Bitcoin

I have recently delved into bitcoins.. Right now, most people are playing it like a stock market, as am I. I bought .2 BTC for $48.26 on tuesday, and by now (friday) my .2BTC is worth $61.62. Some say it's a bubble, some say it's the beginning of the true rush, but I don't know myself.. I've never invested in anything in my life and wouldn't even know how to throw my money at the stock market if I wanted to. This high gain rate makes me want to put a couple hundred more bucks into it, but i don't think I will just yet.. maybe $10 weekly until it starts to crash?

Is anyone else around here users/investors of bitcoins? I'd like to hear your stories/strategies/tips.

 

A lot of my friends are into it and I've been meaning to look into it but I haven't. I know there was a while where it wasn't moving and people thought it was going to crash but most of the time, for the past year or something(don't remember how long it's been going on) it's seemed go up and up and up.

 

well, a week ago it was $200 and now its $300 per BTC so if this is a real rise you better jump on the train.. however, it could just be a bubble..

 

Investing in bitcoin is a lot like investing in senseless destruction. Actually it's not "like", investing in senseless destruction is EXACTLY what bitcoin is. Well no, I'm exaggerating, Asian developers are making a bit of real money off it. So ~99% destruction, 1% supporting Asians...

 

So, I've almost doubled my money now...

 

Yay for you!

 

i haven't invested a single penny in bitcoin, but i have over 1.0 bitcoins after 7 months.

i started going to sites like bitvisitor to earn microBTC. then i found out about free bitcoin poker. i earned most of my bitcoin at 4 different poker sites. and i was also lucky enough to get 0.4 bitcoin is one single, sketchy transaction from "cointripler," though i can't recommend that because i was pretty sure i got scammed.

my advice is to play some free poker. then you can re-invest your winnings and play games for real stakes, or just keep adding up your free wins. (slowly)

 

It spikes and crashes a lot. But it's doing well at the moment. A couple of years ago my flatmate bought $100 worth and now his balance is sitting around $6000. bastard.

 

no you didnt


not unless its back in your hand

 

ok it only takes a couple clicks

 

I've got 2btc now

hoping they'll be worth 2000$ by the end of the week.

 

I'm pretty heavily invested in bitcoin and I got a 550 GH/s miner. Paid off the miner in just 3 weeks of mining and I'm freerolling now. I might use the mined coins to buy the next gen miner from KnC.

Also I have invested in stocks, I play poker and I am daytrading. Mostly I trade bitcoin and litecoin. It's relatively easy to make money that way, but gotta keep an eye on the market and trends. For instance, I did one trade yesterday and it made me 20 LTC. When bitcoin takes a dive, altcoins rise. Bitcoin rises and alts drop. Pretty easy to play the market that way.

Got some stocks from Havelock and Cryptostocks and receiving dividends on them. Also as the stock rises I might sell small amounts in order to get my initial investment back.

Here in the Netherlands there is a huge food delivery company that accepts bitcoin, so whenever I feel like pizza, Chinese, shaorma or whatever I order from them paying in BTC. Other than that I haven't really paid much with it.

Bitcoin is extremely volatile, but I believe decentralised currency is the future. Whether it will be bitcoin or something else I don't know, although bitcoin definately has the momentum. The current monetary system is extremely outdated and it's about time money gets upgraded and back to the people instead of banks.

 

What kind of stocks are you talking about from Cryptoshare ? I am confused as hell with the litecoin/bitcoin thing and how it relates to shares. On the Cryptoshare website it says I can issue my own shares? what?
I am considering making a small purchase of LTC..i know its a gamble at best, thats why the purchase is gonna be small.

 

I assume you mean Cryptostocks and not Cryptoshare?
Basically stocks/shares are meant to fund your business. So anyone can issue their own stocks, but unless you have a good plan and you are at least somewhat trusted nobody will buy any of your shares.

Currently I own shares of 5 different stocks at Cryptostocks and they pay me a daily/weekly dividend. This means they pay each share a small % of the total amount of income they generated. Shares work two ways really, paying divided and as an investment on itself. The businesses I invested in are small businesses with huge growing potential, but kinda risky. This way I hope to get more dividend over time and that my shares will increase in price.

Litecoin (LTC) is just another altcoin, but I invested in it as well. Bought in at $2 and now their value is 6$, with a peak of 9$ earlier this week. Sure, it's a gamble as well, but I believe that LTC will continue to grow. I use LTC for daytrading as well and the amount I own is slowly increasing.
Read this to see why it might be good to invest in LTC now.

Another coin I currently keep my eyes on is Worldcoin (WDC). I have invested a little in a WDC trading site that has just been approved by FinCen to also trade US$. Hard to say though what other coin might be interesting. For me that also changes on an irregular basis.

 

So the shares you buy are of actual functioning businesses? And you buy them with virtual coins I guess. But are those shares registered somewhere like with the SEC or something similar? What prevents the owner from raising all the virtual coin capital and dissappearing with all the invisible coins?

 

Most shares I own are of actual functioning businesses, but I do own a few shares of start-ups. Indeed all shares are bought with virtual coins, but ofcourse those coins represent a certain 'real' value..

Those shares aren't registered anywhere but on the site. I got a portfolio on that site and there I can see what I own.
The owner of the stock could potentially run away with all the raised capital so that's why I do some research before investing, even though I am fully aware it is no guarantee.
I love taking risks, I rather let my BTC work for me than let them sit in a wallet.

 

I guess then its a tad safer to gamble on price drop/increase rather than giving your money to someone miles away. (at least feels safer for someone like me with trust issues )
Another concern is liquidity, doesn't seem easy to get cash out of exchanges. Selling the coins is not much of a problem it seems, but getting the money out of your e-wallet to your bank account seems like a pain.

 

If you use Mtgox it can take a while before you have your money. Heard stories of people waiting for weeks.
I recently cashed out a few thousand from Bitstamp and the money arrived within 3 or 4 days. Haven't tried other exchanges, so can't comment on them.
Also in the Netherlands we got a payment system called iDeal and I could cash out from different sites with iDeal and my money is on my bank account within a day or so.

Banks are slow.

 

do you use coinbase for your bitcoin wallet?
ever cashed out from there? (money to your bank account)

what wallet do you use for litecoin? i was thinking about getting into litecoin, as one of the poker sites offers payouts in btc OR litecoin...

 

I have several wallets and I keep some BTC on exchanges/stock markets.
For offline wallets I use Electrum and Bitcoin QT. Never used coinbase so I can't say anything about it.

For Litecoin I use the QT as well, as well as having some on exchanges like Mcxnow.