Investing in Bitcoin | Bitcointalksearch.org

alin2s1

newbie

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Merit: 0

I still see group buys as worth it. With my calculations if I can buy 50gh for 10btc I will still have a good return on my investment even if the difficulty shoots up to 150,000,000 or so. However I am new to the game and was wondering what your thoughts are?

Edit* the 10btc for 50gh is just an average estimate from looking at the offers on the group buy forum.

Because the of the huge delivery line Butterfly Labs & others have, I honestly think we are too late to start mining.

There are easier ways of investing in Bitcoin ventures - more or less risky but with a positive and verifiable history. I'm not going to nominate, but you can search for yourself - and always invest money (BTC) you can afford to loose.

bitcoinrocks

legendary

Activity: 1372

Merit: 1000

I'm curious why I was recommended bitinstant.com (4%) instead of coinbase.com (1%)?

bitcoinrocks

legendary

Activity: 1372

Merit: 1000

Quote

When I have used bitinstant, here is what I do.
First set up an account at Mt.Gox. Now when you go to bitinstant they are basically walking you through a deposit into Gox's bank account. You will be given the info you need to hand over cash at one of many locations, such as a Walmart. By the time you drive home your money is likely already sitting in your Mt.Gox account. (Don't lie on the forms or it may not work) Now that your account is funded you can try to get a good price buying BTC at Gox. It is not a cheap way, but *easy.

Is this still the best way for a newb to buy bitcoins, given the recent changes at Mt.Gox? I'd rather not use localbitcoin. I'm also not sure how to store them. bitinstant gives me the choice of a wallet address or email?

gigq

member

Activity: 93

Merit: 10

Mining isn't worth it unless you buy ASIC devices, and the waiting lists are long on those right now, I would just buy coins directly.

amit

newbie

Activity: 10

Merit: 0

Quote from: bitcoinrocks on June 11, 2013, 02:48:45 AM

I love the Bitcoin concept. Which is the best way to invest in the currency?

Is Bitcoin mining a profitable venture?

What about Litecoin?

Like People say, Buy what you can afford to Loose, I purchased 1 Bitcoin at Satoshi Square Meetup in Union Square New York city and i have had some Bitcoin for quite some time. Just making Small purchases with them and saving the Large 1 BTC denominations..

RodeoX

legendary

Activity: 3066

Merit: 1147

The revolution will be monetized!

Quote from: bitcoinrocks on June 21, 2013, 04:29:29 AM

How about NASDAQ:SIVB as an investment in Bitcoin?

So they own silicon valley bank? Hmmm... interesting. I believe that was the bank that was going to handle Gox's USA book via coinlab. If they find a way to facilitate dollar exchanges it could ramp up their share price nicely. Unlike some bitcoin businesses, you would have legal recourse if they just took your money. I like your idea man!

bitcoinrocks

legendary

Activity: 1372

Merit: 1000

How about NASDAQ:SIVB as an investment in Bitcoin?

gazza4006

newbie

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Merit: 0

As much is true regarding swinging wildly, IMO. The volatility was somewhat distracting and disturbing for me at first.

RodeoX

legendary

Activity: 3066

Merit: 1147

The revolution will be monetized!

Quote from: mewsie on June 11, 2013, 03:00:59 PM

Quote from: RodeoX on June 11, 2013, 12:33:27 PM

As far as investing... That is tricky. "Investing" in BTC is extremely risky and you should be prepared to loose everything. Bitcoin is not designed as an investment, it is a payment system and I would recommend thinking of it that way. But if you want to do it anyway for fun or whatever. Then start with 1 bitcoin and try selling it high, then buying it back low. Make a game of it!

Not to pick a fight with RodeoX, but I would completely disagree with that assertion. Yes bitcoin is used as a payment system, but like all currencies, whether fiat or virtual, they have some nominal value beyond their use as a form of payment, which fluctuates over time in relation to the other currencies. If you can trade currencies, and exploit fluctuations to your advantage, then it is a perfectly reasonable investment vehicle, just as if you were trading USD-GBP, EUR-JPY, or leathermugs-tin hats. Yes it has risks, as all investments do, and you certainly don't want to over-extend yourself or lose more than you can deal with. But you can always manage risk as well, for instance when trading you can put in a stop-loss order, so that you only risk X percent. I think that bitcoin today is on par with some of the riskier fiat currencies, so I say educate yourself, then go for it.

No worries brother.

I will stick to my assertion based on the word "designed", but I think you are right about investments. A cool thing about btc is that it can do anything money can do and more. Using it as an investment vehicle is perfectly reasonable. Just be careful. Bitcoin is a hyper liquid experimental market that swings wildly. And unlike a big bank, if you loose your money the government won't come in and reward you with my tax dollars. hehe

mewsie

newbie

Activity: 12

Merit: 0

Also

+1 for bitinstant and localbitcoins

mewsie

newbie

Activity: 12

Merit: 0

Quote from: RodeoX on June 11, 2013, 12:33:27 PM

As far as investing... That is tricky. "Investing" in BTC is extremely risky and you should be prepared to loose everything. Bitcoin is not designed as an investment, it is a payment system and I would recommend thinking of it that way. But if you want to do it anyway for fun or whatever. Then start with 1 bitcoin and try selling it high, then buying it back low. Make a game of it!

