The price may suddenly crash, it takes time to confirm the transaction if you are buying from a physical store.
-ranochigo
Topic: Possible drawback on using Crypto currencies? (Read 1313 times)
My idea for this thread, was to point out to "Newbies" who ask this question, what the difference would have been, if you invested in Bitcoins and what would have happened, if you simply put your money
in the bank.
Some still believe "Compound interest, is still the biggest wonder in the world"
And I also was too lazy to work it out myself.
Would acctually be great, if someone had say "interest rates" for one of the best Banks in the US and they could work out, what the gain would have been, compared to investment in Bitcoins.
We need to shift people's ideas of tradisional systems, with physical proof.
in the bank.
Some still believe "Compound interest, is still the biggest wonder in the world"
And I also was too lazy to work it out myself.
Would acctually be great, if someone had say "interest rates" for one of the best Banks in the US and they could work out, what the gain would have been, compared to investment in Bitcoins.
We need to shift people's ideas of tradisional systems, with physical proof.
You would have gotten a way better ROI by investing in Bitcoin but understand there is great difference between investing and saving.
You can only invest with money you can lose because most investments can lose some or all of their value.
If you are playing with your last $100 you are better up keeping it cash in your pocket.
First build up a nice emergency fund in case you lose your job/income and then invest the excess.
You can only invest with money you can lose because most investments can lose some or all of their value.
If you are playing with your last $100 you are better up keeping it cash in your pocket.
First build up a nice emergency fund in case you lose your job/income and then invest the excess.
Ok...
Explain this to me, if I am missing the point here or not.
If I have $100 back in 2009 and I kept it in a bank, I would have received interest. {insert someone with the knowledge of the average interest rate for small deposits since then} Do the calculation for us, with accumulated interest.
Then I invested the same $100 in 2009 in Bitcoins. What would my returns be in today's valuation?
What would have been the better investment? {Would surely be "Bitcoins"... but with how much compared with accrued interest, month on month}
Let's see, who can work this out, best.
Explain this to me, if I am missing the point here or not.
If I have $100 back in 2009 and I kept it in a bank, I would have received interest. {insert someone with the knowledge of the average interest rate for small deposits since then} Do the calculation for us, with accumulated interest.
Then I invested the same $100 in 2009 in Bitcoins. What would my returns be in today's valuation?
What would have been the better investment? {Would surely be "Bitcoins"... but with how much compared with accrued interest, month on month}
Let's see, who can work this out, best.
Also keep in mind the interest paid on bank deposits is usually close to the inflation rate so it's possible that your money wouldn't have really "grown" that much, if at all.
Well "Believe me" IF I did know about this, back then, and I figured out early enough, about the potential of Crypto Currency, I would have been into this, with everything I had.
I believe most of us here wishes that we have heard of bitcoin earlier and have bought bitcoin in the early days.
I've bought Bitcoins when they were at 10$ and thought they were awesome, but actually used them for commerce. I just wished I would have hoarded half of what I bought
Well "Believe me" IF I did know about this, back then, and I figured out early enough, about the potential of Crypto Currency, I would have been into this, with everything I had.
I believe most of us here wishes that we have heard of bitcoin earlier and have bought bitcoin in the early days.
Well "Believe me" IF I did know about this, back then, and I figured out early enough, about the potential of Crypto Currency, I would have been into this, with everything I had.
If I look at the trend of the other currencies now, and their performance over time, it compares no where near to what Bitcoins did.
But I might eat my words, and kick my own butt in future.
One big decision, at one of the big boys {eBay....} to accept one of the other crypto currencies as a payment method, might change the situation quickly.
Interesting world we live in, for sure.
If they would adopt other altcoin then it could make them more vulnerable against attacks then kind of more secured BTC network i guess. If I look at the trend of the other currencies now, and their performance over time, it compares no where near to what Bitcoins did.
But I might eat my words, and kick my own butt in future.
One big decision, at one of the big boys {eBay....} to accept one of the other crypto currencies as a payment method, might change the situation quickly.
