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Author Topic: Why I am buying bitcoins - and why I am keeping them.  (Read 2369 times)
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July 30, 2018, 02:08:11 AM
Merited by richardsNY (1), buwaytress (1)
 #1

Several years ago I asked in these forums about how I could buy several hundred thousand dollars worth of bitcoin.   It became obvious, back then, that it would be a nearly impossible task.   I would have faced sanctions by my bank, I would have moved the price and I would have had to deal with a mysterious Japanese company called MtGox.

In the end, I sadly took no action.

Everything has changed.  It is now 5X easier to buy bitcoin.   I am now a regular buyer of bitcoins.  I don’t care that the price is 10X or 100X what I could have had them for.

So why am I buying now?

Exclusivity
Firstly, there will never be more than 21 million bitcoins.   There are more millionaires than that.   I like to own something that not every millionaire will be able to own.  It’s exclusivity.   I own something that has a limited supply, so not everyone can own one, but I’ve got lots of them.

I don’t need to ask permission to spend them
Secondly, I like the fact that bitcoin is “permission-less”.   I won’t ever have to ask permission to spend or use my bitcoins - not that I plan to use them. Everything else I own (in the form of financial assets) is in the hands of a bank or a custodian.  I can’t spend my money without permission from my bank or credit card company.  

Bitcoin can’t be “frozen”
If a business deal goes wrong, if someone sues me, if a future wife divorces me and says “I get everything”, if I am friends with a sanctioned political leader - because you survive by being on the side of those in power, - if, if, if, if....... so many things might go wrong.  I could wake up one morning, and find my bank accounts frozen, and my credit cards don’t work.   They can’t ever freeze my bitcoin.   The code is in my head.

What’s wrong with cash or gold bars?
The most obvious disadvantage with cash is that it is being de-valued all the time. It’s great to own for a year or two, but in the long run it’s going towards zero.   Secondly, they change the colour and design of the bank notes every few years.  You have a limited time to change old for new.  Then, if you are changing more than a small amount, you have to start answering questions and providing documents.   Lastly, you can’t cross the border with more than 10’000 dollars or euros in cash without filling in forms, which could lead to another line of questioning.

As for gold, it also is difficult to transport without customs declarations.  Gold bars or coins are not easily divisible into smaller sizes.

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July 30, 2018, 06:36:19 AM
 #2

Excellent post! This is a very valid argument for the merits of bitcoin and the value it has in terms of usage.

It's great that buying bitcoin is becoming more accessible. That also means that it is becoming more easily monitored, however. Easier access for you means easier access for them. So if it's something that you're trying to avoid being noticed for, extra precautions need to be taken of course.

The thing that amazes me about bitcoin now is that you can literally walk into a shop with cash in hand to purchase it. Or you can meet a fellow from localbitcoins who will take your cash and send you coins. It's about as anonymous as it gets. Or is it? Could these people be working for the tax authorities?
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July 30, 2018, 02:40:41 PM
 #3

Well, who said newbies can't post good shit in these places?

I look back to when I first head of Bitcoin circa 2013, (not the same time I actually started learning and using it, mid 2016), and it has certainly come some ways in 5 years.

Great point on permission. I often say that spending any other form of money relies on the trust that the party you've executed to settle the payment on your behalf will, indeed, execute the payment. But permission is actually also true. I make purchases with money other than Bitcoin, all based on the hope that my bank will permit it (and the recipient's bank as well).

It's important to temper these points with some shortfalls of Bitcoin as well, of course. Just so you don't get lost in the clouds;) For example, not everyone I'd like to send money to could use and operate Bitcoin easily, due to no access to internet.

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July 30, 2018, 04:13:24 PM
 #4

Respect that you do not buy Bitcoin because the price increases day after day or you will become rich once you buy a few coins and store them for some years.
It's horrible to think of Bitcoin as just a way to make quick profits and exit the market or buy more of shitcoins.
you have pointed out some excellent points such as the possibility of carrying more than $ 100,000 in your pocket and converting a million dollars using $ 1 fee and other things. "not just linking it to gambling."

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July 30, 2018, 04:53:21 PM
 #5

I am also a bitcoin buyer from the day when bitcoin is available in some online store that I looked up. Many of us buy bitcoin, We know that it can be the future of currency which likely to happen right now because many investors around the world are using it right now. And in some country, it is their alternative currency.