Not to pick a fight with RodeoX, but I would completely disagree with that assertion. Yes bitcoin is used as a payment system, but like all currencies, whether fiat or virtual, they have some nominal value beyond their use as a form of payment, which fluctuates over time in relation to the other currencies. If you can trade currencies, and exploit fluctuations to your advantage, then it is a perfectly reasonable investment vehicle, just as if you were trading USD-GBP, EUR-JPY, or leathermugs-tin hats. Yes it has risks, as all investments do, and you certainly don't want to over-extend yourself or lose more than you can deal with. But you can always manage risk as well, for instance when trading you can put in a stop-loss order, so that you only risk X percent. I think that bitcoin today is on par with some of the riskier fiat currencies, so I say educate yourself, then go for it.

g83

sr. member

Activity: 448

Merit: 250

Super Smash Bros. Ultimate Available Now!

Quote from: duravello on June 11, 2013, 03:48:08 AM

Quote from: bitcoinrocks on June 11, 2013, 03:41:37 AM

If I buy an Avalon ASIC for $1300, I will make $80k/year? What's the catch?

the difficulty increase by about 10-15% every 12 days, thus you wont get $80k in one year

Where do you get an Avalon ASIC for 1300 $ Huh

Its June 2013 by now

RodeoX

legendary

Activity: 3066

Merit: 1147

The revolution will be monetized!

Quote from: bitcoinrocks on June 11, 2013, 02:15:19 PM

I'm just trying to buy and hold some Bitcoins. What should I do?

There are all sorts of convoluted ways to buy bitcoins. For your first purchase i would recommend www.bitinstant.com or localbitcoins.com.

When I have used bitinstant, here is what I do.
First set up an account at Mt.Gox. Now when you go to bitinstant they are basically walking you through a deposit into Gox's bank account. You will be given the info you need to hand over cash at one of many locations, such as a Walmart. By the time you drive home your money is likely already sitting in your Mt.Gox account. (Don't lie on the forms or it may not work) Now that your account is funded you can try to get a good price buying BTC at Gox. It is not a cheap way, but *easy.

Localbitcoins is a different idea altogether. Here you try to find a local person to sell you bitcoins in person. You arrange to meet at a coffee shop or something and bring your laptops. You hand over cash and the sellers sends the coins right there. Then you have coffee together and talk bitcoin.

aceking

full member

Activity: 229

Merit: 100

better buy bitcoins because mining difficulty will skyrocket

you can see it here http://bitcoindifficulty.com/

mewsie

newbie

Activity: 12

Merit: 0

Quote from: bitcoinrocks on June 11, 2013, 02:15:19 PM

Quote

best way to invest in Bitcoins is simply to buy bitcoins

How would you recommend I do this?

Quote

Online wallets like coinbase is not recommended to fetch your roi . Cold storage is the way to go.

How does that work?

I'm just trying to buy and hold some Bitcoins. What should I do?

Hello fellow forum members,

I'm a long time lurker that decided to get into BTC and LTC investing / trading after doing some very simple mining at home for the past few months.

As to bitcoinrocks question:

How do you acquire bitcoins? Join an exchange like Mt. Gox or BTC-e or Camp-BX or similar (https://en.bitcoin.it/wiki/Buying_bitcoins)

Be prepared to wait for a while to get verified (due to Anti-Money Laundering requirements, also referred to as AML), and be prepared to wait for a while for your bank deposit or transfer to show up. A lot of people put money into a fund transfer service like Dwolla, and then send their money on to the exchange, where you change those dollars or euros into BTC or LTC or whatever currency you're interested in.

How do you store your BTC? You need a wallet, check out this "getting started" (http://www.weusecoins.com/en/getting-started) or this site (http://bitcoin.org/en/choose-your-wallet). Keep in mind that you have to have different wallets for BTC and LTC because they are different coins based on different blockchains. Its like having a USD denominated bank account, and another for EUR or GBP.

How do you make a profit with BTC and LTC? Simple - buy low, sell high... same as it has always been. You build a portfolio with a variety of risks, watch the markets for trends, crunch your own numbers, build experience, and be blessed with more good luck than bad.

That's it Cool

And there is my first post!

tospace2006

newbie

Activity: 6

Merit: 0

me too

bitcoinrocks

legendary

Activity: 1372

Merit: 1000

Quote

best way to invest in Bitcoins is simply to buy bitcoins

How would you recommend I do this?

Quote

Online wallets like coinbase is not recommended to fetch your roi . Cold storage is the way to go.

How does that work?

I'm just trying to buy and hold some Bitcoins. What should I do?

PeterB

full member

Activity: 168

Merit: 100

I would invest in bitcoin companies, such as ASICMiner, or loans such as Graet Loan.

RodeoX

legendary

Activity: 3066

Merit: 1147

The revolution will be monetized!

Quote from: tstang on June 11, 2013, 12:24:23 PM

Hi,

is there a offline wallet that is free? The current one I am using always ask me to pay for transaction fees.

The fee is optional, but without it miners have no incentive to include your transaction in the blockchain. They may just abandon it and leave you with a hassle. You should pay the tiny fee, it is still the cheapest way by far to send money.
As far as investing... That is tricky. "Investing" in BTC is extremely risky and you should be prepared to loose everything. Bitcoin is not designed as an investment, it is a payment system and I would recommend thinking of it that way. But if you want to do it anyway for fun or whatever. Then start with 1 bitcoin and try selling it high, then buying it back low. Make a game of it!
Remember to also track what you put in and the value when you sell. You will be required to report any profits you make and pay capitol gains.
Good luck fellow peer!

kjib

newbie

Activity: 39

Merit: 0

There are a few wallets but I thought most let you decide if you want to pay the transaction fee. That fee is meant to speed up your transfer so, if you want the coins to get there today, pay the fee I gather.

Topic: Investing in Bitcoin (Read 1359 times)