Thread: Bitcoin

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    Bitcoin
    With the money system in a bit of trouble for the last few years and the rise of virtual currency, would bitcoin or litecoin be something you would invest in or use for transactions over the internet with cutomers around the world?

    I have been looking into investing over the last week or two due to the hype, but at nearly $1000 I would have to wait until the market levels out a bit. What are your thoughts?


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    A lot of people are saying that Bitcoin might have run its course now as an investment, or nearly so, and that it's better to look at some of the newer "lighter" alternatives such as Litecoin and Dogecoin. I've picked some of each of these myself over the past few days, but I'm not making a big investment right now.

    Bitcoin does seem to be gaining more acceptance as an alternative currency, though. Just yesterday I get an email from a webhost I use informing me that I can now pay with Bitcoin and eGold as well as the usual options.


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    Bitcoin still APPEARS to be a great investment. And it really should be. New York is currently looking at making it an available form of currency for business owners who wish to use it, And in the last SEVERAL WEEKS ALONE, it has risen from 740$ upto $800. Now I'm no genius(Well, maybe ;p) but a monkey should be able to point out the variables for success here.


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    I'm one of those who knew about bitcoin two years ago and even setup an account but never went further. Ohhh the glory days of $0.12 per bitcoin. I got the chance to invest when it was still sitting around $260 but of course it was too high of a risk to purchase more than 1. I may attempt to buy a few of these other currencies as well.


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    I agree. Bitcoin has definitely 'runs its course as an investment'. I don't think that it has staying power and isn't taking off. People would still prefer using regular forms of currency, even online.


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    Isn't taking off? You do realize that the price of Bitcoin has gone up massively right? If you had started mining Bitcoins a few years ago you would be drowning in money now. In fact, just a few months ago the price was half of what it is now. The problem with Bitcoin is that it fluctuates so much. It's very hard to tell whether it will crash or skyrocket in price. The rule of thumb that I have for investing in Bitcoin is not to do so if you are using your savings. Only do so for fun. Only buy when it is very low. Low for Bitcoin is definitely below the 500 dollar mark. Be careful though, you never know what may happen.


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    You can't imagine how I feel, I mined BTC when they first came out and sold them when they hit few dollars. Thought it was a good profit back then. And a few months ago I decided to check BTC - it was at 1000$/BTC. I wanted to kill myself, haha.

    But yeah, that's life. So you guys think that investing in BTC is still profitable?


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    I am currently invested in crypto currencies. These are other forms of virtual currencies like the Bitcoin but most are at a much lower value. Some are worth as high as $50 a piece, others as low as a tenth of a penny. I have only invested around $20 and have not made any gains yet but it is pretty fun. The only thing is, do not expect to get rich off of it quickly. It is just like investing in the stock market in the sense that you can lose everything and that it takes time for your investment to grow. I have been playing it pretty safe and buying alot of the cheaper, stable coins and selling them as soon as they make a profit. This means my chances to get a big profit are low ,but I also have a lower chance of losing my investment.


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    I don't think anyone really knows what the future of this currency is, but I'd say it's still at the very least worth a gamble. It's the pioneering and most well known digital coin currency, and as of now it still hasn't gone as mainstream as it could. Personally, I think it would be a good thing to have a few coins, so if you catch the price becoming a lot lower as it does tend to fluctuate a lot, then it might be good to buy some if you have some extra money.


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    I dont think the currency has a bright future. Why? Because China banned it and for good reason - to protect the system from money laundering. Its a great thing to use for criminal organizations who want to wash their money and I dont think it will survive for long! Very speculative!


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