Topic: Decent strategy? - page 2. (Read 1368 times)

Does your bank account allow you to buy off circle? I'm not sure I have heard of not us citizen but us bank account using it.  So I don't have a clue does this work buying there?

Your number 3 scares me.  I like selling at a proper exchange you have FAR less risk, but yes you get less money by a small bit.  But look up money laundering it may sound crazy, and might be but in us if you do localbitcoins on selling it's possible to be considered a money launder.  Will people do it and most not get in trouble ? Yes... but still keeps me away from it.

I second everything said here--you've got money in what's probably a stable interest-earning account and you're pretty much guaranteed to have what you have in it now in a year.  If you plowed that $ into bitcoin, you have absolutely no guarantee that you'll have what you started with, plus you'll be paying transaction fees.

It's possible that the price will crash immedately after you buy, and then what are you going to do?  Think about this and decide what your risk tolerance is.  If you can't afford to lose your bank account money, don't buy bitcoin.  Good luck to you sir.

I know I can't expect it, that was just a lucky recent example. I also know about that drop but I would have never bought in @ $1300 each....

The thing is, I don't have much to compete with....If after 3 months even, I "only" get a 7% return on my investment even, then I'm winning...Bank only paying 2% per month.

I know it's a gamble bunch the chances bitcoin are going to be substantially cheaper than $300 per coin for example are slim in my mind....

You can't expect that kind of profit. You have to realise that once BTC plunged from $1300 to $500 in a matter of weeks/months.

Your strategy is flawed and it all depends on the price of BTC which is not guaranteed by anyone.

In my example he only held onto them for 30 days before selling but that is because the price was right (higher)...If it doesn't raise considerably by the time you want to sell them, you simply hold on to them for longer 

Of course you can only do this if you buy them with money you don't need right away (so you aren't forced to sell) but I think it is reasonable to assume that at least 1 more point in the future after buying them, the price would be higher than what I paid for them, no? 

There is only one big error in this strategy. Bitcoin price is not going constantly up. So what would your friend do after step 2 if the price doesn't raise but lowers instead? Or what if it simply holds pretty much the same value?

This is simply investing in bitcoins. You buy them and you cannot know if it goes up or down. If it goes up, yes, they are worth more than what you paid for them. Yihaa!

Trading is profitable if you buy low and sell high. The question is when is high and when is low. You can see the market price here: https://blockchain.info/charts/market-price

Hey guys, I've got some money sitting in a savings account making low monthly interest (well below 2%) so I thought I'd invest in some bitcoins instead  



I remember hearing about Bitcoin when it was first released and loved the idea but didn't have the funds to play around with it back then...Now I do. Anyway, I already have a long time friend who is in the bitcoin buying/selling/trading "game" and that is really all I am interested in as well. He strategy is something like this;

1) He buys bitcoins on Circle (from a U.S VISA debt card tied to U.S Bank account) when price is low

2) Holds on to them until price rises (from Circle, he transfers them to a wallet on his local PC for storage, Electrum)

3) After price goes up, he sells them on Localbitcoins

4) For example, in November he bought 5 when price was ~$280....Sold them yesterday for ~$420 each ($700 USD profit in 30 days)



He pays very little sending/receiving/converting fees along the way and everything is almost instant he says, and relatively safe. Any thing wrong with the above? Any better suggestions?

I'm not a U.S citizen but I do have a U.S based bank account and debt card so only want to buy them with USD funds I have on there...No paypal/gift cards/etc. No dealing with chargebacks, invalid codes, etc. Aren't bank transfers the best option anyway?