In addition to being scarce, bitcoins are useful.Bitcoin provides sound and predictable monetary policy that can be verified by anyone.Bitcoin’s sound monetary policy is one of its most important features. It’s possible to see when new bitcoins are created or how many bitcoins are in circulation.Bitcoins can be sent from anywhere in the world to anywhere else in the world. No bank can block payments or close your account. Bitcoin is censorship resistant money.Bitcoin makes cross border payments possible, and also provides an easy way for people to escape failed government monetary policy.The internet made information global and easy to access. A sound, global currency like Bitcoin will have the same impact on finance and the global economy.If you understand the potential impact of Bitcoin, it won’t be hard to hard to understand why investing in bitcoin may be a good idea.
It's never too late to bay bitcoint, it's my opinion...
Topic: Is it too late to buy bitcoin? - page 64. (Read 126678 times)
bitcoin price now has fallen fast, however it is forecasted to rise stronger and faster again reaching more than 7000$ in this year, so i think now is a good chance to buy bitcoin.
People should understand this, Bitcoin will never die, it will be always the original, it's value will always be rising, when that's the big question.
Personally i won't invest in BTC,why ? not because it's bad investment, on the contrary, it's the best & the safest actually, but because it's not profitable anymore for new crypto members.
Meaning, you can't actually think you'll be making 3x or eve 5x with BTC investment now, you can make that with other cryptos out there.
BTC now is for whales only now, those who got in early or those who have like 20k++ of money to invest in BTC, if you invest in buying like 4 or 5 BTC, that will make you make decent return even in short time.
But investing 1 BTC won't get you anywhere.
Bottom line, check other crypto, promising ones, those are the new BTC, from a return perspective i'm talking, with those you can make the 10x just in couple of weeks or months at most, sometimes even more.
Personally i won't invest in BTC,why ? not because it's bad investment, on the contrary, it's the best & the safest actually, but because it's not profitable anymore for new crypto members.
Meaning, you can't actually think you'll be making 3x or eve 5x with BTC investment now, you can make that with other cryptos out there.
BTC now is for whales only now, those who got in early or those who have like 20k++ of money to invest in BTC, if you invest in buying like 4 or 5 BTC, that will make you make decent return even in short time.
But investing 1 BTC won't get you anywhere.
Bottom line, check other crypto, promising ones, those are the new BTC, from a return perspective i'm talking, with those you can make the 10x just in couple of weeks or months at most, sometimes even more.
No, it's not too late to buy because bitcoin will be growing and growing in time and is a long time investment,so it may take years to make profit from now.
For non-financey types, the concept of Bitcoin can be daunting. Just when we were wrapping our heads around variable interest rates and term deposits, they go and create a whole new digital currency. Whatever happened to shoving all your money under your mattress and calling it a day?
But with or without our approval, Bitcoin has become a thing, and for those who jumped on it early, a very profitable one.
At the time of writing this article, a single bitcoin was worth just over $5162 AUD according to XE currency converter, while CoinSpot listed the price per bitcoin as $5550.00 AUD.
To give you an idea of how far it's come, in 2010 the bitcoin price was about 1.5 US cents. Let's all spare a moment for the guy who bought $25 worth, threw away his hard drive and then realised as of this month he essentially threw out $7.6 million. Ouch.
But what about the (relative) latecomers to the Bitcoin train? Have we missed out?
GETTY
What is Bitcoin?
First of all, let's start with the basics.
As defined by CoinDesk, "Bitcoin is a form of digital currency, created and held electronically. No one controls it. Bitcoins aren't printed, like dollars or euros -- they're produced by people, and increasingly businesses, running computers all around the world, using software that solves mathematical problems."
Bitcoin is traded digitally, but that's not what's new or exciting about it. Where it stands apart is due to the fact it's decentralised, meaning it isn't controlled by any one institution. Instead, it relies on a peer-to-peer structure, by a community of people that anyone can join.
These peoples are called 'miners' and they use computing power to verify bitcoin transactions. As an incentive, every time they verify a block of transactions, they get bitcoin as well.
Who invented it?
Bitcoin was invented by Satoshi Nakamoto in 2008, but it didn't go online until 2009. Also, because it's the internet and anything can happen, Nakamoto's actual identity has never been able to be confirmed. (Interestingly, Australian Craig Wright has claimed he is the true Bitcoin founder, though he has failed to provide sufficient proof.)
Can Bitcoin make me money?
