granpoohbah (OP)
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October 29, 2013, 07:20:30 AM |
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I am about to receive $70,000 in a couple days. My parents want me to put it into an investment account, but I am thinking about investing in BITCOIN. Do you think that I should do this? What would be the best way to invest in BITCOIN? How long should I keep it invested? What is my probability of loosing money? Thanks a lot for your opinion.
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Mitchell
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October 29, 2013, 07:24:53 AM |
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First of all, only invest an amount you can lose. The BitCoin price is going up steadily, but it can crash just as any other market. If you do invest in BitCoins and want to get more out of it I would advice you to buy some shares from a stable company.
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fxkevin
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October 29, 2013, 07:28:06 AM |
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The word investment literally means risk.
That being said the old adage is that you should never put all your eggs in one basket. Diversification is important.
Depending on your age 30 to 70% should be in something low risk, then the rest can be spread around a few medium to high risk options.
The younger you are the more risk you can take.
Cheers...
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pinger
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October 29, 2013, 07:28:39 AM |
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I am about to receive $70,000 in a couple days. My parents want me to put it into an investment account, but I am thinking about investing in BITCOIN. Do you think that I should do this? What would be the best way to invest in BITCOIN? How long should I keep it invested? What is my probability of loosing money? Thanks a lot for your opinion.
Is the best inversion you can do. All in man! ![Smiley](https://bitcointalk.org/Smileys/default/smiley.gif) but keep an eye on the market and sell when you believe is a good price. Anyway, don't put all the eggs on the same basket ![Wink](https://bitcointalk.org/Smileys/default/wink.gif)
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For rent
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lenkug
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October 29, 2013, 07:32:00 AM |
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I strongly suggest you start small and get a good understanding of BTC before making a 70k investment
What is your location? I maybe able to suggest some funding options
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Elwar
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October 29, 2013, 07:32:29 AM |
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With that much I would go with one of the exchanges that has the lowest price. First send a wire transfer of a relatively small amount, a few thousand dollars, just to get used to the process.
Then once you have the process down send the rest.
Once you purchase your bitcoin, send it to a secure offline wallet. Learn about that as well with your few thousand dollar purchase. Do not trust third parties with your bitcoins.
Either create a vanity address or several, print out or write down the public and private key. Or create a paper wallet or create a wallet and put it on a disk/USB, whichever you feel comfortable with.
Put that all in a safety deposit box. Maybe even have a few backups in different places that are very secure.
As for what you could lose...in the short term you could lose around half of it, in the long term it is likely to go up.
But in the end, Bitcoin is all about being a spendable currency. Keep some bitcoins available for buying things.
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First seastead company actually selling sea homes: Ocean Builders https://ocean.builders Of course we accept bitcoin.
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stripykitteh
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October 29, 2013, 07:37:07 AM |
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Depends on your tolerance of risk, how old you are, and your net worth.
I'm in my forties. About 5% of my net worth is in Bitcoin. If I lost it it would suck, but it wouldn't be the end of the world. I'd have time to make it back.
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balanghai
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October 29, 2013, 07:47:29 AM |
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Well if you ask, if you can invest, the short answer is yes. But it depends on your time frame.
You can buy shares for cex. Check my sig.
On the question on how you should do it, buy bitcoins from bitstamp or localbitcoins and then buy shares in cex and sell when it's a little bit profitable. You also will have a mining power in every share.
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Anthony1982
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October 29, 2013, 08:12:57 AM |
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you parents want stability , you want fast big profit. It is differents between young and old people. If you lose your money your parents will be very sad. ![Sad](https://bitcointalk.org/Smileys/default/sad.gif)
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stripykitteh
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October 29, 2013, 08:13:57 AM |
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Well if you ask, if you can invest, the short answer is yes. But it depends on your time frame.
You can buy shares for cex. Check my sig.
On the question on how you should do it, buy bitcoins from bitstamp or localbitcoins and then buy shares in cex and sell when it's a little bit profitable. You also will have a mining power in every share.
I would rather set fire to my own private parts than buy shares in cex.io. It is designed to fleece fools of their money.
