Hello everyone! Bitcoin has been a hot digital currency nowadays and so far it's value has greatly increased compared to its original price when it was first introduced. I have been reading about some of the early investors on this digital currency as having gained thousands and even millions of Dollars from it but I have yet to try investing myself. I'm more on the observatory stage right now. I'm observing a continuous strength with Bitcoin though. What are your thoughts about Cryptocurrencies or digital currencies? Have you ever thought of investing on them?
Well I would say that like everything you should really do your research before getting into it, and also like everything, moderation is probably the way to go. I will say that I am impressed at how far these currencies have come, and to be quite honest I did not think they were anything significant when they first started coming out. I was wrong, though, and with the right direction and motivation you can really use them to your benefit. Thanks for sharing and best of luck.
@rz3300 Me too! I never thought these cryptocurrencies would even reach this far when I first heard of them, especially Bitcoin. But when I heard about it being discussed from an investor's forum in my area, I realized that it has indeed reached the recognition that I never thought it would. Just like what you said though, it pays to do a lot of research first before investing into anything, be it regular investments or cryptocurrencies.
Yes, I am trying to get some Bitcoin now, through the use of free faucets, and I may write for Bitcoin as well. Bitcoin really did take off like a rocket and was a great thing to buy a few months ago. I am not sure if it's value is going to continue to increase, as it fluctuates quite a bit, but I think it something that is worth accumulating on the chance is does take off again. I think there is always value in diversifying.
I am not into a lot of crypto currencies, but just Bitcoins. I have invested 4 Bitcoins on various Bitcoins investment programs. I am investing BTC since a year. I have not made a lot of profits from my investment, but I am happy with the return on investment. I am also planning to start a BTC trading website. My website will be live soon.
4 BTC is already a big amount for me especially if I calculate the value of 1 BTC to a Dollar then to my local currency. How I wish I could have my first Bitcoin soon. 1 Bitcoin is already something for me. Do update us soon on how your website goes @Vinaya.
I'd caution against investing in Cryptocurrencies. The value is too volatile. You could buy bitcoin for say $500 (an arbitrary figure) and the value drops to $200 in six months. It's happened before and I'm sure we'll be seeing more of it in future. So unless you are holding onto your bitcoins for a really long time, you'll lose most of you money.
I wouldn't recommend doing investing in something so risky unless you really know what you're doing. If your investment portfolio is really diversified then it could do you justice to invest in BTC. It's just so risky to me because the price of BTC is always fluctuating, and any investor knows that investments like that are not safe. I'd rather trade binaries on BTC than put my money into it.
I think I need to check my Bitcoin faucet to see if I have been paid. You can indeed make money, with Bitcoin, but it takes some patience. I am not sure if you can save money shopping with Bitcoin or not, but I think it is a good investment at this point in time. Remember that one Bitcoin is worth over 500 dollars US. So even a portion of a Bitcoin is worth some money.
Bitcoin is decentralized. This offers many advantages, like privacy and tax benefits. Bitcoin is not backed by anything, other than the trust of the people. As long as people believe in bitcoin it will retain its value. As an investment option, bitcoin is still in its development phase now. There are large fluctuations in the price on a day to day basis. This is one of the reasons why many people are investing in it now, because this creates huge profit opportunities. It's also possible to invest in Bitcoin long term, but you should take the price volatility into account. As more people use bitcoin, more and more businesses will start accepting it as a payment method.
Bitcoin is the currency of the future. More and more respected players internationally are endorsing bitcoin. It has a large value compared to the dollar at an exchange rate of about $600 or more bitcoin per dollar and the value is appreciating. I am an early adopter and I suppose that bitcoin is the currency of the future.
Cryptocurrencies are certainly not the future. I don't mean this in a negative sense, I mean this in a practical sense. The financial system is tightly controlled and so far the "powers that be" have not let cryptocurrency become legitimized because they haven't figured out how to control it. Unless they can figure it out, it won't become a viable form of investment. Also, keep in mind that bitcoin has fluctuated heavily during the past many years and unlike fiat currencies it can't be produced in the zillions and it would require an impossible amount of processing power to continue producing more bitcoin. This means that it will never become a "mass" currency and may only be considered a commodity that is outside the financial system.
