Should I consider bitcoin as a means to store money, how much can I lose?

[NextTroll]

I'm looking for ways to store money, and potentially grow money. By store I mean "hide" so to speak.
Although I have heard of people being held for their keys and I'm not really under any legal problems at the moment.
I'd like to save without a bank.

Anyway, this plummet of Bitcoin (although over the course of year(s)) has me concerned.

On average, what is the volatility of a bitcoin?
If I bought one today for $272.69, would it be worth $272.69 in a week, what about four weeks, a month?

Based on your experience, what sort of margin should I expect to bounce up and down by?

How about turning dollars into bitcoins and vice versa? How easy is it to do that?

I'd appreciate any information you'd have on the matter.

While I could just withdraw cash and stash it somewhere, I don't like that idea, encryption sounds better, although a physical device that can be stolen with the added volatility, perhaps that is not any better than cash.

What about the Greek situation and if in the future this happens to the US, dollars would be worthless and maybe I could be safe transitioning to another country with Bitcoins and then convert to their currency.

Anyway, thanks for any help

[1714772638]

1714772638

[eternalgloom]

On average, what is the volatility of a bitcoin?
If I bought one today for $272.69, would it be worth $272.69 in a week, what about four weeks, a month?

Volatility is still very high and you can expect fluctuations of around $10 or more per day. It could be a good investment however, but I wouldn't put all my eggs in one basket

How about turning dollars into bitcoins and vice versa? How easy is it to do that?

This is very easy, you could use an established exchange for that or buy Bitcoins through localbitcoins for example.
Depending on your country, there might be websites you could use to buy or sell bitcoins instantly.

[cellard]

There's no way to know where the price will be in a week period. But for now, it has been pretty stable and acting against a positive edge against the turmoils of the conventional economies, increasing price when something bad happened.

[tonycamp]

well the fact that bitcoin only posseses the power of 4 billion dollars/euros it means it can go loew into a BTC unit price soo yuo stay in loss if you just store and dont gather more or invest into less nervous factors but ok its good to be more aware of bitcoin as good and reliable trade money to FIAT vs coin digital soo you should like try to get 10% of monthly income into bitcoin jsut for fun too as a hobby...

[unamis76]

Bitcoin has you covered in storing money. As for margins you should expect to lose everything. Do not put more in than you can afford to lose.

No one knows the price tomorrow. It can go to 0 or 99999. As for conversion, you can use one of the many exchanges out there, Mycelium local trader or even localbitcoins

[2ndpooman]

1 reson do not put moni into bitcoins it is not backed by gold or the government or taxes or labour the train has com to a grinding halt and for ever may be

doth hold your moni in gold gold is the only long term wealth that can be preserved any ov the precious metals it doesn't matter as long as ith exist in the real world somthang yoy can hold and exists and is rare is enough yoy most buy it on deposit then no VAT or wotever countray you in

and doth not depend on pixels, monitor, electric and internet we most not ignore this

[jonald_fyookball]

I'm looking for ways to store money, and potentially grow money. By store I mean "hide" so to speak.
Although I have heard of people being held for their keys and I'm not really under any legal problems at the moment.
I'd like to save without a bank.

Anyway, this plummet of Bitcoin (although over the course of year(s)) has me concerned.

On average, what is the volatility of a bitcoin?
If I bought one today for $272.69, would it be worth $272.69 in a week, what about four weeks, a month?

Based on your experience, what sort of margin should I expect to bounce up and down by?

How about turning dollars into bitcoins and vice versa? How easy is it to do that?

I'd appreciate any information you'd have on the matter.

While I could just withdraw cash and stash it somewhere, I don't like that idea, encryption sounds better, although a physical device that can be stolen with the added volatility, perhaps that is not any better than cash.

What about the Greek situation and if in the future this happens to the US, dollars would be worthless and maybe I could be safe transitioning to another country with Bitcoins and then convert to their currency.

Anyway, thanks for any help

I think keeping some of your wealth in Bitcoin is a good hedge and has a huge upside long term.  if you google Bitcoin price chart you will get the best sense of volatility with your own eyes. 

Although theoretically Bitcoin could go to zero, I think there's little chance of that happening because 1. there seem to be no threats to its dominance from other cryptocurrencies and 2. it is becoming increasingly legitimized legally with regulatory uncertainty on the decline.

[Xialla]

If I bought one today for $272.69, would it be worth $272.69 in a week, what about four weeks, a month?

and why it matters for you? you decided to buy 1/21milion of theoretical bitcoin amount, it is actually a lot (imagine, that you know 1/21milion of world wealth for example)

stop taking care about bitcoin value, instead of it start using it or store it offline and start educating yourself. if you will start checking price every minute and you depend on every dollar, better is to sell it before you will become crazy..

[Daniel91]

NextTroll, if you have some free funds you don't need to spend right now, and thinking how to save this money and increase its value through smart investment, I would suggest you ''don't put all your eggs in one basket''.
Bitcoin can be great project if become mainstream in the near future.
If this does not happen can be a failure and bring great loss to everyone.
Invest in bitcoin just as much as you can afford to lose.
If I were you, remaining funds I would invest in gold, real estate or shares.
Bitcoin can be easily exchanged for money through many different exchangers.

[kwukduck]

It's ot a question wether you can lose money. You certainly will. How much? Everything.

[hodlmybtc]

It's ot a question wether you can lose money. You certainly will. How much? Everything.

Maybe that you lost money by selling at $10, that doesn't mean everyone will.

Why are you still at this forum? Can only be to try to get as much people to sell so you can buy in again it seems, that or you are paid to post shit like this.

[willope]

You can lose money or you can win. But the fact is that you can lose only what you invested. But You can earn then times or a hunderd times that quantity if bitcoin's price goes where it belongs. (MOON)

[coinableS]

You could lose it all. It could also be a great way to store money. There's definitely risk involved OP.  You will hear(read) this again and again from bitcoiners when asking questions like this "only invest as much as you can afford to lose", it's still an experiment after all.

[chesthing]

Stupid fuckin' question. Anyone who knows the answer (which is nobody) sure as shit wouldn't share it here.

[talkbitcoin]

it is a good way of storing money and making a profit by trading it but there always is a risk of losing money.

p.s. nice username!!

[notme]

You can lose it all if you want to, just leverage to the moon and walk away.