advertisement


Recommended ways to buy Bitcoin?

Yeah, only time will tell how it all pans out. Interesting to watch though, and a brilliant idea IMO.

Agreed on the scarcity front, but then bitcoin is easily divisible (100,000,000 Satoshis per bitcoin) and transferrable, immutable, uncounterfeitable, so a decent attempt at making a digital currency to compare with gold.
 
Well actually it isn't just a random decision of 'the people' that gives something value. It is
It’s probably not a bad idea to have some Bitcoin as we watch the usual currencies get gradually drained of all value (the US dollar has already lost well over 90% of it’s initial value). At least bitcoin is finite, as mentioned above. At some point a lot of people are going to need to get out of fiat currencies. Don’t know when it’ll be but one day people will just not value the pound, dollar, Euro etc and they’ll de discarded.

As long as tax liabilities have to be met in those currencies, you will value them. It is the fundamental source of its value. It doesn't even matter if you are tax exempt because all the people who aren't, want and will only accept the currencies redeemable as tax. So they drive it for everyone else.

The dollar hasn't 'lost 90% of its initial value'. People aren't 'pulling out' of fiat currencies either. It's popular to say these things, but really, like it or not, you have no choice to 'pull out' of it.
 
@Le Baron

Eventually there will be a total lack of belief in the dollar and other currencies and that does matter. Civilisations don’t go on forever and one day this one will collapse, including the tax laws that you think bind people to the currency.
 
@Le Baron

Eventually there will be a total lack of belief in the dollar and other currencies and that does matter. Civilisations don’t go on forever and one day this one will collapse, including the tax laws that you think bind people to the currency.

When one currency ends another just replaces it. There are clay tablets from Mesopotamia showing the same monetary accounting or credit/debt (no idiotic metallism for them). This has a history of thousands of years and seems to reproduce itself in the same way.
You don't have a cohesive civilisation with a modern monetary-type economy if people have lots of competing currencies within it. Perhaps people want that - I'm not saying either way - but to imagine this type of economy carries on and people just use things like Bitcoin on the strength of 'agreement' is fantasy.
 
When one currency ends another just replaces it. There are clay tablets from Mesopotamia showing the same monetary accounting or credit/debt (no idiotic metallism for them). This has a history of thousands of years and seems to reproduce itself in the same way.

Though I guess you could also look at the museums stuffed full of thousands of years of hoards of silver hoards, ingots, trade coins etc.

I'm not sure it's useful to be too dogmatic about these things.
 
Though I guess you could also look at the museums stuffed full of thousands of years of hoards of silver hoards, ingots, trade coins etc.

I'm not sure it's useful to be too dogmatic about these things.
I'm not being dogmatic. Physical coinage is not really the history of money. It means very little that e.g. the people of Rome used the Denarius at a certain time, followed by another currency name (Antoninia) or that centuries later the Italians then used the Lira or now the Euro. The concept of how they are put into acceptance is the same.
It's not about currencies falling and being replaced, that happens, but that they are replaced by either a new sovereign currency, or you use someone else's, or you have your currency pegged to someone else's. People do the last two because they know acceptance is guaranteed and that someone can issue it in a discretionary way.

Bitcoin is like Milton Friedman ideas of money supply control. What user or government would want to actually have the possibility of actual financial bankruptcy for no good reason?
 
Still buying, not much to add really.

Makes sense if you believe long term it's still an asset that will appreciate. I wouldn't stop drip feeding equity funds because the market had crashed - or worse.... sell. So I'm sure the same is true of you with your chosen portfolio..

I've kept away from crypto mostly because a) it's more volatile than I'm comfortable with and b) even after doing a bit of reading I didn't feel like I had a good enough understanding of it.
 
^^ Just this - I've continued to drip feed right throughout the current Bear market.

My preference being on the Cardano (ADA) ecosystem as the likes of Charles Hoskins are striving (and making headway) in moving Crypto's reputation away from being seen as the wild west.
 
One of my banks emailed me this morning with a whole load of info about cryptocurrency fraud and scams. Given recent volatility and this morning's news about FTX filing for bankruptcy, I'd be very wary about touching this stuff at the moment. Am I right?
 
One of my banks emailed me this morning with a whole load of info about cryptocurrency fraud and scams. Given recent volatility and this morning's news about FTX filing for bankruptcy, I'd be very wary about touching this stuff at the moment. Am I right?
I believe you are right…indeed I’ve always viewed cryptocurrency growth as a ponzi scheme/scam with money laundering options built in. Get in early and out before it’s too late.
 
If you buy Bitcoin and transfer it off the exchange you bought it on to a wallet that you have sole custody over, then no-one can steal it.

There is the possibility that the application you use to access your wallet could be corrupted, but you do your due diligence there, as you do when researching which cryptocurrencies to buy. And if you are that concerned about a wallet hack then transfer your Bitcoin to a 'cold' or 'paper' wallet that you do not have an app for (though you will need one to ever move it). Due to the nature of how Bitcoin addresses (what you have within your wallet) work, only the entity that has the private key (passwords) for it can access it.

Not all cryptocurrencies are the same as Bitcoin (decentralised, open source, non-inflationary), but the banks would rather spread fear than explain any of that.
 
As ever, the biggest mistake people make is leaving it on exchanges, it has been thus since the beginning.

The second biggest mistake is confusing bitcoin with crypto. They aren't the same thing.
 
I believe you are right…indeed I’ve always viewed cryptocurrency growth as a ponzi scheme/scam with money laundering options built in. Get in early and out before it’s too late.
Sums up rather well what I always thought about the Bitcoin.

As to the deep knowledge some display here, much of it was gathered on dodgy websites or from friends who know just as little as their own sources do. If they aren’t active on a daily basis in the financial sector there’s little chance to get proper information. Unless they’re geniuses, which too many think to be, until they wake up with half their savings gone.
 
I believe you are right…indeed I’ve always viewed cryptocurrency growth as a ponzi scheme/scam with money laundering options built in. Get in early and out before it’s too late.

Same here. In hindsight I would’ve got in early and got out early without being greedy and been pleased with what I’d made. Then put my “winnings” somewhere safe. A mate of mine has been bitten.
 
Sums up rather well what I always thought about the Bitcoin.

As to the deep knowledge some display here, much of it was gathered on dodgy websites or from friends who know just as little as their own sources do. If they aren’t active on a daily basis in the financial sector there’s little chance to get proper information. Unless they’re geniuses, which too many think to be, until they wake up with half their savings gone.

I'm on it every day for a couple of hours at least and in crypto since 2017 when I was mining with 12x GPUs. Why would I bother to post that on here a forum full of anti bitcoin and crypto types?
 


advertisement


Back
Top