Joined: Dec '12
Location: New Zealand
Age: 33 (M)
Posts: 504
Anyone currently or previously used/using cryptocurrency? looking to purchase some but process isnt straight forward/can be easily ripped off since we have no special ATM etc
just looking for someones opinion of any cryptocurrency based on real life experience(s).
Joined: Jan '17
Location: Lithuania
Age: 66 (M)
Posts: 1756
I too have no experience but i don't trust bitcoin, if you look at how much it cost it is sometimes cost a lot more one week and then for no reason a lot less next week, so i don't like to have such situations, maybe I am buying something this week and bitcoin is down a lot...
If you would've bought bitcoins last year they were worth about 475$ USD. Now they're like over 2700$ US Dollars each I believe. Pretty amazing and it seems like the experts predictions were right. I have a friend who invested last year and he's pretty happy about his profits ^^ But I don't know if now is a good time to buy because they are pretty expensive at the moment.
Joined: Jun '11
Location: Venezuela, Bolivarian Republic of
Age: 41 (M)
Posts: 67
Greetings, I can only say that the story of the bitcoin is incredible memory that for December 2010, Bitcoin closed the year valuing 1BTC = $ 0.30. Incredible value today. A few years ago many people played it and invested in this coin. But today it is not known that can happen.
Joined: Dec '12
Location: New Zealand
Age: 33 (M)
Posts: 504
doesnt have to be bitcoin as now a few new options are popping up which are already increasing in value. thats the one other thing with bitcoin apart from being a bit 'dodgy' is it is volatile however i guess thats why its so valuable?
if someone has purchased some in a safe manner i would love to know how you did it so i can too or in some similar way
Joined: Feb '11
Location: United Kingdom
Age: 59 (M)
Posts: 5712
There are a load of bitcoin markets/brokers and wallets out there and the best way to choose is look online at reviews for brokers and wallets and choose which you think is easiest and best for you. On that point, you do need both a market/broker and a personal wallet. You buy from the market/broker and then transfer to your wallet, mainly for security purposes, but also its illegal in most markets to transfer your bitcoins to poker/gambling sites. The value of bitcoin does fluctuate, as does any currency, so don't be too put off by that. You get what you pay for and so only risk what you can afford. Go for it! Good luck.
Joined: May '08
Location: Germany
Age: 59 (M)
Posts: 6786
I have used a bit of bitcoin before. Bit i did not buy them, but used faucets to collect a bit. Way back, whn they were worth far less than now. Some sites/ewallets even accept them as payment option.
It seems to me that bitcoin is a grand pyramid .... if several years ago there were not so many people who knew and talked about bitcoins, now every second person is talking about it and every 10 is engaged in mining (or is going to do it) ... soon bitcoin is over
Joined: Mar '09
Location: Greece
Age: 47 (F)
Posts: 14136
The spaghetti mobster know a lot about it. If he sees the thread he can give you, his opinion about it. It has some big ups and downs from day to day, so you never know whether you can make profit of it, in depth of time. Some are saying it is going to reach way higher than it is now, but you never know.
We were looking recently, what is going on with the mining of it, but it doesnt look profitable now. There are some new coins that have emerged though, still "young", and they look profitable.
Joined: Jan '17
Location: Lithuania
Age: 66 (M)
Posts: 1756
I think if you read information JUGADOR2011 ppsts that in 2010 bitcoin was value only $0.30 and now it is worth $2700 TheMachineQC say I think it is not real currency ut is some ucea, some scheme to make money for some guys and then many people can lose a lot of money when bitcoin goes back to $0.30 or even lower.
Joined: May '08
Location: Germany
Age: 59 (M)
Posts: 6786
Bitcoin is intended as a medium of exchange. So one should buy it, use it, and then forget about it. Using them for currency speculations is risky, of cause. With the swing in value even more so, than other forms of speculation.
Joined: May '08
Location: Lithuania
Age: 39 (M)
Posts: 10090
Yeah shokaku is pretty much spot on, if you use bitcoin solely as a transaction medium and dont hold on to them for any longer period then all the value fluctuations ate not your headache. Not a huge fan of bitcoin myself though have to admit
Of course for those people who bought vitkoin back in 2010 is superpril .... I read a lot of stories how people bought bitcoins and then just forgot about it, and then after a few years remembering and getting big money ... but now when such The big price to buy bitcoins seems to me stupid
Joined: Oct '14
Location: Serbia
Age: 34 (M)
Posts: 4358
Posted by pochui: Yeah shokaku is pretty much spot on, if you use bitcoin solely as a transaction medium and dont hold on to them for any longer period then all the value fluctuations ate not your headache. Not a huge fan of bitcoin myself though have to admit
you are wrong... evry day bitcoins prize variates... in singe day it change his value around 200$, and that is happening evry single day... for example in morning bitcoin value is 2500$ and in evening it goes up to 2700$ and that is happening evry single day... bitcoin isnt something which you should use for what is intended to use (shopping) but its like shares of invisable company... and I think bitcoin value will increase up to 10k at end of 2017... sure now is down to I think 2700$ from 3800 or so... but bitcoin have 6 or 7 times that kind of swings... it goes up and than goes down, and than goes up more than it used to be... I think now is the best time to buy bitcoins... and about mining... someone said that mining isnt profitable right now... but if you have $ and time I think it will be... buy decent hardware for mining (around 5k) and I think you will get back to even after 3 or 4 months (maybe even sooner) and if value of bitcoin start going up wieldly like before than for sure mining is profitable... only you need to take in account price of electricity in your region, because mining takes a lot of electricity and if price of electricity is high in your region, than its hard to make good profit from it... only if I had money, I would take advantage of this... I would mine and trading at same time
Joined: May '08
Location: Lithuania
Age: 39 (M)
Posts: 10090
Well i understand what youre saying sthep and you have a well backed up opinion i guess, i personally have nothing against bitcoin or any other virtual currencu its just that i think this is pure speculation, there is no value in the bitcoin itself apart from what we believe it is
Joined: Mar '09
Location: Greece
Age: 47 (F)
Posts: 14136
shokaku is right. If you want to trade currency this is the worst one to pick. You can lose a fortune in a day, but you can make one also Which one it will be? The risk is too high, just take a look in the chart of the last week, to see hi's and low's.
Joined: Oct '14
Location: Serbia
Age: 34 (M)
Posts: 4358
Posted by Robbo1990: im just reading about mining at the moment, have glanced at some comments about it being harder now making the $ vs work involved not as good.
i think its more a europe thing since they have special ATMs etc ... not much talk about it here.
ethereum is $282.00
you are right, I think next boom will be etherum, he will jump insain in couple of months
Joined: Dec '12
Location: New Zealand
Age: 33 (M)
Posts: 504
other alternatives could be better since the one broker website has the bitcoin price 1200$ more than it is actually haha. 3700k for 1 btc and then it has ripple for 0.47cents!
its not so much for 'trading'...it will be more of a long term investment since say over 4 years bitcoin has increased by 2000$+ but in a day it can be down 200, its just when you pick your moment. also some casino/poker sites have cryptocurrency - might be good for countries which are usually banned due to lawmakers etc and will mean you have to be smart when you withdraw as you could actually make a loss due to the conversion rate even if you are a winner at the tables
