I spent all my saving on bitcoin, now i am broke

[Daniel91]

I think you got your intrest on saving more than bank you bought at 460 and it is now 490. 6.5% in a month congrats.

Bank dont provide high Interest rates. As compared to this, bitcoin prices rises too quick that you can earn more profit, if you use it as a mode of investment rather than relying on the low interest rates which banks offer.  Only thing is that you have to be careful with your wallet, as if your are careless than you can have same trouble as OP has told here before.

I agree with you.
We should look in Bitcoin as long term plan and not depend to much on its price or possibly profit.
I'm sure that Bitcoin is the future of money and payments but Bitcoin will not become new standard for money overnight.
Who understand value and idea behind bitcoin, will invest in Bitcoin now and wait.
Who don't understand value of BTC will invest in regular financial products offered by banks.
Of course, there are always some risk involved in any choice we make, so we have to decide based on our long term goals and available funds where to invest.

[bryant.coleman]

I just hope that you have multiple backups with you. In case the USB stick get corrupt, then all of your coins will be gone. Still, I don't understand the idea of making so much effort to store your coins. Why can't you keep your USB sticks in a bank locker? In case you don't trust the bankers, then you can keep the private key somewhere else. Digging up a hole in the ground to store the USB sticks seems insane to me.

[Wendigo]

Hey guys have you heard about the Cryptosteel Bitcoin wallet? I think it's the perfect solution if you are searching for a cold storage device to put your main Bitcoin stash on. The whole thing is made of durable metal and you can arrange your private keys with the provided sets of metal letters and numbers. I have seen a video of some guy testing out the durability of it by setting it on fire and throwing it from the top of a building and running over it with a car and still the private keys could be read so it's pretty much indestructible in normal circumstances. I recommend checking it out 

[ajun96]

I think you got your intrest on saving more than bank you bought at 460 and it is now 490. 6.5% in a month congrats.

yeah if you want to be patient in investing in bitcoin You'll never lose dude. because basically the key gains on investments in bitcoin is patience so if you have the patience of a few days ago then you will get a sizable gains today dude

[HostSurf]

i did not put 1 bitcoin in each stick,   i put the 5 bitcoins together on 1 wallet, then just copied it to all the usb sticks, 

i never thought about doing that, now that i think about it, it would've been a better idea of putting 1 bitcoin on each stick, just in case one fails, 

i used usb's because i don't know how to make a paper wallet,  it was really confusing and hard when i read it online, i also don't own a printer


i don't see why they would stop working,  they are all different brands of usb and the box is waterproof, i think i should ok,

Buying, waiting and then selling bitcoins is the best way to make a good kind of profit. Faucets etc are to taking too much time and you earn not enough to actually have some real bitcoin.

[parmatiya]

The OP was 8 May. The price was about $450 at the time. It means he might have made profit of $100 each coin.

[Nowl1935]

Ive save up my bitcoin for the price increase, Its ok to spent your money to bitcoins, after halving your money will increase so hard, after the bitcoin halving

[lister storm]

Ive save up my bitcoin for the price increase, Its ok to spent your money to bitcoins, after halving your money will increase so hard, after the bitcoin halving

i think that you are right, its always good to hold as much bitcoins as possible and buy as much bitcoins with your spare money as possible, that would allow you to earn in the future

i also spend a lot of money on bitcoins but im pretty confident that it is a really good investment option that will possibly make me a millionaire in the near future i think

[Cryptonitex]

Lol, you could have just kept it in some secure vault and forget about it. I bought some BitCoin, and have it in a Vault with CoinBase. I also have coin's in a Safe Deposit Box too. You know, in a real bank, where it's fireproof, water proof and I know is same...

The way in which you kept them was stupid, but in 20 years, BitCoin will probably be worth way more than $500. Maybe it'll be worth $10,000, who knows...

[Ulloa]

OP can dig up his bitcoins now.

Lol.

