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Author Topic: Hello a few quick questions from reading some posts.  (Read 622 times)
mrlegoface
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September 11, 2016, 03:01:16 AM
 #1

So i pretty much get how it works but one post made me a bit confused so how many total bits coins are there, will the amount of full bitcoins increase?

How is the market at the moment  i have around 8k to invest should i buy now or should i wait until it drops off a bit, im not in it to make crazy gains and stuff im just wondering if it would be stupid to invest at this time or stupid not to or should i wait a little?

also one more question even if i was to aim to buy only 1 bitcoin would it make me a millionaire in 20 years time (kind of a joke question but yeah)

Thanks for your help.
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September 11, 2016, 03:08:56 AM
 #2

There will only ever be 21 million bitcoins, that is written in the current code and can only be changed by a consensus of everyone using bitcoin.  It can be broken down into 8 decimals currently, but that can easily be increased if necessary.

Is now a good time to invest?  If anyone could accurately answer that question, they wouldn't be on these forums as they would be super rich and retired on their own island.  As the old saying goes, there is no time like the present.

Will you be a millionaire?  Refer to my previous point.  If bitcoin continues to be adopted and accepted into mainstream use, who knows where it can go?  It is still very young at this point and completely different than anything we have ever had before, so who knows what will happen.


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September 11, 2016, 03:14:47 AM
 #3

The maximum number of bitcoins that will ever be mined is 21 million and about 15M have already been mined. But this doesn't mean that the rest 6M will be mined by next 2 or 3 years, it'll take much longer than that because there's what we call block reward halvings.

You most likely won't become a millionaire with only 1BTC. The price need to be $1M for that to happen.

                                                                       
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mrlegoface
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September 11, 2016, 03:18:30 AM
 #4

There will only ever be 21 million bitcoins, that is written in the current code and can only be changed by a consensus of everyone using bitcoin.  It can be broken down into 8 decimals currently, but that can easily be increased if necessary.

Is now a good time to invest?  If anyone could accurately answer that question, they wouldn't be on these forums as they would be super rich and retired on their own island.  As the old saying goes, there is no time like the present.

Will you be a millionaire?  Refer to my previous point.  If bitcoin continues to be adopted and accepted into mainstream use, who knows where it can go?  It is still very young at this point and completely different than anything we have ever had before, so who knows what will happen.

Thank you for answering my naive question. i just read back my question lol. yeah as you said there is no time like the present, ill just use what i can afford to lose. also would you recommend  investing right now or would you wait?
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September 11, 2016, 03:49:30 AM
 #5

-snip-
also would you recommend  investing right now or would you wait?
you can invest anytime in btc if you are planning to do a long term investment. if you recall the price of bits in 2010 and compare the old price with today's price, you will come to know that the people who invested in btc in 2010 and if they withdraw their invested bits today, that is, after almost 6 years, they will become very very rich by now. btw, if you dont want to wait too long to get your profit, then you can also do trading in reputable altcoins because sometimes altcoins can make you very rich in a very short period of time. btw, thats just my opinion.
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September 11, 2016, 06:01:00 AM
 #6

So i pretty much get how it works but one post made me a bit confused so how many total bits coins are there, will the amount of full bitcoins increase?

How is the market at the moment  i have around 8k to invest should i buy now or should i wait until it drops off a bit, im not in it to make crazy gains and stuff im just wondering if it would be stupid to invest at this time or stupid not to or should i wait a little?

also one more question even if i was to aim to buy only 1 bitcoin would it make me a millionaire in 20 years time (kind of a joke question but yeah)

Thanks for your help.
There is a set and specifically cemented amount of Bitcoin that will exist, and that amount is a total of 21 million Bitcoins. There will never be more and there will never be less within the blockchain, however whether or not they can be accessed is a different story.

Would buying 1 Bitcoin make you a millionaire in 20 years time? Maybe, it all depends on the market and world events. A lot more things have to happen before that is even a considerable dream, let alone a realistic one.














 

 

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mrlegoface
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September 11, 2016, 06:32:41 AM
 #7

-snip-
also would you recommend  investing right now or would you wait?
you can invest anytime in btc if you are planning to do a long term investment. if you recall the price of bits in 2010 and compare the old price with today's price, you will come to know that the people who invested in btc in 2010 and if they withdraw their invested bits today, that is, after almost 6 years, they will become very very rich by now. btw, if you dont want to wait too long to get your profit, then you can also do trading in reputable altcoins because sometimes altcoins can make you very rich in a very short period of time. btw, thats just my opinion.