Ah. The (literal) million dollar question. As we've covered before, if you bought some bitcoin when it first started and was trading at a measly couple of cents, you probably would be sitting on a yacht right now being fanned with a palm frond and not reading this article. (Or reading it in order to laugh at peasants. Whatever, it's your time, spend it how you wish.)
But millionaire status doesn't only happen for those who invested at the very beginning. One Idaho teenager invested $1000 in Bitcoin just three years ago and now has over a million dollars.
But what about investing now?
There are a couple of important things to consider.
Controlled supply
It's important to note there is a limit for how many bitcoins can be created, with a maximum amount of 21 million. However even with this cap, there won't ever be the full amount in circulation, as some unlucky people have lost their keys (and thus their access) along the way.
According to Quora, "As of June 1st, 2017 there were 16,366,275 BTC out of a total 21,000,000 BTC in theoretical supply, which has yet to be mined".
So, just as there is only so much gold to be mined in the world, there is only so much bitcoin, too. And the important thing to note is there's still some left.
As such, there is an argument to say you're not too late to jump on the Bitcoin bandwagon.
"Buying Bitcoin now is not too late," CEO of digital currency management company Bron.Tech, Emma Poposka told HuffPost Australia. "If we see full adoption in the future, or mainstream adoption, the price still has to go up in value because we have a limited supply."
GETTY IMAGES
This would probably be life right now if we have all bought bitcoin back in 2009.
If you're thinking, 'But can't they just make more bitcoin?' that's the beauty of the currency not being controlled by a single institution.
In order to change the protocol surrounding Bitcoin, every miner needs to vote on the decision. Now, don't forget miners are paid in bitcoin for their services, so why would they vote to decrease the value of their own assets?
"No one can change the protocol. There's no one party that can change it," Poposka said. "If someone wants to change something in the Bitcoin protocol, they have to vote. It's a very democratic process.
"Every miner has to vote for the change to take place and most of the miners have bitcoin already. Voting to increase the supply would be voting to decrease our bitcoin worth, so it wouldn't make sense."
However, that's not to say the miners always agree. In fact only recently (August 1) Bitcoin split into two derivative currencies, Bitcoin Classic (BTC) and Bitcoin Cash (BCH) as a result of two competing factions within the Bitcoin industry being unable to come to an agreement about the currency's future. You can read more about the fork and its implications here.
Other digital currency
With all the hype surrounding Bitcoin, it's easy to forget it's not even the only digital currency out there. The reason it's the most famous is because it's the first of its kind, but it's not alone.
"Bitcoin is not the only currency today which is valuable to -- I wouldn't say invest, I don't like the term -- but to buy or hold," Poposka said. "There are other currencies as well.
"So according to your idealistic views of the world or what you personally think is right, you can buy or hold or trade [whichever currency] you think is [promising].
"So now we have Bitcoin, and the biggest rival of Bitcoin is ethereum.
LIGHTBOXX VIA GETTY IMAGES
Ethereum is Bitcoin's biggest rival.
"My company as a company has a native currency The Bron, which is another currency people can buy, hold and trade. It's backed by an asset which we think in the digital world is valuable, which is data.
"Bitcoin is the most popular because it's the oldest."
In Poposka's point of view (which she shares with the disclaimer she is not a financial adviser), it's worthwhile looking at the different currencies available and seeing if any appeal to you.
"Every currency comes with a white paper or a kind of description saying this is why the currency should succeed. If that makes sense to you, then maybe buy $20. It's an individual decision," she said.
Risks
As with any investment, Bitcoin comes with risks. And according to Eric Lim, senior lecturer at the School of Information Systems and Technology Management, UNSW Business School, one of the biggest risks is if a major government decides to step in and enforce regulations on how miners operate. Or, even worse, issue its own cryptocurrency.
"The very fact a lot of the mining power currently resides in China is kind of worrying, especially if the Chinese government decides to put in some regulations as to how the miners can operate. That could cause a huge ripple in the price of bitcoin," Lim told HuffPost Australia.
"So for people who are thinking about whether I should go into buying or investing in Bitcoin right now, I would say go in with caution. The appetite for speculation is still pretty strong, so the price is still likely to rise at this point of time but I wouldn't throw my entire nest egg in.
"If the central Chinese government decides to really regulate it and issue its own cryptocurrency, that would really see the price [of Bitcoin] plunging."
If the Chinese government issued their own cryptocurrency, of course they are going to ditch the bitcoin. No sovereign country can have two parallel currencies running, it's too unstable.