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Lethn
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October 29, 2013, 08:16:09 AM |
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It depends on what the terms are set by your parents but getting that much money is a big deal for most people, what I would do is take a relatively small amount, if you want to put it in Bitcoins maybe do it on the dip but with such a chunk of cash you should easily be able to get interest payments rolling in that would make a savings account look like a joke, you just need to be extremely wary of scammers and so on. If I had total freedom, I would take a chunk of it and put it into gold/silver and then another chunk in Bitcoin, all of which would be fairly long term moves but it's much better than leaving it in a bank or with a capital investment firm.
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Mitchell
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October 29, 2013, 08:26:38 AM |
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Well if you ask, if you can invest, the short answer is yes. But it depends on your time frame.
You can buy shares for cex. Check my sig.
On the question on how you should do it, buy bitcoins from bitstamp or localbitcoins and then buy shares in cex and sell when it's a little bit profitable. You also will have a mining power in every share.
I would rather set fire to my own private parts than buy shares in cex.io. It is designed to fleece fools of their money. +1. Don't buy from Cex.io. I highly advice you to avoid that company. You won't make any profit according to the calculations I made.
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BitcoinWalker
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October 29, 2013, 08:31:31 AM Last edit: October 29, 2013, 08:56:28 AM by BitcoinWalker |
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My simple and plain advice: You can invest up to $10,000 in Bitcoin (about 50 BTC at the current spot price). Don't put all of your eggs in one basket that's what everybody knows. Why $10,000? You could loose only a few thousand bucks if the price crashed, but if BTC value goes up quickly if you can make some handsome profits with just only 50 BTC.
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Herp
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October 29, 2013, 08:33:56 AM |
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Pftt $70k. Make the push to $100k so it's nice, round number.
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wearepoor
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October 29, 2013, 08:37:56 AM |
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you parents want stability , you want fast big profit. It is differents between young and old people. If you lose your money your parents will be very sad. ![Sad](https://bitcointalk.org/Smileys/default/sad.gif) Thats true, put only small part of this money to Bitcoin. Something like 5% - 10%. So even in worst scenario, it wouldnt be big loss
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Et Filii
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October 29, 2013, 08:39:09 AM |
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What is that saying so popular amongst the unbelievers? YOLO???
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Herp
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October 29, 2013, 08:41:54 AM |
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My simple and plain advice: You can invest up to $10,000 in Bitcoin (about 50 BTC at the current spot price). Don't put all of your eggs in one basket that's what everybody knows. Why $10,000? It could loose only a few thousand bucks if the price crashed, but if BTC value goes up quickly if you can make some handsome profits with only 50 BTC.
Extreme diversification is for clueless pussies. Those who really understand and know a product inside out don't go for this level of diversification. Sure, don't have 100% of all your wealth in one basket but don't put 10% either in something you believe can change the world. You can lose way more more by diversification than by narrow focus on a handful of investments. Big investors know this all too well. Buffett or Soros didn't make lots of money by diversifying. Of course, it takes some due diligence to understand what you're getting into but once you do diversification just seems stupid.
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Morbid
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October 29, 2013, 08:56:10 AM Last edit: October 29, 2013, 09:08:21 AM by Morbid |
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it would be wise to make use of cheap gold/silver at the moment. it will soon be on the significant rise after we spent few months at the bottom. just do 33.33% of each investment if you plan to slowly gain and have some sort of backup ahead of major developments after christmas.
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rauderce
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October 29, 2013, 09:15:06 AM |
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A great idea would be to invest 2-4k in Bitcoins (money that you can lose), and bring the rest to a trusted financial adviser. If you are fully comfortable with the possibility of losing more money you can use the cash to invest in BitCoin startups or companies, to be honest, it would be better than speculating in BTCs directly.
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Herp
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October 29, 2013, 09:20:06 AM |
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A great idea would be to invest 2-4k in Bitcoins (money that you can lose), and bring the rest to a trusted financial adviser. If you are fully comfortable with the possibility of losing more money you can use the cash to invest in BitCoin startups or companies, to be honest, it would be better than speculating in BTCs directly.
Wrong! http://www.youtube.com/watch?v=psPr1dRiyeY&feature=youtu.be
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