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July 31, 2018, 05:06:04 AM
 #6

As for gold, it also is difficult to transport without customs declarations.  Gold bars or coins are not easily divisible into smaller sizes.

Regular bitcoin coins are often compared to gold. In fact, gold is a real physical asset that you can see with your own eyes or are satisfied with the weight of a gold bar in your hand. When you own gold, gold is still gold. You also do not have to depend on the Internet.

Another difference in gold is that it has been used as a storage place for thousands of years. A gold coin is still in your pocket whatever happens.

Meanwhile, bitcoin is nothing but a line of code that exists anywhere on the Internet. You can not handle it, you can not cast the bitcoin into your pocket. If you lose the code, you will lose bitcoin. No matter how big the bitcoin is, it will never replace gold.

However, both Gold and Bitcoin deserve an important place in your portfolio. Gold has gone through many challenges, while bitcoin has only just begun. Blockchain technology will thrive in the future, and when you have the opportunity to "buy the future," you should embrace it.
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July 31, 2018, 11:28:33 AM
 #7

nice, I also think so btc free of monthly taxes and even annual expense is only for delivery and exchange is not too big and very light, see the amount of bitcoin is very fun have a limited assets in the world
easy to store, low cost and easy access hence I also choose bitcoin for future assets

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July 31, 2018, 12:27:32 PM
 #8

Supereb post by a experienced newbie.Day by day transactions are increasing in blockchain, this is a good sign for the crypto world.if some one thinking to enter crypto ,this is the good time for it.Most of coin are in dip,including Bitcoin  Cool

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July 31, 2018, 04:05:14 PM
 #9

For me personally, BTC is an excellent cumulative asset . The popularity of bitcoin has not reached even 5 %, and the crypto currency in the world owns only 1 %.Ask your friends if they want to buy crypts ,I think everyone will say Yes .
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July 31, 2018, 04:07:04 PM
 #10

nice, I also think so btc free of monthly taxes and even annual expense is only for delivery and exchange is not too big and very light, see the amount of bitcoin is very fun have a limited assets in the world
easy to store, low cost and easy access hence I also choose bitcoin for future assets
While this is true, but many countries are preparing bills that will oblige to pay tax for the cryptocurrency!As well as if to take anonymity ,speed and the cost of the transaction that bitcoin is very inferior to the same Monero .
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July 31, 2018, 04:34:23 PM
 #11

I think Bitcoin is an asset of the future. Technology is changing, our future is probably not going to use the cash, crypto will replace all of them and Bitcoin will always be the king of this market, so it's natural to own it.
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July 31, 2018, 04:50:18 PM
 #12

While it's great that Bitcoin has a limited supply, don't focus too much on that since there will always be enough supply in form of sellers looking to unload coins at prices above their entry points. It allows coins to circulate from person to person without anyone ever going to see a completely exhausted market. I would have liked to see why you think Bitcoin is better than altcoins, and why you think it has more long term potential. Other than that, it's great to see that not everyone is here for gains only. It admittedly is important, but not the most important since we're out to ditch centralized players as much as possible....
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August 01, 2018, 12:50:10 AM
 #13

Your post OP is really constructive but i don't like the divorce topic and for me don't rely your life here if ever you not experience well because there's no assurance here then better to risk money here that you already can accept to lose another thing base in your post i think bitcoin is really unpredictable so even the supply is in your hand still if no buyer you can't trade it in fiat or the price can go really low in an instant so you need to earn fast too like find real stable job then better to save some bitcoin and don't rely anything here in crypto

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August 01, 2018, 10:26:05 AM
 #14

Because we are all waiting TO THE MOON  Grin
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August 01, 2018, 01:31:44 PM
 #15

At the moment bitcoin is becoming popular, many people are currently investing with bitcoin, despite its many shortcomings and advantages but from its excess bitcoin is not owned by any country, it will be an advantage because no other country is responsible for this bitcoin differently with real money directly handled by the country where the exchange rate and its management are determined by the government. Then in terms of security, Bitcoin itself can not be falsified because it does not have a form, unlike the original money, most importantly Bitcoin avoid inflation because it can not be influenced by politics and government from various countries ... hence the reason is very strong also for people having an investment in this Bitcoin.

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August 02, 2018, 08:45:40 AM
 #16

This is a beautiful post, buying and holding of bitcoin is a good idea if sustainable. This goes to show the positives and advantages of the bitcoin. Not forgetting the part of not much people knowing exactly how much you are worth when you keep btc. Makes you hidden sort of.