Eric Lim
And according to Lim, these changes are not only possible, they are likely -- albeit still a long while off.
"It is a real concern because no sovereign country is going to say, 'Look we're going to accept Bitcoin as it is'. Because they have no control. It's a decentralised currency, no single country has control."
However, because there are serious advantages to cryptocurrency and the inner workings of blockchain (more on that here), Lim argues the concept is too tempting to throw out the window completely.
"There is value in how the cryptocurrency operates and how the blockchain works. So yes, for example, it's a great way to control money laundering or control corruption, and if everything goes digital, it will be easier for the central government to keep track of everything.
"But if the Chinese government issued their own cryptocurrency, of course they are going to ditch the bitcoin. No sovereign country can have two parallel currencies running, it's too unstable."
GETTY IMAGES
Look at this smug Lego man with his bitcoin. Who told him to invest?
As to what to take away from all this?
"People thinking about whether to invest, I would advise them to keep an eye out on major economies like the U.S. or China," Lim said. "So you should be aware when they start talking about issuing own currency. That's when you know the establishments currently accepting Bitcoin aren't going to accept it any more."
In conclusion
Digital currency may not be mainstream just yet, but there's plenty of arguments to say it's not going anywhere soon. Should you invest in Bitcoin before it maxes out at 21 million? Maybe. Both Lim and Poposka think there is potentially money still to be made.
But should you take out a second mortgage? Perhaps not.
"What I tell to my friends and myself and my colleagues is yes, people should start experimenting and buying small amounts of Bitcoin. You don't even need to buy an entire bitcoin -- you can buy part of one for $10," Poposka said.
"It's an interesting technology and I think it's worthwhile to buy small amounts you can play with and learn from. But I would never recommending seriously investing in something you don't understand -- and that applies to everything, real estate or stocks or Bitcoin.
"I'd be more inclined to pay $50 for small portfolio of cryptocurrency and play with it. If everything fails you will lose $50 and that's nothing.
"Then if you learn enough and get excited by the technology, you can decide whether to buy more."
But with or without our approval, Bitcoin has become a thing, and for those who jumped on it early, a very profitable one.
At the time of writing this article, a single bitcoin was worth just over $5162 AUD according to XE currency converter, while CoinSpot listed the price per bitcoin as $5550.00 AUD.
To give you an idea of how far it's come, in 2010 the bitcoin price was about 1.5 US cents. Let's all spare a moment for the guy who bought $25 worth, threw away his hard drive and then realised as of this month he essentially threw out $7.6 million. Ouch.
But what about the (relative) latecomers to the Bitcoin train? Have we missed out?
GETTY
What is Bitcoin?
First of all, let's start with the basics.
As defined by CoinDesk, "Bitcoin is a form of digital currency, created and held electronically. No one controls it. Bitcoins aren't printed, like dollars or euros -- they're produced by people, and increasingly businesses, running computers all around the world, using software that solves mathematical problems."
Bitcoin is traded digitally, but that's not what's new or exciting about it. Where it stands apart is due to the fact it's decentralised, meaning it isn't controlled by any one institution. Instead, it relies on a peer-to-peer structure, by a community of people that anyone can join.
These peoples are called 'miners' and they use computing power to verify bitcoin transactions. As an incentive, every time they verify a block of transactions, they get bitcoin as well.
Who invented it?
Bitcoin was invented by Satoshi Nakamoto in 2008, but it didn't go online until 2009. Also, because it's the internet and anything can happen, Nakamoto's actual identity has never been able to be confirmed. (Interestingly, Australian Craig Wright has claimed he is the true Bitcoin founder, though he has failed to provide sufficient proof.)
Can Bitcoin make me money?
Ah. The (literal) million dollar question. As we've covered before, if you bought some bitcoin when it first started and was trading at a measly couple of cents, you probably would be sitting on a yacht right now being fanned with a palm frond and not reading this article. (Or reading it in order to laugh at peasants. Whatever, it's your time, spend it how you wish.)
But millionaire status doesn't only happen for those who invested at the very beginning. One Idaho teenager invested $1000 in Bitcoin just three years ago and now has over a million dollars.
But what about investing now?
There are a couple of important things to consider.
Controlled supply
It's important to note there is a limit for how many bitcoins can be created, with a maximum amount of 21 million. However even with this cap, there won't ever be the full amount in circulation, as some unlucky people have lost their keys (and thus their access) along the way.
According to Quora, "As of June 1st, 2017 there were 16,366,275 BTC out of a total 21,000,000 BTC in theoretical supply, which has yet to be mined".