Interesting world we live in, for sure.
Well "Believe me" IF I did know about this, back then, and I figured out early enough, about the potential of Crypto Currency, I would have been into this, with everything I had.
If I look at the trend of the other currencies now, and their performance over time, it compares no where near to what Bitcoins did.
But I might eat my words, and kick my own butt in future.
One big decision, at one of the big boys {eBay....} to accept one of the other crypto currencies as a payment method, might change the situation quickly.
Interesting world we live in, for sure.
If I look at the trend of the other currencies now, and their performance over time, it compares no where near to what Bitcoins did.
But I might eat my words, and kick my own butt in future.
One big decision, at one of the big boys {eBay....} to accept one of the other crypto currencies as a payment method, might change the situation quickly.
Interesting world we live in, for sure.
Then I invested the same $100 in 2009 in Bitcoins. What would my returns be in today's valuation?
What would have been the better investment? {Would surely be "Bitcoins"... but with how much compared with accrued interest, month on month}
If I'm not mistaken, Bitcoin was valued for as low as $0.01 back when it was starting.
Just for your information, the very first price for bitcoin was $1 = 1,309.03 BTC on Oct 5, 2009 and theymos thought it was overpriced.
https://bitcointalksearch.org/topic/m.1143955
https://en.bitcoin.it/wiki/History#2009
imagine his reaction after we did hit 100$.Also ontopic...ofc you would make alot more with but but banks are "trusted" be people.
If I'm not mistaken, Bitcoin was valued for as low as $0.01 back when it was starting.
Just for your information, the very first price for bitcoin was $1 = 1,309.03 BTC on Oct 5, 2009 and theymos thought it was overpriced.
https://bitcointalksearch.org/topic/m.1143955
https://en.bitcoin.it/wiki/History#2009
All transactions become public information, that is the drawback of bitcoin.
That's one of Bitcoin's force, imo. It's because of that public ledger that you can be sure that the coins you received are impossible to counterfeit. And when anonymity is important, there are ways to achieve that with Bitcoin.
All transactions become public information, that is the drawback of bitcoin.
what's the drawback of cryptos again? i don't really understand the point of this thread.
The fact that it's risky. If it does not get as big as we think it could be, the possibility is real that we'll lost money on them.
Of course, the risk is well worth it.
if people are investing in bitcoin thinking it's a surefire thing, then i think they deserve to lose their money. it's already obvious to most people that btc is risky and volatile.
Yeah, those who assume they'll get 200% profits in a few weeks are the ones who end up panic selling at the inevitable crash that follows the hype that led them here in the first place. The only ones who should invest in Bitcoins are those who truly believe in the reasons for which Bitcoin could be a powerful force in the world in the future, and because of that don't mind the short-term volatility.
what's the drawback of cryptos again? i don't really understand the point of this thread.
The fact that it's risky. If it does not get as big as we think it could be, the possibility is real that we'll lost money on them.
Of course, the risk is well worth it.
if people are investing in bitcoin thinking it's a surefire thing, then i think they deserve to lose their money. it's already obvious to most people that btc is risky and volatile.
Quote
n 2009, no one can predict crypto can get this big.
If the trend continue for a few more years, it could be as big as the dotcom bubble.
If the trend continue for a few more years, it could be as big as the dotcom bubble.
then we would be the new wealthy elite, gentleman
what's the drawback of cryptos again? i don't really understand the point of this thread.
The fact that it's risky. If it does not get as big as we think it could be, the possibility is real that we'll lost money on them.
Of course, the risk is well worth it.
In 2009, no one can predict crypto can get this big.
If the trend continue for a few more years, it could be as big as the dotcom bubble.
If the trend continue for a few more years, it could be as big as the dotcom bubble.
what's the drawback of cryptos again? i don't really understand the point of this thread.
Old charts?
Bitcoins value not near that value now..
Or was it at it's peak?
Sorry if it's a stupid question
Bitcoins value not near that value now..
Or was it at it's peak?
Sorry if it's a stupid question
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