The purchase Bitcoin during its early stages. - page 3.

Nrcewker

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Quote from: Sidra101 on May 03, 2023, 12:50:00 PM

What is the riskiest or most unconventional action you have taken in order to purchase Bitcoin during its early stages, despite the lack of guarantees or promises that it would appreciate in value?

I remember, at my place, Paypal and other online bank to bank transfers weren’t so popular, and at that time, I was doing some freelancing, so in order to get the payments from my client, I always used to ask them to pay me in Bitcoins. At that time Bitcoins were hardly around 800$, and I used to instantly sell it into my native currency. So yes, I haven’t taken any risk, and to be precise, I never bought any Bitcoins in the initial days, I just used to collect it and when the price just went above 1000$, I remember I sold my large holdings of the coin.

Crypt0Gore

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Isn't it amazing how some people believe in Bitcoin at the very early stage of his life cycle ? The whales decide to buy some amount of Bitcoin and held on to it for a very long. They believing that with time it will increase in value, I don't know where they get their confidence from.

They never doubted that bitcoin may fail that is why I believe that some people are very smart, Satoshi nakamoto the creator of Bitcoin also have this feeling that bitcoin will become a successful digital currency, if I am as smart as I am right now in 2011 I would have bought a lot of Bitcoin without thinking of any possibility of the technology failing later.

I believe that crypto is not for the weak ones but sometimes we just can't help it because we lack the understanding of some things and it's fine, bitcoin is a good store value better than Fiat and some other currencies but the main reason why I get into bitcoin was because of the ability to generate extra income out of it, if I had known that bitcoin could become a good value I would have risk everything I had.

Right now it looks like it's too late already, but believe me it is not, very soon every little inch of Bitcoin we have a bigger value than you could ever imagine.

sokani

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Quote from: Sidra101 on May 03, 2023, 12:50:00 PM

What is the riskiest or most unconventional action you have taken in order to purchase Bitcoin during its early stages, despite the lack of guarantees or promises that it would appreciate in value?

Most of us here didn't get to buy Bitcoin at its early stage but for those that did, I doubt if they see it as a risk as they only invested few couple of bucks and I guess they never thought the value of Bitcoin would skyrocket to today's price. But time has happened to everyone and we've come to realize what a precious gem Bitcoin is. So at this point, any investment in Bitcoin is not a risk anymore, but a step in the right direction and worth taking.

BTCGalaxyA12

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Quote from: Sidra101 on May 03, 2023, 12:50:00 PM

What is the riskiest or most unconventional action you have taken in order to purchase Bitcoin during its early stages, despite the lack of guarantees or promises that it would appreciate in value?

I should have grasped the information and knowledge about Bitcoin far from the years prior to this year. 2018 seems right because since 2018 I have started studying technology and economics but not a single bit of a car steering wheel leads to the world of blockchain. That means why not now I have to commit to find out more about Bitcoin.

I can safely say that at this time I am trying to set aside little by little to save income from work with the aim that when I have enough to buy even in small quantities. Yes. That's how it is.
Please whisper to colleagues that Bitcoin is the asset of the future capable of preserving value.
Don't get me wrong because I want the whisper Bitcoin not altcoins.

mk4

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Put 100% of my net worth into it lmao. But to be fair, I was a fresh college graduate at that time so I only had like lower 4 figures in USD which was everything to me back then. Fortunately enough, it was definitely the right move to make.

Z-tight

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Quote from: Sidra101 on May 03, 2023, 12:50:00 PM

What is the riskiest or most unconventional action you have taken in order to purchase Bitcoin during its early stages, despite the lack of guarantees or promises that it would appreciate in value?

The question would be for the early adopters, but they didn't mine BTC because they thought the price was going to pump so high, they mined BTC because they were interested in the alternative currency that Satoshi had created. Laszlo Hanyecz bought two Pizzas for 10,000 BTC's because he believed BTC was a currency, Gavin Andresen gave out BTC's for free to people to show that BTC was a currency and to encourage people to use it, it was all about using this new censorship resistant currency for early adopters and not pump in value, guarantees or promises.