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August 02, 2018, 09:14:27 AM
 #17

I just wish that I am as courageous as you do. The mere fact that I can't afford to lose a short amount during the price movement is annoying me alot. So i have to stick on converting bitcoins into fiats.

Plus all my earnings will go directly to my family needs. I can't manage to set aside some amounts right now. Tho I am currently thinking about what you have said that the banks can't froze bitcoin. In that way I can easily get it on terms of emergency. Especially now that it is much easier to buy and sell cryptos.

So having an emergency funds for me right now through bitcoin is a must thing to do.

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August 02, 2018, 10:28:54 AM
 #18

Excellent post! This is a very valid argument for the merits of bitcoin and the value it has in terms of usage.

It's great that buying bitcoin is becoming more accessible. That also means that it is becoming more easily monitored, however. Easier access for you means easier access for them. So if it's something that you're trying to avoid being noticed for, extra precautions need to be taken of course.

The thing that amazes me about bitcoin now is that you can literally walk into a shop with cash in hand to purchase it. Or you can meet a fellow from localbitcoins who will take your cash and send you coins. It's about as anonymous as it gets. Or is it? Could these people be working for the tax authorities?
All those who are looking for investing of their money prefer to make an investment at a place which can then help them in having more money as more profit will then help them in having a chance to live a better life. There are investors who are not only investing in bitcoin but they are also holding most of their coins as this will then help them in having some huge profit after some years.

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August 02, 2018, 01:37:21 PM
 #19

Several years ago I asked in these forums about how I could buy several hundred thousand dollars worth of bitcoin.   It became obvious, back then, that it would be a nearly impossible task.   I would have faced sanctions by my bank, I would have moved the price and I would have had to deal with a mysterious Japanese company called MtGox.

In the end, I sadly took no action.

Everything has changed.  It is now 5X easier to buy bitcoin.   I am now a regular buyer of bitcoins.  I don’t care that the price is 10X or 100X what I could have had them for.

So why am I buying now?

Exclusivity
Firstly, there will never be more than 21 million bitcoins.   There are more millionaires than that.   I like to own something that not every millionaire will be able to own.  It’s exclusivity.   I own something that has a limited supply, so not everyone can own one, but I’ve got lots of them.

I don’t need to ask permission to spend them
Secondly, I like the fact that bitcoin is “permission-less”.   I won’t ever have to ask permission to spend or use my bitcoins - not that I plan to use them. Everything else I own (in the form of financial assets) is in the hands of a bank or a custodian.  I can’t spend my money without permission from my bank or credit card company.  

Bitcoin can’t be “frozen”
If a business deal goes wrong, if someone sues me, if a future wife divorces me and says “I get everything”, if I am friends with a sanctioned political leader - because you survive by being on the side of those in power, - if, if, if, if....... so many things might go wrong.  I could wake up one morning, and find my bank accounts frozen, and my credit cards don’t work.   They can’t ever freeze my bitcoin.   The code is in my head.

What’s wrong with cash or gold bars?
The most obvious disadvantage with cash is that it is being de-valued all the time. It’s great to own for a year or two, but in the long run it’s going towards zero.   Secondly, they change the colour and design of the bank notes every few years.  You have a limited time to change old for new.  Then, if you are changing more than a small amount, you have to start answering questions and providing documents.   Lastly, you can’t cross the border with more than 10’000 dollars or euros in cash without filling in forms, which could lead to another line of questioning.

As for gold, it also is difficult to transport without customs declarations.  Gold bars or coins are not easily divisible into smaller sizes.



To those people who are willing to take the risk in order to earn more profit may now is the right for us to buy more coins while the market value of some coins are still very cheap to we have many coins to hold while waiting for a crypto market to rise.
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August 02, 2018, 01:50:10 PM
 #20

This is a beautiful post, buying and holding of bitcoin is a good idea if sustainable. This goes to show the positives and advantages of the bitcoin. Not forgetting the part of not much people knowing exactly how much you are worth when you keep btc. Makes you hidden sort of.

Happy to see supports from the people like you over bitcoin. I see the Bitcoin price changes from the past three all possibilities shows bitcoin seems go bigger in the market. Henceforth we do not worry to invest on bitcoin.

Whatever the marketplace value don't worry about it and just go to invest. This is the advice I would like to give for all the people.

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