Why I invested in bitcoin

[btckold24]

you gotta risk it to get the biscuit. 

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[ChuckBuck]

I invested and am invested in Bitcoin, because I personally know how it is to get screwed over by the existing banking, credit, and financial systems in place.

Whether it be getting declined for a loan with a major bank that I've banked with over a decade even an above average credit rating, or getting tacked on annual fees on my credit cards at a drop of a dime, continuously getting sent new Debit and Credit cards due to being "compromised" or someone trying to steal my identity....just a plethora of reasons.

Once I learned, read, and found out about Bitcoin, the light bulb lit up in my head, "This is the way money should be in this day and age."  No interest rates, No APR's, No ARM's, No chargebacks, no fraudulent charges I have to dispute, no waiting 3-4 days for charges to go through, no credit scores, no ATM fees, no checking and savings fees....

I still have fiat and savings, but the percentage of my investments and net worth is sliding over to BTC at a rapid rate.

[CoinCidental]

I invested and am invested in Bitcoin, because I personally know how it is to get screwed over by the existing banking, credit, and financial systems in place.

Whether it be getting declined for a loan with a major bank that I've banked with over a decade even an above average credit rating, or getting tacked on annual fees on my credit cards at a drop of a dime, continuously getting sent new Debit and Credit cards due to being "compromised" or someone trying to steal my identity....just a plethora of reasons.

Once I learned, read, and found out about Bitcoin, the light bulb lit up in my head, "This is the way money should be in this day and age."  No interest rates, No APR's, No ARM's, No chargebacks, no fraudulent charges I have to dispute, no waiting 3-4 days for charges to go through, no credit scores, no ATM fees, no checking and savings fees....

I still have fiat and savings, but the percentage of my investments and net worth is sliding over to BTC at a rapid rate.

this ^

[Vessko]

I still see it as an investment, since I invested into something, which with(is that proper english?) I could buy something in the future. It's not a speculation since I don't plan to sell back for fiat.

It is still a speculation. You are speculating that the purchasing power would increase.

Comparing it to a computer is a bad example, since computer lose value over time(either because it is used or because there is a better computer coming out).

I assure you that the computer I bought a year ago has depreciated in price significantly less than Bitcoin. Not that it means anything, I am just pointing out that your "but computers depreciate" argument is flawed.

It is also an investment into companies that use Bitcoin, like when you buy stocks from a company.

As I said, people here simply do not understand investment. When you buy US dollars, you are not "investing" in companies that use US dollars. If you want to invest in such companies, you buy their shares on the stock market. When you buy shares in a company, these shares represent your claim on the long-term cash flow from that company. The company either distributes its earnings to the shareholders, in which case you get dividends proportional to the number of shares you own, or the company uses the earnings to develop and grow, in which case you get them in the form of price appreciation of the shares (or a combination thereof). This is investing. You buy part of a public company's future earnings. (Of course, you might just buy the shares hoping to sell them at a higher price and not care one bit what the company does and how much it earns - but that's speculation, not investing.)

[exoton]

I invested and am invested in Bitcoin, because I personally know how it is to get screwed over by the existing banking, credit, and financial systems in place.

Whether it be getting declined for a loan with a major bank that I've banked with over a decade even an above average credit rating, or getting tacked on annual fees on my credit cards at a drop of a dime, continuously getting sent new Debit and Credit cards due to being "compromised" or someone trying to steal my identity....just a plethora of reasons.

Once I learned, read, and found out about Bitcoin, the light bulb lit up in my head, "This is the way money should be in this day and age."  No interest rates, No APR's, No ARM's, No chargebacks, no fraudulent charges I have to dispute, no waiting 3-4 days for charges to go through, no credit scores, no ATM fees, no checking and savings fees....

I still have fiat and savings, but the percentage of my investments and net worth is sliding over to BTC at a rapid rate.

It seems like most of your complaints about the banking system revolve around your inability to get credit. You need to understand that credit is much tighter and much more expensive in the bitcoin economy then via traditional banking.

If you are someone receiving bitcoin from selling things then you will benefit from things like the inability of your customers to initiate a fraudulent charge-back, however you will still need to work with customers to resolve any disputes otherwise your reputation will suffer when your customers take to social media to complain when they send you money but do not receive what they expect

[Daniel91]

I invest in bitcoin simple because I believe in this idea and vision behind bitcoin.
I really hope to get rid of banks, bank's loans etc, and achieve financial freedom and right now I think just bitcoin have the potential to help me achieve this.
Also, as early adopter, I really hope that this investment will help me later financially

[resya]

I am not an early adopter of bitcoin, I bought few coins from my savings. It used to hurt my head figuring how much I'm down on my original investment, but then I realised I don't care about losing the money all that much, besides i have faith in reward halving 2015

[BigBertie]

Bitcoin created new winners a year ago, now it's creating new losers who still on the boat 

he's young
he's Mike
he talks a load of shite

tulip mania
tulip mania

[Ludi]

I invest in bitcoin simple because I believe in this idea and vision behind bitcoin.
I really hope to get rid of banks, bank's loans etc, and achieve financial freedom and right now I think just bitcoin have the potential to help me achieve this.
Also, as early adopter, I really hope that this investment will help me later financially

Sadly I think many people don't think like this about bitcoin nowadays and only care about one thing: Profit. With that being said I do also personally see the massive potential for investment in the future, but I can wait.