No , not yet . It is better to dig it up after the price reach as far as like $800. It is not impossible, just wait and see. Keep calm and wait for the Bitcoin price to spike before the end of 2016. You'll not be broken OP, for sure you will be COMPLETE  .

Yeah I agree this is not the right time to dig up his bitcoins, needs to wait for time for the halving. Or even better dig up after the halving.
Op has been broken by bitcoin and bitcoin will fix again your broken feeling op. 

Keep for 25 years.

The best thing that you can do with Bitcoin is that you have to hold it until the value will be higher and otherwise you are losing a lot of money and that is really bad if that happens.
So patience is also important if you started to use Bitcoin and that is because you have to choose the right moment to sell it.

[naidray]

OP can dig up his bitcoins now.

Lol.

No , not yet . It is better to dig it up after the price reach as far as like $800. It is not impossible, just wait and see. Keep calm and wait for the Bitcoin price to spike before the end of 2016. You'll not be broken OP, for sure you will be COMPLETE  .

Yeah I agree this is not the right time to dig up his bitcoins, needs to wait for time for the halving. Or even better dig up after the halving.
Op has been broken by bitcoin and bitcoin will fix again your broken feeling op. 

Keep for 25 years.

The best thing that you can do with Bitcoin is that you have to hold it until the value will be higher and otherwise you are losing a lot of money and that is really bad if that happens.
So patience is also important if you started to use Bitcoin and that is because you have to choose the right moment to sell it.

But wouldn't he be broke for so long? I know holding is the best possible solution to get quite a lot profits, but consider his daily expenses. You do know that you can't live the day without spending anything because food alone costs a lot.

[vapourminer]

it probably was mentioned already but flash memory does not last forever. years probably but 10+? bitrot..

use thumb drives but also archive quality CD/DVD, quality paper (laminate it), engrave the seed on stainless steel etc.

[Akupuniard]

People doing mistakes, that's life but you can really hope on halving to make your money againe, it's really good chanse for you to fix yourself 

[mdgreasyjohn]

i'd say in just a few weeks you have done quite well. now where is that birdbath ?

[MWesterweele]

No dude you dont done a wrong thing on keeping your bitcoins.But putting all your savings on a thing that you are not sure on thats the wrong thing.You must be calm and be patient on every decision you make.Just put spare money on bitcoin do not put all your money here.Because one day bitcoins may disappear and you will lost your money.

[DeDordtenaar]

I think you got your intrest on saving more than bank you bought at 460 and it is now 490. 6.5% in a month congrats.

I think you should hold most of your coins for the long term. You might use some to make your life better.

yeah if you look at the current price is still very low and lower when you first buy a bitcoin. do not immediately panic and assess that you will lose money. You just have to take it and hold any longer you should know that the price of bitcoin are always ups and downs. so there is time to be pump prices. you can see now

[Duomo]

Coming from a Finance Perspective, you are foolish. You should of diversified your portfolio. You just invested all your saving money in Bitcoins, you should of invested in a few things such as Gold,Silver,Palladium. Also various stocks and bonds.

[HarryKPeters]

People doing mistakes, that's life but you can really hope on halving to make your money againe, it's really good chanse for you to fix yourself 

I'm also thinking about this, if you just wait on the halving will some patience you will mostly get your money with some profit back.
Of course the upcoming months this will be hard but I think its worth it and that its just a matter of time.

[saiha]

Coming from a Finance Perspective, you are foolish. You should of diversified your portfolio. You just invested all your saving money in Bitcoins, you should of invested in a few things such as Gold,Silver,Palladium. Also various stocks and bonds.

You are right he can also invest in other investment such as precious metals , stones , stocks and bonds. Investing all your money in bitcoin
is a bit risky. But if that satisfy you, then it is fine accept the risk, but possibility of gaining and lose is always there.

[MaritiJames3]

That should not feel good at all, losing all your saving like that. You only should have used the halve of your savings for Bitcoin. Now you are going to have to rely on the Bitcoin price to be high in the future.