A community dedicated to Bitcoin, the currency of the Internet. Bitcoin is a distributed, worldwide, decentralized digital money. Bitcoins are issued and managed without any central authority whatsoever: there is no government, company, or bank in charge of Bitcoin. You might be interested in Bitcoin if you like cryptography, distributed peer-to-peer systems, or economics. A large percentage of Bitcoin enthusiasts are libertarians, though people of all political philosophies are welcome.
Aww, cripes. I didn't know I'd have to write a description. How many words is that so far, like a hundred? Soooo, yeah. Mildly interesting stuff. Stuff that interests you. Mildly. It's in the name, ffs.
The real news is that Bitcoin is so liquid that it can swallow Square's $50m buy without any sizeable impact on price. The same can be said about MicroStrategy's $425m buy. Bitcoin's liquidity is already sufficient for the herd that's coming.
I took a $12,000 cash advance on my credit card to buy bitcoins. Please tell me I'm not crazy
Back when bitcoin was at 12k or so, I took a HUGE cash advance on my CC and bought bitcoins. The interest rate on it is 19.99% a year but I figure out bitcoin will rise a lot more than 20% per year, am I wrong? I recently lost my job due to corona and this is the only money I had to buy bitcoins. Now I am the proud owner of one bitcoin. I figure, if bitcoin crashes, then the entire economy will crash anyway (see: stock market) so I don't mind. I planned on hodling 1-2 years. Thoughts?
i would never tell my actual friends to buy bitcoin
I have been into bitcoin for a few years and I used to tell my friends all about it. I explained much of the basics and for them to further their education abou it but most importantly to buy. They saw it go from 2k to 20k and shrugged it off (they called it off for being to volatile) Fast forward to 2020 .. I no longer would like to talk to ANYONE about btc except my immediate family. I hate not telling people (especially close friends) to buy when they do not see this as an actual asset. Any thoughts?
Should I withdraw my pension fund and buy Bitcoin?
I've been in Bitcoin since 2013. Bought my first sats on mtgox. No, I haven't bought that many back then, even though it was so incredibly cheap, and I could have. I was into the tech and ignorant of economics. Now I've spent a few years down the rabbit hole. Deep. Down. The. Rabbit. Hole. I won't disclose how much I have. It's not that much I guess, but for me it's about 35% of my net worth in Bitcoin. I'm 45 years old and earn in the top 2%. I do have this pension fund, which I honestly believe I'll never get to enjoy. If I sell it, I pay a "penalty" of about 33% in taxes. And if I sell it I can enlarge my holdings by 40%. Currently, I can retire comfortably if Bitcoin gets to $100k. If I liquidate the pension fund, I can retire when Bitcoin hits $60k (give or take). Right now the only reasons I even keep paying into this Pension fund is because:
My country mandates it. I have to.
It's a hedge again Bitcoin. Essentially a hedge against me being wrong about everything and being an idiot.
Should I go all in? This period in time feels like an inflection point. It's what I'll be telling my grandchildren about endlessly. Should I forego the safety net? Edit: I appreciate all the comments. So far (nearly) all of them have been honest and constructive. This is what I love about Reddit.
Should you Buy Bitcoin? If you understand what it is, and where it's going; then Yes. If you don't know what it is and would sell at any sign of a 5%, 10%, 50%, or more dip; then, No.
Bitcoin is only a safe investment if you understand what it is, and how it will continue to be adopted into this world at this point in its life, regardless of the market price swings in the short term. Because only then will you never cement a loss by panic selling, and then seeing Bitcoin runaway in price while you're still out, therefore losing both your Dollar value and your Bitcoin position value. I've been in Bitcoin for over 8 years now, and have seen many friends, family, and acquaintances come into Bitcoin, and many panic sell and FUD out during a down market. Most eventually coming back after learning more about Bitcoin, but some, for some it takes a long time to return. And for an even smaller few, well they never return, or at least not yet. But in essence, Bitcoin is only a safe investment if someone understands that their amount of Bitcoin is more important than whatever dollar value it has in the short term. That all they should be focused on is acquiring more Bitcoin, and that every 5 years after a halving happens, they'll see their coins grow in value. That they'll grow in value thanks to the math of its limited 21 million total coin supply, the new coin supply getting cut in half by the halvings making a more and more or the total supply being held by hodlers every year, and that its continued adoption into the global markets will always force it to eventually go up in price because those new adopters will always have to find what price those hodlers are willing to sell, finding Bitcoins new value that hodlers are willing to sell each time that happens, regardless of the short term evaluation corrections after a parabolic runs. Corrections mind, you that on average are only 80%, leaving anyone in before a 1000% growth parabolic runs to still being up 200% as long as they bought before the parabolic run started. The .com stock fluctuations were fluctuating on averages of 99% corrections during its first 15 years of life from the '90s to the early 2000s. And the ones that survived those early days were previously the best investments in history before Bitcoin came along. So Bitcoin is holding a better correction in its early day pattern than the biggest internet companies when they started, and its returns have already broken any records they previously held. Records they'll never be able to catch up to as Bitcoin continues its path. If they don't understand this, then even if they don't leave the market, they'll panic sell every time. And for some friends I know, they'll always sell at a dip right before a parabolic run, and then FOMO back in at a new all-time high, only to experience the next correction and sell again at their break-even point. With this, losing more Bitcoin position every time, but maintaining the same initial investment point which in their eyes as a win. I have one friend who came in with 10k in 2013, and today in 2020 is still only at 10k thanks to this pattern of buying and selling. Don't get me wrong, they've been up well over 100k$ at times, but they kept panicking selling at every parabolic run's slightest dip, then buying back in at the new all-time highs, only to then sell low in a repetitive cycle until they broke even. People like that friend try to play the market, and yes while they do win sometimes, that pattern of buying and selling will almost always lead you to get rekt during times of parabolic growth, and correction. Had my friend just held his initial 10k investment in 2013, he'd be a multi-millionaire right now. It's one of the most golden rules with investing in any market. If you try to play it, eventually it will play you. Instead, just find a market on the path of growth, and longevity, and do everything you can to just increase your piece of that market's pie, no matter what the price. If it goes down in price in the short term, then just think of it like a rare Gucci purse or limited edition rare popular shoes that are being released on sale. Buy the damn discount and hold onto that shit until the market catches up with what you know and realizes it's true value. Because of all these experiences throughout the years, if I'm trying to help anyone start buying Bitcoin, I tell them to learn about it first before buying any. To learn what it is, study its history, it's adoption growth, where it can be adopted, where it is being adopted, what it's limited 21 million coin supply is, and about what the halvings mean to its long term value. How it can and will be used, how they can protect it, etc. I always want them to learn enough about it to understand why HODLing is so important, and that the only thing that matters is that they increase their Bitcoin supply. That's the safest way to win in this game. Without understanding that, then they're a financial danger to themselves if investing in Bitcoin. Not because Bitcoin is a bad investment, but because they'll be a bad investor.
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