen. I believe humanity have learnt some lessons from the scars of the past wars. That is not a path any country will like to tread. Secondly, in the event of a World War, as long as the internet is still available and electricity is not tampered with, then I believe bitcoin will not die. Bitcoin is a Digital currency and as such can only be used over the internet. The only way bitcoin may die is if there is no internet. One should also note that this is one of the limiting factors of the mass adoption of bitcoin in the mainstream world. Many people do not have access to the internet especially in developing countries in Africa and as such cannot use bitcoin |
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There are many people who still don't know about bitcoin or other cryptocurrencies. I don't know about others I am talking about my country and about my society. Whenever I ask from people about or talk about the Bitcoin. They ask what is this?
How much there is who face this problem?
I find it funny that you're surprised by this fact. You should know that as large as the bitcoin community is, it is still a very tiny percentage of the world's population. A large percentage of world's population have no knowledge whatsoever of what bitcoin is. A much larger percentage, in fact, have the wrong knowledge of bitcoin. Many have associated bitcoin with Ponzi schemes and have believed it's nothing but a scam. These people are even harder to preach bitcoin to because they have a formed but perverse knowledge of it already unlike those who don't know at all. I believe the bitcoin still has a long way to go in its mass adoption in the mainstream world and it can only be done when bitcoin users like you and I preach bitcoin. |
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