So, just as there is only so much gold to be mined in the world, there is only so much bitcoin, too. And the important thing to note is there's still some left.
As such, there is an argument to say you're not too late to jump on the Bitcoin bandwagon.
"Buying Bitcoin now is not too late," CEO of digital currency management company Bron.Tech, Emma Poposka told HuffPost Australia. "If we see full adoption in the future, or mainstream adoption, the price still has to go up in value because we have a limited supply."
GETTY IMAGES
This would probably be life right now if we have all bought bitcoin back in 2009.
If you're thinking, 'But can't they just make more bitcoin?' that's the beauty of the currency not being controlled by a single institution.
In order to change the protocol surrounding Bitcoin, every miner needs to vote on the decision. Now, don't forget miners are paid in bitcoin for their services, so why would they vote to decrease the value of their own assets?
"No one can change the protocol. There's no one party that can change it," Poposka said. "If someone wants to change something in the Bitcoin protocol, they have to vote. It's a very democratic process.
"Every miner has to vote for the change to take place and most of the miners have bitcoin already. Voting to increase the supply would be voting to decrease our bitcoin worth, so it wouldn't make sense."
However, that's not to say the miners always agree. In fact only recently (August 1) Bitcoin split into two derivative currencies, Bitcoin Classic (BTC) and Bitcoin Cash (BCH) as a result of two competing factions within the Bitcoin industry being unable to come to an agreement about the currency's future. You can read more about the fork and its implications here.
Other digital currency
With all the hype surrounding Bitcoin, it's easy to forget it's not even the only digital currency out there. The reason it's the most famous is because it's the first of its kind, but it's not alone.
"Bitcoin is not the only currency today which is valuable to -- I wouldn't say invest, I don't like the term -- but to buy or hold," Poposka said. "There are other currencies as well.
"So according to your idealistic views of the world or what you personally think is right, you can buy or hold or trade [whichever currency] you think is [promising].
"So now we have Bitcoin, and the biggest rival of Bitcoin is ethereum.
LIGHTBOXX VIA GETTY IMAGES
Ethereum is Bitcoin's biggest rival.
"My company as a company has a native currency The Bron, which is another currency people can buy, hold and trade. It's backed by an asset which we think in the digital world is valuable, which is data.
"Bitcoin is the most popular because it's the oldest."
In Poposka's point of view (which she shares with the disclaimer she is not a financial adviser), it's worthwhile looking at the different currencies available and seeing if any appeal to you.
"Every currency comes with a white paper or a kind of description saying this is why the currency should succeed. If that makes sense to you, then maybe buy $20. It's an individual decision," she said.
Risks
As with any investment, Bitcoin comes with risks. And according to Eric Lim, senior lecturer at the School of Information Systems and Technology Management, UNSW Business School, one of the biggest risks is if a major government decides to step in and enforce regulations on how miners operate. Or, even worse, issue its own cryptocurrency.
"The very fact a lot of the mining power currently resides in China is kind of worrying, especially if the Chinese government decides to put in some regulations as to how the miners can operate. That could cause a huge ripple in the price of bitcoin," Lim told HuffPost Australia.
"So for people who are thinking about whether I should go into buying or investing in Bitcoin right now, I would say go in with caution. The appetite for speculation is still pretty strong, so the price is still likely to rise at this point of time but I wouldn't throw my entire nest egg in.
"If the central Chinese government decides to really regulate it and issue its own cryptocurrency, that would really see the price [of Bitcoin] plunging."
If the Chinese government issued their own cryptocurrency, of course they are going to ditch the bitcoin. No sovereign country can have two parallel currencies running, it's too unstable.
Eric Lim
And according to Lim, these changes are not only possible, they are likely -- albeit still a long while off.
"It is a real concern because no sovereign country is going to say, 'Look we're going to accept Bitcoin as it is'. Because they have no control. It's a decentralised currency, no single country has control."
However, because there are serious advantages to cryptocurrency and the inner workings of blockchain (more on that here), Lim argues the concept is too tempting to throw out the window completely.
"There is value in how the cryptocurrency operates and how the blockchain works. So yes, for example, it's a great way to control money laundering or control corruption, and if everything goes digital, it will be easier for the central government to keep track of everything.
"But if the Chinese government issued their own cryptocurrency, of course they are going to ditch the bitcoin. No sovereign country can have two parallel currencies running, it's too unstable."
GETTY IMAGES
Look at this smug Lego man with his bitcoin. Who told him to invest?
