Bitcoin

[BayRaider]

Anyone ever heard of Bitcoin?

It's an Online Currency. Literally, a currency on the internet. And a lot of people think 10-20 years down the road it could be the Universal Currency of the world. It's hard to explain Bitcoin but I'll explain some key points:

- It is not a bank. All money is distributed and in peoples possession. You can store it on your computer or write your "keys" on paper. Also, storing it on a offline device is most popular.

- No fees unlike a bank or paypal and easily transfer money to anyone in the world. Want to transfer some money internationally? Usually this will be like a 3% fee and takes a few days. Bitcoin, no fees, instant.
- If the U.S. Government felt endangered by this currency, they cannot shut it down. Nobody "owns" Bitcoin and it has no servers. Bitcoin was made by an anonymous figure in 2010 named Satoshi Nakamoto. Cool name, but certainly fictional.

- In 2010, One Bitcoin (Remember these are digital coins not physical) was worth 10 cents. One Bitcoin is now worth $4500. If you had $100 in your Bitcoin Digital Wallet in 2010, you would have 4.5 MIllion today. There are several Bitcoin Millionaires. And they think the growth has barely started. Some think one Bitcoin will be worth up to $2.5 Million within 20 years.

- Overstock.com, Subway, and Microsoft recently started accepting Bitcoin. Amazon has been flirting with the idea for a long time. Bill Gates is a huge backer and believer of bitcoin.

Realllly old video but explains the basic concept:

https://www.youtube.com/watch?v=Um63OQz3bjo

Edited September 3, 2017 by BayRaider

[Calibucsfan]

People are aware of it

However most here do not like it, based on what I've seen from all the past bitcoin threads

 

I have been hoarding bitcoin since 2015 and continue to buy little by little. At this point I am not trying to become a bitcoin millionaire or anything, it's more like a hobby for me.

Edited September 3, 2017 by Calibucsfan

[MacReady]

I just recently bought some.  I don't have crazy money coming in like I was a while back, so I've only purchased 300 dollars worth.  I'm planning on never taking it out until or unless I'm a millionaire from it.  I don't think I'd ever put more than 1,000 dollars total into it just because of how quickly it could crash and burn, but I definitely plan on getting at least 1,000 in there by the end of this year, and I'll probably continue dumping 10-20 dollars into it a week.  I'd ideally like to have a full bitcoin by the end of this year, but realistically I'll only have a quarter of that.

Even at 4,500 dollars, that 4,500 dollars isn't going to change my life if I lose it.  If that 4,500 dollars were to go up to a million dollars, that'd certainly change my life.  The reward is worth the risk in my opinion. 

 

[ET80]

We had a thread on it on the old forum:

http://www.footballsfuture.com/phpBB2/viewtopic.php?t=588996&start=15

I'm skeptical on it as an actual currency. It's behavior on the open market is much like a precious metal, if you really look at it. 

The technology behind cryptocurrencies - blockchain - has some REALLY interesting properties, and that could be something that is openly applied in a payments environment.

I don't dabble in purchasing Bitcoin, and really have no interest in doing so.

[Bednarik60]

10 hours ago, BayRaider said:

Subway

Only certain ones do and i think its only a handful that do, and those are personally owned-franchised by a person who is collecting bitcoin. 

[BayRaider]

3 hours ago, HorizontoZenith said:

I just recently bought some.  I don't have crazy money coming in like I was a while back, so I've only purchased 300 dollars worth.  I'm planning on never taking it out until or unless I'm a millionaire from it.  I don't think I'd ever put more than 1,000 dollars total into it just because of how quickly it could crash and burn, but I definitely plan on getting at least 1,000 in there by the end of this year, and I'll probably continue dumping 10-20 dollars into it a week.  I'd ideally like to have a full bitcoin by the end of this year, but realistically I'll only have a quarter of that.

Even at 4,500 dollars, that 4,500 dollars isn't going to change my life if I lose it.  If that 4,500 dollars were to go up to a million dollars, that'd certainly change my life.  The reward is worth the risk in my opinion. 

 

This is exactly what I'm doing and exactly my mindset as well. Risk is worth the reward imo. Anyone thinking about getting rich quick is not doing it right. Leave it in 15-20 years and see what happens. If it ends up worth nothing, oh well. 

Also look up Litecoin. I think they will co exist in the future. Bitcoin being the gold digital currency and Litecoin being the silver. You can buy both on Coinbase. 

You have a way better chance getting rich off Litecoin because it's at only $80 per coin right now. 

[MacReady]

Just now, BayRaider said:

You have a way better chance getting rich off Litecoin because it's at only $80 per coin right now. 

Tempting.  What sets Litecoin apart from Ethereum? 

[BayRaider]

46 minutes ago, HorizontoZenith said:

Tempting.  What sets Litecoin apart from Ethereum? 

Faster, don't think it's trying to take over Bitcoin, better name, way more simple. 

Ethereum wants to take over Bitcoin. It's like the XFL trying to take over the NFL, not gonna happen. People talk about all the extra things Ethereum can do.. people don't care about that. They care about simplicity. 

[jrry32]

5 hours ago, BayRaider said:

This is exactly what I'm doing and exactly my mindset as well. Risk is worth the reward imo. Anyone thinking about getting rich quick is not doing it right. Leave it in 15-20 years and see what happens. If it ends up worth nothing, oh well. 

