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Bitcoin - The Currency of the Internet
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.
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 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.
I’m pretty new to crypto, and mostly lurk, but I have a bit of a disposable income now and was wondering if the bitcoin ship has sailed. Over the past few months I’ve been looking at various coins, from eth to rocketpool and I’m pretty worn out looking at all the various coins never investing in any of them. I decided that maybe bitcoin is still the way to go but I haven’t fully decided yet.
Idk if you know whats going on in USA, but buy Bitcoin
Already sold all my stocks, moved retirement 401k to cash and bonds, i should go further and just cash it out pay the taxes and buy bitcoin. People will say that’s reckless but there’s bigger fucking issues at play. Are ya’ll gonna do fuck of anything when this election is thrown out? Or just wait for countries to start getting invaded? I know we waited as long as possible before getting pulled into WW2, u gonna make us wait too?
It's pretty insane how easy it is to buy bitcoin now.
Just about 4 or 5 years ago buying bitcoin or any crypto requires you to go a really round about ways of buying coins and you get then at least 1 to 2 days. Now all you need is a credit card and you get your coins within an hour
Want to buy Bitcoin? Fees matter. Here's a survey of fees charged by top U.S. exchanges.
I've seen a lot of questions lately from folks asking where they should buy bitcoin. In my opinion, two things matter in answering this question, security and the fees (deposit, trading, withdrawal, etc.) charged by the exchange. Here's a brief sample of fees charged by some of the most secure U.S. exchanges: Exchange Fees ((MakeTaker) / Withdrawal): Binance - 0.10%(M&T) / 0.0005 BTC Kraken - 0.16%(M) / 0.26%(T) / 0.0005 BTC Gemini Active Trader - 0.25%(M) / 0.35%(T) / Free (if 10 or less per month) Coinbase Pro - 0.50%(M&T) / **Variable I personally use Gemini since I only trade in bitcoin and ether, and if that also describes you I would recommend them since there are no withdrawal fees, unlike Binance, Kraken, and now Coinbase**. Anyone have any comparable (or better) options that they've used? Edit: I do not personally use or endorse exchanges like RobinHood where you do not actually own the bitcoin you purchase. **Edit: 9/17/20 - Coinbase Pro just announced it will now charge variable fees on all withdrawal transactions. Smh. Coinbase will never learn.
What are all of the reasons you bought Bitcoin? Here's my list:
Innovation - Bitcoin is an entirely new form of wealth. Bitcoin is the most valuable digital creation ever, and it's just getting started. Bitcoin is unstoppable because of its nature. Bitcoin can't be copied.
Monetary policy - I don't even know how to say this correctly, but... I love the issuance schedule of Bitcoin. There's a block every ten minutes. Every block includes a bribe to the miners to spend electricity. That's called a block reward. It started at 50 BTC. Then every 210,000 blocks (about 4 years) the reward gets cut in half. This happens 33 times total until all 21,000,000 BTC are mined in about the year 2140, at which point the network continues on working forever existing on transaction fees alone.
The monetary policy creates a 4 year exponential price cycle. The stock to flow theory explains this more elegantly. Gold is valuable because you can't copy it, it's rare, and not much new gold is mined/found each year. It would take 62 years of the current mining rate to mine as much gold as we have today. But Bitcoin is different. It is impossible to mine/create as much Bitcoin as what already exists today. Block 649258 was just mined. That means there exists 18,495,362.5 BTC. There's only 2,504,637.5 BTC left to mine ever. Bitcoin is already more rare than gold. How much longer do you think it's going to take before people catch on and the price goes up because of the network effect? 18,495,362.5 BTC divided evenly across the planet would be less than 0.0025 BTC per person. Reason #3: Bitcoin has been battle hardened. Bitcoin is unhackable at the network level. So if you use Bitcoin at the network level with a non custodial Bitcoin wallet, then you're pretty solid. Probably safer than all the good in your Fort Knox. So what are your reasons for buying Bitcoin?
Hey, title pretty much sums it up. Tried asking my parents to do it for me, mom flipped her shit. She’s a stereotypical white mom obsessed with Facebook, told me she saw an article that said it’s illegal and only used for buying drugs. I mean, fuck, I am using it to buy drugs though. I have a debit card. Drugs thing was a joke calm thou tits
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