Any Thoughts On Bitcoin ?

Discussion in 'Bullion Investing' started by goldcollector, Feb 21, 2017.

  1. goldcollector

    goldcollector Member

    I hope this isn't illegal here. Bitcoin is somewhat in the same league of silver/gold/etc.

    But anyways, I dont know much, really anything about bitcoin but I was thinking about maybe buying 1 BTC which is now around $1120.

    Does anyone have any thoughts on BTC ? Is it just a fad that will eventually disappear or is it really here for good with great potential.

    TIA for any advice.
     
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  3. Bman33

    Bman33 Well-Known Member

    I spoke to a guy that buys and sells it. I still don't really understand what it is besides being a global currency. The guy I spoke to invested $2,000 into it a while back and now it's worth $30,000! Good topic, if anyone is an expert on bitcoin here let us know about it.
     
  4. sakata

    sakata Devil's Advocate

    Any thoughts I have about Bitcoin would violate the terms of service here. To put it in the same league as silver/gold is... , well that violates the TOS as well.

    Perhaps I should not have posted.
     
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  5. goldcollector

    goldcollector Member

    yeah thats my problem. I dont really understand the whole thing and I need to learn more before putting real money in. But I really am thinking about getting 1 BTC. Maybe I have missed the boat, maybe not. I just dont see this going away, it has already started to catch on. Very little use here in the U.S. so far. If it starts getting used here in the US it has great potential IMO.
     
  6. goldcollector

    goldcollector Member

    Yeah I figured it probably was as just about everything here is a violation. I will go post this on a BTC forum.
     
  7. Bman33

    Bman33 Well-Known Member

    Why can't you talk about bitcoin?
     
  8. Aidan_()

    Aidan_() Numismatic Contributor

    There's nothing wrong with posting bitcoin here, it is a digital currency after all.
     
  9. sakata

    sakata Devil's Advocate

    No reason except the language I would want to use would probably be against the TOS. Kind of like trying to invest in Wall St. - who in their right mind would trust them?
     
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  10. chrisild

    chrisild Coin Collector Supporter

    Kind of strange to discuss it in a "Bullion Investing" forum then. ;)
     
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  11. green18

    green18 Sweet on Commemorative Coins Supporter

    Strange, as Christian states, but I don't trust it. Economics was never my strong suite, but I can smell a rat before I can see one.......
     
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  12. Aidan_()

    Aidan_() Numismatic Contributor

    Yeah, the most recent one was discussed in the General forums.
     
  13. Blissskr

    Blissskr Well-Known Member

    If you don't understand something don't put money into it until you do. The only problem with BTC now is that the tax man wants in on the game and unless selling direct to others or using shady overseas brokers you're going to have to give up the anonymity that was the goal behind BTC originally. And then provide your SSN and other info in order to be able to buy/sell on any legit operating exchange in the U.S.
     
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  14. ToughCOINS

    ToughCOINS Dealer Member Moderator

    Be forewarned . . . any medium of exchange which can appreciate fifteen-fold in a brief period of time is just as able to depreciate fifteen-fold in the same time span.
     
  15. green18

    green18 Sweet on Commemorative Coins Supporter

    Bernie Sanders........
     
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  16. goldcollector

    goldcollector Member

    Yeah this is true. The bitcoin ATM I was at wants a govt issued ID ans your thumbprint. They used to claim BTC was completely anonymous.
     
  17. goldcollector

    goldcollector Member

    I agree but most didn't think that way when Silver went from $4 to $49 or Gold from $300 to $1900.

    Im sure that BTC can drop but its just like with PM, you haven't lost anything until you sell it. Their is way more upward pressure on BTC than downward IMO. And virtually no one is in on bitcoin yet. What maybe .00000001 % of the worlds population own any BTC. I don't. I just feel that it has potential to make one very rich but then maybe Im just high on these incredible price increases and don't want to miss out.
     
  18. sakata

    sakata Devil's Advocate

    Isn't being rich a state of mind? Some people always want more. I've got a nice home and family, I have enough to live for the rest of my life, although be it with no more than basic luxuries. But I don't live for luxuries. In my mind I am rich. If I had more I need need to find a way to give it away.
     
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  19. micbraun

    micbraun coindiccted

    Exactly my thoughts. I just know enough about BTC to not "invest" in it LOL

    https://bitcoin.org/en/you-need-to-know
    "Bitcoin should be seen like a high risk asset, and you should never store money that you cannot afford to lose with Bitcoin."
     
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  20. Clawcoins

    Clawcoins Well-Known Member

    The problem is that it is just not a currency. It's just a plain weird currency/investment.

    I got in it when it was low once and sold it after it rocketed up Unexplainably.
    After that Japanese Bitcoin exchange got hacked I stopped following it for possible investment. You can lose your entire investment if you forget your security credentials, though you can stare at it online.

    It's not an "investment" for the weak of heart .. if you want to call it an investment?
     
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  21. Blissskr

    Blissskr Well-Known Member

    It's essentially become a nightmare with the tax implications making the exchanges go loopy with regulating everything. My brother still has a bunch in cold storage and it's become increasingly difficult to even retransfer them into a broker exchange to cash out. Last time I think he tried transferring in 25 and they froze his account and gave him the 3rd degree and it took about 2 months just to be able to cash half of them out.
     
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