What altcoins are there and what ones would you recommend looking at?
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September 11, 2016, 06:47:40 AM
 #8

-snip-
also would you recommend  investing right now or would you wait?
you can invest anytime in btc if you are planning to do a long term investment. if you recall the price of bits in 2010 and compare the old price with today's price, you will come to know that the people who invested in btc in 2010 and if they withdraw their invested bits today, that is, after almost 6 years, they will become very very rich by now. btw, if you dont want to wait too long to get your profit, then you can also do trading in reputable altcoins because sometimes altcoins can make you very rich in a very short period of time. btw, thats just my opinion.

What altcoins are there and what ones would you recommend looking at?
Well.. in my opinion if you want make investment in altcoins, i think you must try ETC because the price is still going down and it will going up again. But it is just my opinion and my prediction, there are not people who know the future.
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September 11, 2016, 06:58:44 AM
 #9

-snip-
also would you recommend  investing right now or would you wait?
you can invest anytime in btc if you are planning to do a long term investment. if you recall the price of bits in 2010 and compare the old price with today's price, you will come to know that the people who invested in btc in 2010 and if they withdraw their invested bits today, that is, after almost 6 years, they will become very very rich by now. btw, if you dont want to wait too long to get your profit, then you can also do trading in reputable altcoins because sometimes altcoins can make you very rich in a very short period of time. btw, thats just my opinion.

What altcoins are there and what ones would you recommend looking at?
Since it seems that you have some doubts about crypto currencies my recommendation before you invest in anything is to keep reading the forum and ask questions, eventually when you finally feel more comfortable you could explore investment options.


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September 11, 2016, 07:13:08 AM
 #10

So i pretty much get how it works but one post made me a bit confused so how many total bits coins are there, will the amount of full bitcoins increase?

How is the market at the moment  i have around 8k to invest should i buy now or should i wait until it drops off a bit, im not in it to make crazy gains and stuff im just wondering if it would be stupid to invest at this time or stupid not to or should i wait a little?

also one more question even if i was to aim to buy only 1 bitcoin would it make me a millionaire in 20 years time (kind of a joke question but yeah)

Thanks for your help.
1. Number of bitcoins in existence will never exceed 21 million.
2. Total number of bitcoins mined until now is: 15,865,438 and is growing with every passing minute.
3. Bitcoin's market cap is currently sitting on almost 10 billion dollars, while second cryptocurrency Ethereum has market cap of 1 billion.

Don't wait with your investing. Buy bitcoin now. Is almost certain that price will be higher in the future, you can't lose your  invested money if you can wait long enough for that to happen.





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September 11, 2016, 07:14:51 AM
 #11

I'm afraid you gonna have to decide that for yourself. Some will say that the devaluation of the Chinese Yuan is setting the stage for a Bitcoin price increase but at the end of the day it's all speculation. It may or may not be a good time to buy right now, it's up to you to make up your mind.
There is no guarantee that Bitcoin will be worth anything in 20 years but if you can afford to take a $620 gamble that it will, why not? Buy 1 Bitcoin and keep it in a secure location and forget about it, who knows what will happen after a few years  Smiley
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September 11, 2016, 08:16:06 AM
 #12

-snip-
also would you recommend  investing right now or would you wait?
you can invest anytime in btc if you are planning to do a long term investment. if you recall the price of bits in 2010 and compare the old price with today's price, you will come to know that the people who invested in btc in 2010 and if they withdraw their invested bits today, that is, after almost 6 years, they will become very very rich by now. btw, if you dont want to wait too long to get your profit, then you can also do trading in reputable altcoins because sometimes altcoins can make you very rich in a very short period of time. btw, thats just my opinion.

What altcoins are there and what ones would you recommend looking at?
There is a familiar thread is discussing about that, but about looking for the recommended alt coins we can't just consider their price, you need for considering about the another factor too difficult for choosing a recommended alt coin in this time,

https://www.reddit.com/r/CryptoCurrency/comments/4ros00/how_to_choose_which_altcoin_to_invest_in/

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September 11, 2016, 11:37:51 AM
 #13

So i pretty much get how it works but one post made me a bit confused so how many total bits coins are there, will the amount of full bitcoins increase?

others have told you the numbers for some more information about trade volume, the exchanges, the marketcap and some more you can visit coinmarketcap.com it also has very useful links for each altcoin.

Quote
How is the market at the moment  i have around 8k to invest should i buy now or should i wait until it drops off a bit, im not in it to make crazy gains and stuff im just wondering if it would be stupid to invest at this time or stupid not to or should i wait a little?

people always ask this same question, you can probably find their questions if you search for it and the answer is always the same: nobody knows.
bitcoin surely has a lot of potential to grow so it is possible that you can make a good amount of money if you invest now.
but you should always invest what you can afford to lose.

Quote
also one more question even if i was to aim to buy only 1 bitcoin would it make me a millionaire in 20 years time (kind of a joke question but yeah)

Thanks for your help.

you can also see a lot of topics even articles about bitcoin price going to $10,000+ but if you ask me i say that is a stupid number and you should start thinking more realistically.

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