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Question: Is buying 0.1% of a bitcoin when it is 850$ and then selling it when it is 925$ a good way to make money? And then repeat x100.
Yes - 13 (54.2%)
No - 10 (41.7%)
Other (please explain) - 1 (4.2%)
Total Voters: 24

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Author Topic: Is this a viable way to make money with bitcoin?  (Read 604 times)
cutieCOINbabe
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November 27, 2013, 06:24:30 AM
 #1

Thanks for input! Also, where would be a good place to do my buying and selling?
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Zonata
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November 27, 2013, 06:28:30 AM
 #2

In theory, this could work. But you have to be able to predict accurately the market direction to do so. I believe you are more likely to buy at a high price and ride it down to 300$ where it should settle in the coming weeks. If you want to do swing trade (that's how it is called in stock), you should buy when BTC is out of favor (when it gets beaten down) and wait longer for a good price. It is safer, and I believe your profit will be bigger (over a longer period).

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mladen00
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November 27, 2013, 06:35:43 AM
 #3

What about situation when Bitcoin start to fall ( for about 2 weeks)?


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marcotheminer
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November 27, 2013, 06:47:37 AM
 #4

You have no assurance it will rise though Undecided
maurya78
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November 27, 2013, 06:52:10 AM
 #5

Yep, fractions of btc are no different from a full btc - they are just units that can be traded for profit

btcperth
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November 27, 2013, 07:44:58 AM
 #6

Most likely the problem with this approach is the fees charged when converting the bitcoin back into cash.
Also exchanges often have a minimum withdrawal amount which could be say $100 or $1000.
Lethn
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November 27, 2013, 07:51:40 AM
 #7

You would make money in dollars but if you wanted more money in Bitcoins then you'd need to do something else, I've managed to make Bitcoin trading altcoins a bit on the price swings, it depends on what you're after really, I wouldn't consider myself making worthwhile cash in dollars because I know it's getting hyperinflated.
grangonzo
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November 27, 2013, 08:03:42 AM
 #8

Well...

now you would be spending $8500.
If you sell when it is at 950, you get $9250 right?

Did you earn money? Easy question to answer...
Zonata
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November 27, 2013, 03:56:36 PM
 #9

Well...

now you would be spending $8500.
If you sell when it is at 950, you get $9250 right?

Did you earn money? Easy question to answer...

The question was:"Is it a viable way to make money". Your answer has nothing to do with the question. In theory, with FOREX you should be able to use that strategy to become millionaire, but in practice most investors lose money. Bitcoin might be easier, but get the wrong timing and instead of changing your 100$ to 10 000$, you'll end up with 0.02BTC and you'll have spent a lot of time.

BTC: 1AkcNL9cLL4wtE5H6Djo7wn8GchegS13df
tasorrog
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November 27, 2013, 04:51:29 PM
 #10

I think the best way is to try different things and see waht works the best
mantorus
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November 27, 2013, 05:00:22 PM
 #11

yes i think its good becoz low risk since low amount
WayTooGosu
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November 27, 2013, 05:50:35 PM
 #12

If you have a lot of money to invest, you can buy low and sell high.

tescomatty
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November 27, 2013, 06:09:48 PM
 #13

Yes, but it is not so easy to trade. I guess most traders are worse than just buy and hold strategy  Wink

odolvlobo
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November 27, 2013, 06:13:08 PM
 #14

Is it a viable way to make money?

No. If it were so easy, then everyone would do it and we would all be millionaires. The truth is that for every winner, there is loser. Do you have the knowledge, expertise, and ability to ensure that you are not the loser? No.

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hairfallen
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November 27, 2013, 06:22:45 PM
 #15

You can. It is upto you, you may suffer loss, or get profit. Keep calm when you get both.
kensai187
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November 27, 2013, 06:59:23 PM
 #16

Combined with fees and instability I'd say probably not but all imo of course
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