[youngmike]

Keep believing  Faith gives meaning to life but I like to make money so I don't invest in Bitcoin 

[youngmike]

Bitcoin created new winners a year ago, now it's creating new losers who still on the boat 

he's young
he's Mike
he talks a load of shite

tulip mania
tulip mania

I'm the man with crypto profits made a year ago, you are a newbie account feeding whales 

[ChuckBuck]

I invested and am invested in Bitcoin, because I personally know how it is to get screwed over by the existing banking, credit, and financial systems in place.

Whether it be getting declined for a loan with a major bank that I've banked with over a decade even an above average credit rating, or getting tacked on annual fees on my credit cards at a drop of a dime, continuously getting sent new Debit and Credit cards due to being "compromised" or someone trying to steal my identity....just a plethora of reasons.

Once I learned, read, and found out about Bitcoin, the light bulb lit up in my head, "This is the way money should be in this day and age."  No interest rates, No APR's, No ARM's, No chargebacks, no fraudulent charges I have to dispute, no waiting 3-4 days for charges to go through, no credit scores, no ATM fees, no checking and savings fees....

I still have fiat and savings, but the percentage of my investments and net worth is sliding over to BTC at a rapid rate.

It seems like most of your complaints about the banking system revolve around your inability to get credit. You need to understand that credit is much tighter and much more expensive in the bitcoin economy then via traditional banking.

If you are someone receiving bitcoin from selling things then you will benefit from things like the inability of your customers to initiate a fraudulent charge-back, however you will still need to work with customers to resolve any disputes otherwise your reputation will suffer when your customers take to social media to complain when they send you money but do not receive what they expect

Yes, a flawed banking system that refused to grant me a loan when my wife had major surgery and bills were coming out the wazoo.  I had over $50k invested in this bank through various checking and savings accounts, CD's, traded through this bank, couple of credit cards....yet they declined me in an instant.  Ultimately, I metaphorically told this bank "eat a bag of dicks", and shopped my accounts to another big 3 bank that was willing to give me the breathing room I desperately needed (FUCK YOU BANK OF AMERICA).

I've bought and sold many many things for Bitcoin mostly right here in BitcoinTalk, check my Trust history.

If you know what you're doing, do the do dilligence, understand how trust history/rating and escrow work.  I've actually just bought another physical Bitcoin from a trusted member yesterday in this very forum without as much as a hassle:



It happens to mostly noobish buyers/sellers/traders.  If you know how the system works, there's no real risk.

Overall, from my personal experience, your point is moot.

[exoton]

I invest in bitcoin simple because I believe in this idea and vision behind bitcoin.
I really hope to get rid of banks, bank's loans etc, and achieve financial freedom and right now I think just bitcoin have the potential to help me achieve this.
Also, as early adopter, I really hope that this investment will help me later financially

Sadly I think many people don't think like this about bitcoin nowadays and only care about one thing: Profit. With that being said I do also personally see the massive potential for investment in the future, but I can wait.

Well to be fair bank loans are one major way that people can achieve financial freedom. For example, most people are not able to purchase a house without some kind of loan from the bank (mortgage) and without this loan they would be susceptible to continuous rent increases by your landlord 

[Daniel91]

I invest in bitcoin simple because I believe in this idea and vision behind bitcoin.
I really hope to get rid of banks, bank's loans etc, and achieve financial freedom and right now I think just bitcoin have the potential to help me achieve this.
Also, as early adopter, I really hope that this investment will help me later financially

Sadly I think many people don't think like this about bitcoin nowadays and only care about one thing: Profit. With that being said I do also personally see the massive potential for investment in the future, but I can wait.

Well to be fair bank loans are one major way that people can achieve financial freedom. For example, most people are not able to purchase a house without some kind of loan from the bank (mortgage) and without this loan they would be susceptible to continuous rent increases by your landlord 

I don't think so.
Bank loans are very clever way to make you bank's slave, until the end of your life.
This is not the way how to achieve financial freedom, please believe me.
I know this very well from my own experience.
Many people in my country lost job, couldn't repay loan to the banks and lost their homes.

[turvarya]

As I said, people here simply do not understand investment. When you buy US dollars, you are not "investing" in companies that use US dollars. If you want to invest in such companies, you buy their shares on the stock market. When you buy shares in a company, these shares represent your claim on the long-term cash flow from that company. The company either distributes its earnings to the shareholders, in which case you get dividends proportional to the number of shares you own, or the company uses the earnings to develop and grow, in which case you get them in the form of price appreciation of the shares (or a combination thereof). This is investing. You buy part of a public company's future earnings. (Of course, you might just buy the shares hoping to sell them at a higher price and not care one bit what the company does and how much it earns - but that's speculation, not investing.)