As to what to take away from all this?
"People thinking about whether to invest, I would advise them to keep an eye out on major economies like the U.S. or China," Lim said. "So you should be aware when they start talking about issuing own currency. That's when you know the establishments currently accepting Bitcoin aren't going to accept it any more."
In conclusion
Digital currency may not be mainstream just yet, but there's plenty of arguments to say it's not going anywhere soon. Should you invest in Bitcoin before it maxes out at 21 million? Maybe. Both Lim and Poposka think there is potentially money still to be made.
But should you take out a second mortgage? Perhaps not.
"What I tell to my friends and myself and my colleagues is yes, people should start experimenting and buying small amounts of Bitcoin. You don't even need to buy an entire bitcoin -- you can buy part of one for $10," Poposka said.
"It's an interesting technology and I think it's worthwhile to buy small amounts you can play with and learn from. But I would never recommending seriously investing in something you don't understand -- and that applies to everything, real estate or stocks or Bitcoin.
"I'd be more inclined to pay $50 for small portfolio of cryptocurrency and play with it. If everything fails you will lose $50 and that's nothing.
"Then if you learn enough and get excited by the technology, you can decide whether to buy more."
I think it is now to late to buy bitcoin for some people because you wont make much bitcoin at these times. Only if you have a huge amount of money to buy bitcoin because then you will still get a nice amount of bitcoin. But ofcourse it is possible for the bitcoin value to drop again and that is the time you need to buy bitcoin.
Never too late just buy what you can afford and you won't regret it.
Diamonds are expensive as their supply is limited, similarly Bitcoins supply is just 21 million... The price will steadily increase. Buy now, it's never too late.
I think it's never too late or at least until whole world starts using it in everyday life. Because the more it's used, the greater the price. Bitcoin is still questionable in the world, even more because governments doesn't want for common people to be rich, so they tell lies and by the way ctash the price of bitcoin. They control and enslave the world with the money... Human farms...
No it is not late to buy bitcoin because the rate of bitcoin is varying with time and the interest of people are increasing day by day in bitcoin and due to which the rate of bitcoin is increasing mostly so if you buy bitcoin now and keep them for some time than it is most probable that the rate in future will more from present rate and you can earn enough profit.
If Bitcoin can return to $ 5000 this week, this is probably your best chance and you should invest at the moment and I predict Bitcoin prices will definitely be pumped $ 8000 at the end of the year.
Of course it is not too late to buy bitcoin because it is currently in a higher price. We see the biggest risk to bitcoin being its substitution and or parallel use by other cryptocurrencies, bitcoin die hard fans claim that this is never going to be an issue since bitcoin was the pioneer and a such enjoys first mover privilege. Investing in bitcoin is no joke, and securing your investment should be your top priority.
Depends. If you are buying as an investment now might be a good time. Depends if you wanna hold long term or short/mid term.
I do not see a positive direction for Bitcoin.
Not late, price of btc is "cheap".
Only 1% of the global population has heard about cryptos
Only 1% of the global population has heard about cryptos
If Bitcoin can return to $ 5000 this week, this is probably your best chance and you should invest at the moment and I predict Bitcoin prices will definitely be pumped $ 8000 at the end of the year.
Ahmm, for me it is never too late to buy bitcoin, why? look at the current price of bitcoin , it is continuously going up ,, unlike if you just kept your money on your pocket or even in bank it still cannot fight the inflation rate .
I see that we may test 4900$
Then will take a long trip to the moon
I see 10000$ in Q10 of 2018
I fill my buy order @ 4900
Hope it trigger
With all my best wishes
Regards
Then will take a long trip to the moon
I see 10000$ in Q10 of 2018
I fill my buy order @ 4900
Hope it trigger
With all my best wishes
Regards
no its not late , the dump is always happen at anytime i suggest you buy at 2200-2400 and sell it abov 2500 its good little profit i think also if you hold little more probably its also good long term who know if bitcoin capped at 4000 next year ? lets be positive , and start investing on low amount i guess
Many of which ensure bitcoin has great potential to have high coin prices later in the day so it's a good move to think positively.
Some people think that it is too late to buy bitcoin but my opinion is that t buy bitcoin it is the time because in the present time we can buy bitcoin and become rich in the future and that’s why people are keeping this currency for future gains. It the head of all crypto currencies and very popular in the short time period.
I think now it is profitable, since it's the price of bitcoin fell after bitcoin gold. And I hope that the next will grow
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