Also look up Litecoin. I think they will co exist in the future. Bitcoin being the gold digital currency and Litecoin being the silver. You can buy both on Coinbase. 

You have a way better chance getting rich off Litecoin because it's at only $80 per coin right now. 

Alternatively, you could do that with the stock market, have much less risk, and still end up with an extremely healthy return over 15-20 years.

[MacReady]

Just now, jrry32 said:

Alternatively, you could do that with the stock market, have much less risk, and still end up with an extremely healthy return over 15-20 years.

Which stock is projected to go from 4.5 thousand to 1 million in 10 years? 

[jrry32]

8 minutes ago, HorizontoZenith said:

Which stock is projected to go from 4.5 thousand to 1 million in 10 years? 

I wish you luck with that. You're trying to project rapidly evolving technology over a very long period of time. What will cause such massive growth in the value of Bitcoin over that period of time? What about threats to Bitcoin? What about the risk that Bitcoin is either antiquated or not usable by the end of that period?

[MacReady]

Just now, jrry32 said:

I wish you luck with that. You're trying to project rapidly evolving technology over a very long period of time. What will cause such massive growth in the value of Bitcoin over that period of time? What about threats to Bitcoin? What about the risk that Bitcoin is either antiquated or not usable by the end of that period?

Well I just bought 100 dollars worth in two of its competitors (Ethereum and Litecoin), so I'm hedging my bets.

Honestly, a friend of mine both talked about getting some bitcoin 5 years ago when the price was about 10 dollars a bitcoin.  I was going to buy 100 dollars worth.  That was five years ago, I decided against it, and that's 45,000 dollars in value I lost. 

At this point all I can lose is 500 dollars.  I can live with losing 500 dollars.  But let's say one of them keeps growing and growing and exceeds expectations (as Bitcoin has done numerous times already).  I don't think I'd be able to live with myself if I missed out on all that again. 

Nobody's talking about dumping 4,500 dollars into it, but the rate Bitcoin has continued to grow is tough to ignore. 

I don't know who doesn't like a low risk, incredibly high reward investment.  Speaking of, is there a site like Stash/Stockpile/Loyal3 when it was around that lets you buy penny stocks at 10-ish dollars a time? 

[jrry32]

38 minutes ago, HorizontoZenith said:

Well I just bought 100 dollars worth in two of its competitors (Ethereum and Litecoin), so I'm hedging my bets.

Honestly, a friend of mine both talked about getting some bitcoin 5 years ago when the price was about 10 dollars a bitcoin.  I was going to buy 100 dollars worth.  That was five years ago, I decided against it, and that's 45,000 dollars in value I lost. 

At this point all I can lose is 500 dollars.  I can live with losing 500 dollars.  But let's say one of them keeps growing and growing and exceeds expectations (as Bitcoin has done numerous times already).  I don't think I'd be able to live with myself if I missed out on all that again. 

Nobody's talking about dumping 4,500 dollars into it, but the rate Bitcoin has continued to grow is tough to ignore. 

I don't know who doesn't like a low risk, incredibly high reward investment.  Speaking of, is there a site like Stash/Stockpile/Loyal3 when it was around that lets you buy penny stocks at 10-ish dollars a time? 

It's your money. If that's what you want to do with it, that's your choice. The point I was making is that if you're talking about investing long-term, you're better off doing so in a more established market. If you want to throw $100 or $1000 into Bitcoin and see what happens, go for it. IMO, it's not all that different than gambling on sporting events. The risk/reward odds are less clear, but it's not that different. Then again, putting money into stocks isn't all that different...just much lower risk and lower reward.

As I said in the past thread, I'm much more investing in a payment system developed with the advantages of Bitcoin and other crytpo-currencies in mind. That would be easy to monetize and could really do some major damage if it gained a foothold.

Edited September 4, 2017 by jrry32

[MacReady]

7 hours ago, jrry32 said:

The point I was making is that if you're talking about investing long-term, you're better off doing so in a more established market. 

That I'd certainly agree with. 

Quote

If you want to throw $100 or $1000 into Bitcoin and see what happens, go for it.

And this is all I'm getting at.  Dumping hundreds into stocks a week isn't a bad idea.  Dumping hundreds into cryptocurrency probably is.  Putting 100-1000 dollars into the stock market isn't that great an idea (low returns).  Doing that with cryptocurrency probably is. 

[ramssuperbowl99]

9 hours ago, jrry32 said:

It's your money. If that's what you want to do with it, that's your choice. The point I was making is that if you're talking about investing long-term, you're better off doing so in a more established market. If you want to throw $100 or $1000 into Bitcoin and see what happens, go for it. IMO, it's not all that different than gambling on sporting events. The risk/reward odds are less clear, but it's not that different. Then again, putting money into stocks isn't all that different...just much lower risk and lower reward.

As I said in the past thread, I'm much more investing in a payment system developed with the advantages of Bitcoin and other crytpo-currencies in mind. That would be easy to monetize and could really do some major damage if it gained a foothold.

If you're maxing out your tax advantaged space (401k, IRA, HSA, etc. etc.) and have a few extra dollars you wouldn't mind gambling, yeah that's no big deal since you're all set anyway. But I think people who should be saving in more established markets are thinking they'll get rich overnight with it, and that's an issue.