When I buy stocks to get dividends, I also speculate that the company will make profit and can pay dividends. When I buy bread, I also speculate, that it won't be already gone bad, when I want to eat it(happened to me, multiple times.
You are just a good example, that the people who call everybody else to dumb to understand such things, just don't know how it works them self.

[krishatnet]

I like your sentence "scared money doesn't make money". No risk no profit more risk more profit. Bitcoin is always in uptrend for longterm.

[BigBertie]

Bitcoin created new winners a year ago, now it's creating new losers who still on the boat 

he's young
he's Mike
he talks a load of shite

tulip mania
tulip mania

I'm the man with crypto profits made a year ago, you are a newbie account feeding whales 

You are the man that is soooo negative.
Do the community a favour.
Take your profit and get out of this forum as nothing you say is worthwhile

[exoton]

I invest in bitcoin simple because I believe in this idea and vision behind bitcoin.
I really hope to get rid of banks, bank's loans etc, and achieve financial freedom and right now I think just bitcoin have the potential to help me achieve this.
Also, as early adopter, I really hope that this investment will help me later financially

Sadly I think many people don't think like this about bitcoin nowadays and only care about one thing: Profit. With that being said I do also personally see the massive potential for investment in the future, but I can wait.

Well to be fair bank loans are one major way that people can achieve financial freedom. For example, most people are not able to purchase a house without some kind of loan from the bank (mortgage) and without this loan they would be susceptible to continuous rent increases by your landlord 

I don't think so.
Bank loans are very clever way to make you bank's slave, until the end of your life.
This is not the way how to achieve financial freedom, please believe me.
I know this very well from my own experience.
Many people in my country lost job, couldn't repay loan to the banks and lost their homes.

I am not sure what country you live in, but this is the case anywhere. If you do not pay your loan then you will lose whatever collateral you put up. This is the importance of having some level of both job and financial stability before making such a major purchase.

[exoton]

I invest in bitcoin simple because I believe in this idea and vision behind bitcoin.
I really hope to get rid of banks, bank's loans etc, and achieve financial freedom and right now I think just bitcoin have the potential to help me achieve this.
Also, as early adopter, I really hope that this investment will help me later financially

Sadly I think many people don't think like this about bitcoin nowadays and only care about one thing: Profit. With that being said I do also personally see the massive potential for investment in the future, but I can wait.

Well to be fair bank loans are one major way that people can achieve financial freedom. For example, most people are not able to purchase a house without some kind of loan from the bank (mortgage) and without this loan they would be susceptible to continuous rent increases by your landlord 

I don't think so.
Bank loans are very clever way to make you bank's slave, until the end of your life.
This is not the way how to achieve financial freedom, please believe me.
I know this very well from my own experience.
Many people in my country lost job, couldn't repay loan to the banks and lost their homes.

I am not sure what country you live in, but this is the case anywhere. If you do not pay your loan then you will lose whatever collateral you put up. This is the importance of having some level of both job and financial stability before making such a major purchase.

Some countries give loans without collateral or with half collaterals as well.

This is not country specific, it is lender/bank specific. Generally all banks will give out loans without collateral, using only a person's reputation, assuming they have sufficient income and credit history, however they will be on worse terms (shorter repayment length, higher interest rates and lower amounts) then a loan secured by collateral.

Even when you borrow without collateral, your assets can still be seized by your creditors, it is just more difficult to do so, and the lender needs to share your assets with your other creditors

[Vessko]

When I buy stocks to get dividends, I also speculate that the company will make profit and can pay dividends.

If you are buying them on the principle "oh, gee, this stock seems to pay dividends, let's buy it", then, yes, you are speculating. If, however, you research the company, examine its history of paying dividends (is it a long history? are the payments reliable? do they increase with time?), if you understand its business model - then you are investing.

There is risk associated with investing, of course. But the main difference between speculation and investing is that speculation relies on the immediate observation of something (the word "to speculate" comes from the Latin word "speculare", which means "to observe"; the word "spectacles" has the same origin) and its extrapolation to the near future. Investing, on the other hand, relies on research and understanding and basically on buying a long-term source of cash flow. If you buy a rental property, you are investing, because you are paying for a long-term source of rent - despite the fact that you are running the risk that rents will fall or any other business-related risks. When you are buying a house, hoping to sell it at a higher price, you are speculating. And when you are buying a house to live in, you are making a consumer expenditure. Of course, there can be overlapping between these three activities.

When I buy bread, I also speculate, that it won't be already gone bad, when I want to eat it

When you buy a consumer good, you are making an expenditure. That's not even speculation and is most definitely not investing.

You are just a good example, that the people who call everybody else to dumb to understand such things, just don't know how it works them self.

And you are a good example of how ignorant people tend to react when somebody who knows better than them points out their ignorance.