Is 5 BTC enough to save for 2 or 3 years?

[Ekaros]

Remember there are seven billion people in the world, and only 12 million bitcoins.

Not everyone want Bitcoin, some want litecoin, primecoin etc....

I'm waiting for the govcoin or eurocoin

Govcoin? Naaaah, bad features: unlimited, value based by gov, slow and boring  

But hey, atleast someone would accept that one

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[justusranvier]

Not everyone want Bitcoin, some want litecoin, primecoin etc....

Sure, just like how in 2013 I'm sure there are a couple of dial up BBSs hanging on somewhere.

http://themisescircle.org/blog/2013/08/22/the-problem-with-altcoins/

[BitchicksHusband]

When asking for investing advice you need to give a bit more info for others to work with.  What is 5 BTC as a % of your long term retirement savings?

Everybody is in a different situation and 5 BTC might mean borrowing $4000 from the bank to invest to one person (which would be stupidity) and to somebody else it might mean scraping up some loose change in their cupboard.  

Bitcoin is a high risk move.  If you have a portfolio built, I would say only dedicate 10% of it towards high risk opportunities and not all of it on Bitcoin.  If you have $5000 saved and that took you a couple years to build up, the last thing I would do is dump it all in Bitcoin.  If you have $500 in your bedroom and if you don't buy Bitcoin, it's going to end up in some strippers g-string this weekend, I would invest $400 in Bitcoin and keep and $100 for necessititties.

Investing is first and foremost about wealth preservation.  I think the worst thing to come out of Bitcoin is the amateur approach to investing in it.  Don't compare yourself to the next guy.  Don't ask how much somebody owns to gauge how much you feel you should own, ask what % of their savings are dedicated to Bitcoin and what buying strategy is recommended at the current price levels.

My advice, if you determine you want to invest $2000 into Bitcoin, buy in tranches.  Pick up $100 US worth every 3 days or so and be scheduled about it (unless you understand technical charting and can time entries a bit better than going blind) until you've invested $2000.   Investing everything at once will just have you losing sleep at night.  If you're jumping up in the morning to check prices or up late worried it's going to drop, you've over invested.  Don't regret not going 100% in at once if it goes up 20% in the next few days, it could have gone down 20% just as fast.  

Currently we are reaching for previous highs.  Not exactly the best time to drop your whole load but at the same time not a bad time to move 5% of your investment into BTC.

This is good advice.

Except the part about waiting.  Horrible advice.

If you plan to invest $2000, do it now all at once.  Don't wait and miss out on the returns as bitcoin continues to go up like a rocket.

[BitchicksHusband]

work it out as a % of your savings

Is 110% a percent of my savings? 

[soy]

Remember there are seven billion people in the world, and only 12 million bitcoins.

Not everyone want Bitcoin, some want litecoin, primecoin etc....

I'm waiting for the govcoin or eurocoin

or uno-coin, UN crypto-currency.

[morphKET]

ask that same question in one year and you'll be surpried

[wachtwoord]

work it out as a % of your savings

Is 110% a percent of my savings? 

So are leveraged or bad at math?

[jubalix]

if/when btc hits $10,000 you will have $50,000.  keep in mind that by the time we hit 10k it will require massive amounts of fiat to be flowing into btc than are today. you could be waiting a while depending on how strong your hands are.

this is what i dont get

before $1 it took ages to get there, then it just jumps around 10c at a time

before 100 it took ages to get there then jumps around 10 at a time no worries

before $1000 it took ages to get there now just jumps 50 - 100 no worries

I'm not quite across the mechanics of how this works.

it seems that for each order of magnitude, it just jumps easily withing the prior range that was such a barrier....how does this happen

[eternaluniverse]

I think most people would attribute it to the typical growth pattern of an emerging economy. Once BTC trades at 2,000 per USD i predict for the next big price jumps to be in multiples of thousands.

Is it enough? That shouldn't be the question. When investing the only question should be is it too much. Be safe, only use money your okay with losing because bit coin can crash and vanish on any given day.

[donbu7]

Enough for your own private island and a nuclear powered yacht to commute to it?  Probably not.

Enough to retire on a nice horse ranch and drive BMWs?  yeah

So the question is 10BTC would be enough to retire in 3 years and buy a nice house a nice ferrari and enjoy life? I mean in order to do that 1 BTC has to cost in 3 years at least 1 million dollars so you have 10 million dollars, you buy a 2 million dollars house, a 350K ferrari, and the rest of the money to live the rest of your life.

So 10BTC would be enough?

[theecoinomist]

Enough for your own private island and a nuclear powered yacht to commute to it?  Probably not.

Enough to retire on a nice horse ranch and drive BMWs?  yeah

So the question is 10BTC would be enough to retire in 3 years and buy a nice house a nice ferrari and enjoy life? I mean in order to do that 1 BTC has to cost in 3 years at least 1 million dollars so you have 10 million dollars, you buy a 2 million dollars house, a 350K ferrari, and the rest of the money to live the rest of your life.

So 10BTC would be enough?

If one coin would be worth 1 million USD in three years, then 10 BTC will definitely be enough.

[zimmah]

noone knows for sure, but given the limited supply, and given bitcoin is still only used (and understood) by a tiny fraction of human population, it has potential even being worth over $1 million per coin eventually.

will it ever reach $1 million per coin? maybe.

will it reach $10.000? i guess probably by 2014.

will it reach $100.000? hard to say, but i guess it might.

remember, just about 4 years ago, if one knew what a bitcoin was, one could could buy 1000 bitcoins for less than a dollar, now that same 1000 bitcoins would make you a million.

[cdtc]

It depends how much you want.
If bitcoin reaches 10k one day thats 50k for someone that would
be enough but for someone it is not.

[tsoPANos]

I don't think that bitcoin will reach 10k.
People will start selling as soon as it about 2k or a bit more..
So, no. 5 or 10 bitcoins will not make you rich.

[zimmah]

I don't think that bitcoin will reach 10k.
People will start selling as soon as it about 2k or a bit more..
So, no. 5 or 10 bitcoins will not make you rich.

just like people started selling when bitcoin reached $1
and $10
and $100
and $250
and $1000

your argument is invalid.

[justusranvier]

I don't think that bitcoin will reach 10k.
People will start selling as soon as it about 2k or a bit more..
So, no. 5 or 10 bitcoins will not make you rich.