Who uses bitcoin, or maybe you know a guy who knows a guy that uses it?

Discussion in 'Financial Cents' started by oil pan 4, Sep 2, 2017.


Tags:
  1. oil pan 4

    oil pan 4 Monkey+++

    This is kind of new to me.
    How would I go about accessing this currency?
    I have a few ideas but don't want to get ripped off or bamboozled.
    What are the fees?
    How easy and quick can it be exchanged?
    If I buy say $2,000 or 3k worth of bitcoin in the next year, then that amount say quadruples a few years later and I have $8,000 to 12k would would be the obstacles to cashing out?
    I could just blow it all on merchandise, like gold or silver if prices were good. Assuming coin and bullion dealers out there accept it. But when bitcoin is high gold and silver may also be high. So may just have to take the cash and run.
    I figure I better get stared now, create the login and accounts now and fund them later or buy the bare minimum if required, instead of trying to scramble and get it together after the price has bottomed out and already starting to go back up. Make sure I have exit strategies already in place before I even buy. As I did with PM and 401k.
     
    Seepalaces likes this.
  2. Bandit99

    Bandit99 Monkey+++ Site Supporter+

    I am pretty interested in this topic as well. I have stayed out of Bit Coins only because they are not completely usable currency; however, many more places accept them now. Still, I am reluctant because it is not a 'national' currency but neither is gold or silver so...so am very interested in this discussion. And, with gold at $1325 even with the market roaring to an all time high, it appears that this is the nominal price, sort of the benchmark now, so I'm interested in any rather safe investment which begs the question, 'are Bit Coins a safe investment?' Most would say they are as safe as investing in any currency...but are they?
     
    Seepalaces likes this.
  3. VisuTrac

    VisuTrac Ваша мать носит военные ботинки Site Supporter+++

    Safe?
    Nope.
    I'm going to say that crypto currencies as a whole exposes the user to losing their entire buy-in. It's like going all in at the Texas Hold'em table .. but without the skill of knowing the odds of holding a winning hand.

    Could go up but better chance it could go down.

    I wrote a overview of BitCoin on the forum a few years ago.
    Bitcoin 101 Overview. | Survival Monkey Forums

    Some of the exchanges since then have been hacked, shut down or taken over by the government.

    Probably the easiest way to get into BitCoin is to do a face to face using LocalBitCoins or find a Bitcoin ATM (but you'll need to have a wallet address to where your BTC will be sent)

    Getting out of BTC is a little more difficult if you don't want to spend it on merchandise/services. You could offer to sell your btc via LocalBitCoins or swap it into PM's using a couple of online PM dealers and after accepting delivery of PMs, take it to your favorite local coin dealer and trade that for cash.

    Anyway, there are a number of BitCoin posts here on the Monkey. The forum search is your friend.
     
  4. Seepalaces

    Seepalaces Monkey++ Site Supporter+

    I can say that I wish I had bought bitcoin the first time I was interested in doing so. Visutrak is exactly on point, it is definitely a speculative investment. I suspect gold, silver, and bitcoin will all gain in value next year when we realize that this devastation in Houston will have a very real hit on the markets.
     
  5. oil pan 4

    oil pan 4 Monkey+++

    I have found plenty of ways to exchange gold and silver for cash. Just message me or reply to one of the PM related posts on this forum.
    The main differences between crypto currency and PM one is physical, the other is not. (You do have gold stocks, bonds and certificates which are non physical, aside from maybe a pice of paper which I highly discourage. I say if you want gold and silver related assets, buy the real thing.)
    Then there is the possibility of the currency zeroing out. You know the value of gold and silver isn't going to drop to zero, the value does go up and down.
    With something like bit coin it could drop to zero, so don't put all your money in there.

    The long term impact for Houston lilely will not be a negative impact. The markets will freak out for like a month but everything will be back to normal before you know it. Going off history what happened with hurricanes sandy, katrina, the last few that trashed Texas even as far back as Andrew hitting Florida didn't appear to damage the market for more than a month or 2.

    These are very unusual times for the PM market. The stock market is way up, gold is kind of in its normal-high range.

    I see the bit coin world is still evolving, I didn't know if all of the older info was still valid.

    So it's looking like splurge on merchandise is the way to get rid of bit coin.
    If I buy bit coin, it's value increases to say 150% to 300% of what I originally paid for it, then I really shouldn't worry too much about buying gold or silver at 5% to 10% more than what I would like to pay for it.
    It's looking like if bit coin is high, chances are gold and silver are likely to be high too.
     
    Last edited: Sep 2, 2017
  6. dewme5

    dewme5 Monkey+

    I am more active in bitcoins and alt coins than I am in these forums. I currently mine, trade, and loan. There really is a lot of money to be made in it, but there is also so much to be lost.

    2012, bitcoin was $6.00
    2017, bitcoin has traded for over $6000.00 today.

    It is a form of currency that is not going away anytime soon. It is probably for the best, that everyone become moderately acquainted with it.

    For just the basics, your "money", is kept in digital wallet, and the paper is replaced with a Cryptographic key. You lose your wallet, you lose your money. Lose your password, you lose your money.

    On the upside, you can conduct international business, with no extra trouble. You can send coins anywhere for no extra hassle.

    Mining, is using your computer to hash out new keys, or verify other transactions. Different coins have different computer requirements. Some work off of video cards, cpu's, or separate ASIC units. To give an idea, a decent single video card, can earn you $60 a month. And, you can run multiple video cards on one computer. How soon things pay off, will have many variables. There are calculators online that will help give you an idea, if you are interested in doing that.

    Trading, is handled through a variety of exchanges. You can buy bitcoins, or other alt coins. Trade USD for them, or one coin for another. The market is pretty wild west, with huge changes taking place every day. One coin today, jumped over 600%, and then crashed down, shortly after. So much money to be made, but get your timing wrong, and you will be licking your wounds.

    Lending, is a newer aspect. If the other stuff sounded sketchy, this is something that should make you sleep with one eye open. With coins being pretty new, and based on privacy, and not being traceable, those aspects carry on to the coins and company's behind the development. Without being transparent, many people view this area as only a pyramid scheme. When your bank charges 5-30% interest a year, how can these companies pay you interest that is more than 10x better? Ideally, if they are not lying, your money is invested through a computer trading bot. A program that has been highly refined, and trades on the ups and downs of the crypto markets. If they are lying, then it just might be a ponzi scheme. That being said. GI Joe taught me that, "knowing is half the battle", so I treat this arena like it will disappear at the worst time. Even still, this is where the everyday residual income comes from.

    I purposely did not include any links. If there is something you would specifically like to know, or want a link to a reputable site, just let me know. I am willing to answer some on here, but PM's work better for me.
     
survivalmonkey SSL seal        survivalmonkey.com warrant canary
17282WuJHksJ9798f34razfKbPATqTq9E7