Topic: Bitcoin changed my life - page 3. (Read 3887 times)

You are lucky enough just like others who kept their faith in Bitcoin from very start.

I too am excited for the opportunity that Bitcoin presents to the under-banked in any country. I'm in the US and it is remarkable how many GenXYers and millennials do not have bank accounts. The low transaction fees and relatively high transaction speeds can really increase both the velocity and amount of money that can move across continents. This is one of the best things about using bitcoin.

I've never mined a single coin. I opened a Campbx account and bought $800 (40 - 50 BTC at the time). I executed one trade on Gox in 2013 and didn't like the direction the company was going. I prefer a door I can kick in should my funds be mismanaged.

I'm sorry to hear that you are one of many hit by poor procedures practiced by many mining manufacturers. Any time a "get richer quicker" opportunity comes along; bad actors are certain to be one of the first to market. I'm not tech savvy enough to have fallen into the ASIC trap. For once, my ignorance paid off. I hope you get repaid in some way.

Thank you. I certainly got lucky with short term speculation. When I first got into bitcoin, no one in my region had ever heard of it. I still remember buying my first pizza for friends using a Gyft card. Folks still thought I was nuts for sinking real money into play money. This year; I bought a new smartphone, a vacuum cleaner, and some non-perishable foodstuffs; all with BTC. My family still thinks I'm nuts. I no longer have a bank account. I operate solely on BTC and paper.

I stopped "trading" bitcoin in fall of 2013, and began pursuing a goal of accumulation of more BTC. The ways that facilitated accumulation were as follows:

1. Localbitcoins.com: Selling BTC at a premium and rebuying immediately at the current rate is an excellent way to increase holdings. This way I was able to increase my holdings by about 10% with each trade. However, I stopped this activity when sellers were being held criminally accountable for what the buyers were doing with the BTC. It sucks that this happened; but I don't want to be the victim of an undercover that hints at whatever his alleged nefarious intentions are with the purchased bitcoin.

2. Selling to individuals outside of a centralized website (occasionally using craigslist). See #1.

3. Buying and HODLing. This is never a bad strategy.

4. Speculating (short to mid term) with about 15% of my holdings. This is by far the most risky way to increase holdings, but if timed right; the speculator looks like a genius. Follow the big players (market makers) and mimic their plays. I no longer have a stop loss due to a change in my financial situation. I just buy more when the price declines.

5. Selling things for BTC. This usually requires trust between parties or a trusted third party acting as escrow. Multisig escrow is outside the understanding of many folks.

Never buy BTC with money you need for bills or emergencies. If you choose to speculate; the speculator should be committed to the purchase longer term. BTC is rarely lower 12 months later than the date it is purchased. Be responsible. Open an exchange account. It's easy. Use a reputable one.

Warren Buffett has spoken out against bitcoin in recent interviews. However, one of my favorite Buffett quotes involves the relative unimportance of timing compared to the actual event. It goes something like this (paraphrased of course), "If you know what will happen in a given market, it matters not when it will happen."

So much emphasis is placed on the timing of a trade involving BTC that we can lose focus on the "what" we believe will happen. In short: If you don't think bitcoin will be around in the mid-term, don't buy any at all. If you think that the technology will continue to gain traction and utility, and thus value; buy without consideration of price.

Agreed it will change currency forever especially once it stabilizes.

Quoted for truth. The thing that excites me is not so much the wealth it could bring to me personally in the future but the amazing things it can and will do in the third world. Giving the incredibly poor of the world access to the worldwide economy will be a revolution in human rights and dignity as well.     

Great story thanks for sharing your bitcoins experience with us.

Share your story, what happened?

Proof or didn't happen 

Inspiring story from OP.



Then the new rich will grow greedy and we need a new financial innovation to solve that problem. And so the cycle goes on...

Bitcoin has made the needy rich and the greedy poor.

I did the ASIC pre-order thing last november can't say my life has been too great since then, what a hit....

What's your story, ASICs, Gox, gambling, silk road, pandas, bad actors of some colour?

nice story, good to hear that.

Bitcoin has ruined my life.

Great job OP. It looks like you got pretty lucky with the short term speculation. Although I'm pro bitcoin, I also want to point out that some people have lost devastating amounts when buying at the peak, contrasting to your incredible gains.

Great story thanks for sharing, it kinda changed my life too. Once I started buying Bitcoin from $10 all the way up to $100 everyone told me that I will lose all my money, but the opposite happened.
In let's say 1 year time I made more money than I would do with 10 years of working.

Hope it will change our life again when it hits $5000 or so.

I love the passion and the story, good stuff

In a much smaller way, bitcoin has changed my life too..

I am very happy for you!
Good luck! I hope the Bitcoin will make you rich