Investing In Crypto-currency: Is It Worth It?
By MojoFan
@gibocam (343)
United States
November 21, 2017 10:25am CST
Bitcoin is one of the most popular and fast growing cryptocurrency in the internet market today. No wonder a lot of people invest on it and indulged themselves in trading. I've tried this and doubled my investment but the broker is still the winner. I prefer saving than investing. It is fast money but you might lose some. It's your choice.
4 people like this
5 responses
@stringer321 (5682)
• Kiryat Ata, Israel
21 Nov 17
I remember 1 or 2 months ago, a friend came and asked me to learn how to install a bitcoin mining machine. He gave me some heavy metal boxes with air holes, those were supposed to be plugged into the electricity, make noise, stay in a cool environment. I had no clue how to install those miners. I decided to read about it, I saw that the more ppl around the world mine bitcoin, the harder it becomes to mine bitcoins. The technology required is a strong c.p.u built for that job. I understand that the earning starts to cover the investment after 3 months, I hope that the cpu will still work to make some real earning.
Invest in bitcoin ? I think it's like gambling, like many other investments.
Isn't bit coin just a virtual item that won't exist if the servers who log all of the transactions gets broken ?
3 people like this
@stringer321 (5682)
• Kiryat Ata, Israel
21 Nov 17
@gibocam All right, so, we need to figure out what are the factors that change and determine the value of the Bitcoin.
If someone can print money all day long, he will have a lot of money, but, the value of the money will get smaller. Is that also how it works with Bitcoin? That is important because, people mine Bitcoins, it is natural that the value will get smaller. What else can change the value?
@gibocam (343)
• United States
21 Nov 17
Yes. But in our situation now, servers will be impossible to get broken. There are millions of interconnected servers and long encrypted transactions to dealt with and just to break them. But, mining gets difficult and encryptions gets more and more complicated. There are new forks like bitcash that could still be possible be broken from servers. Like what you said, they are virtual and can be broken unless you intentionally break millions of them at the same time from thousands or millions of servers. Just like wiping them out it just one swoop.
1 person likes this
@gibocam (343)
• United States
21 Nov 17
@stringer321 The value is getting higher every minute. There are businesses using bitcoin to purchase items. Some trade them. The more people uses bitcoin, the higher the value it gets. As I remember, there is a total of 45 billion bitcoins and about 60% have been mined. So there's 40% left to be mined. They're predicting that in the year 2024, all of the bitcoins will be mined. It is not accurate but that was i have gathered so far. Maybe that's the time that bitcoin will slowly decrease its value. But for now the value is $7K. I started trying bitcoin and the value at that time was $2K only.
@Mike197602 (15504)
• United Kingdom
21 Nov 17
I have a couple of friends who are pretty heavily invested in crypto currency.
I'm thinking about it but with a limit of 2 or 3 thousand.
For me it's a little risky at the moment as the various currencies fluctuate way too much.
2 people like this
@gibocam (343)
• United States
21 Nov 17
@Mike197602 Yes.I doubt of being winner there for a hobbyist like me. I'll just wish them luck.
2 people like this
@Mike197602 (15504)
• United Kingdom
21 Nov 17
@gibocam I'll risk a bit but not a lot.
Both my friends have invested amounts into the high hundreds of thousands of pounds.
I'm thinking of 2 or 3 thousand with an absolute max of 5.
Currently not sure which currency to go for.
Bitcoin is the most well known but there are a couple of others that are doing ok too.
2 people like this
@gibocam (343)
• United States
21 Nov 17
I have tried to invest about $300 worth of bitcoin last June and it became $400. So I gained $100 in a week. Then I immediately convert them to cash and withdraw them. The only problem is that I received only half of what I have gained. The broker has their fee that's about 25% of what I have gained then the remittance center has their fee too. So being afraid of losing what I have gained not thinkinh of the fees, I converted all of them and cash them out. It was a nice experience in bitcoin but it is too risky. But it's choice. Like what you have said, just having an extra would be good but it may be a waste if you lose.
1 person likes this
@TheInvisibleMan (17594)
•
21 Nov 17
@gibocam It's a risk, but it's also a part of the game.
2 people like this
@gibocam (343)
• United States
21 Nov 17
@TheInvisibleMan Yes, no doubt. You have no choice but to face risk.
2 people like this