Right now BTC has grown and developed so well, and its value continues to grow because of adoption and limited supply, but we have to thank the early adopters for the level BTC is at now, because of them people can now use BTC as a currency, investment asset, hedge, store of value, gift and whatever they want to use it for.

NeuroticFish

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Quote from: Sidra101 on May 03, 2023, 12:50:00 PM

What is the riskiest or most unconventional action you have taken in order to purchase Bitcoin during its early stages

At some point I had a significant amount of money at an exchange (bad idea, but I was lucky). I was trading without much of a clue what I'm doing (again, bad idea, but, again, I was lucky and I didn't lose) and I was lending using the exchange's feature (which has be proven later to have bugs and I think that some people have lost money).

Of course, the less risky step was to... sell some of my coins now and then or simply buy goods for bitcoin.
While the initial (rather stupid) moves were lucky and I didn't lose money with that, if I wouldn't have been spending... I would have had now quite a nice amount.

hd49728

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Quote from: Sidra101 on May 03, 2023, 12:50:00 PM

What is the riskiest or most unconventional action you have taken in order to purchase Bitcoin during its early stages, despite the lack of guarantees or promises that it would appreciate in value?

In early days of Bitcoin, it has no recognized value and the first physical deal is Bitcoin for 2 Pizzas. 10,000 BTC for only two pizzas but it was considered as a first successful Bitcoin trade in history.

I am sure that nobody traded Bitcoin in early days with guarantee that it will have value like $10 or $10,000 in future. They did it mostly because of curiosity and some belief.

Quote from: TravelMug on May 03, 2023, 07:37:24 PM

Nevertheless, it's a bad choice as majority will agree that it's very bad to do that. And the longer you stay and be in this game? the better you realized that there are one fool proof strategy to invest, that is to do DCA, and invest what you can afford to lose. So to answer, non, it was just a slow process for me to accumulate what I have right now, there are times that I have to sell for emergencies and then re-invest again.

No one can guarantee when Bitcoin hits this price or that price. They only can guess but guess is not correct.

Dollar cost averaging is a good method when you invest in Bitcoin. No guess, no prediction, no gamble is needed. You only have belief, knowledge, good discipline to DCA with time and good practice to store your bitcoins safely.

https://dcabtc.com/
https://bitcoin.org/en/choose-your-wallet

TravelMug

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Quote from: Sidra101 on May 03, 2023, 12:50:00 PM

What is the riskiest or most unconventional action you have taken in order to purchase Bitcoin during its early stages, despite the lack of guarantees or promises that it would appreciate in value?

I don't think that anyone here has taken such drastic actions just to buy bitcoin, perhaps the worst that I can think of is taking a loan and then hope that one day you can pay with it when bitcoin's price goes on a all time high and then you made a profit.

Nevertheless, it's a bad choice as majority will agree that it's very bad to do that. And the longer you stay and be in this game? the better you realized that there are one fool proof strategy to invest, that is to do DCA, and invest what you can afford to lose. So to answer, non, it was just a slow process for me to accumulate what I have right now, there are times that I have to sell for emergencies and then re-invest again.

Smack That Ace

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Quote from: Dr.Bitcoin_Strange on May 03, 2023, 02:10:04 PM

Quote from: Sidra101 on May 03, 2023, 12:50:00 PM

What is the riskiest or most unconventional action you have taken in order to purchase Bitcoin during its early stages, despite the lack of guarantees or promises that it would appreciate in value?

... Perhaps during the early stages of Bitcoin, it was so cheap that those who invested in it did not really take any risk, ...

If what you say is true, I wonder why not many people invested in it at the time. There are many stories many people know about bitcoin early on, but most of them ignore it. Bitcoin was very cheap at the time, but not too many people believed and invested in it. That makes me suspect everyone is risk averse and doesn't dare to invest in bitcoin in the early stages. In my opinion, although bitcoin was very cheap when it first launched, it is riskier than it is now, as it is so new, there is no reason to believe it will grow in the future. Unlike now, the price is very expensive but has received the support and trust of many countries, companies and investors...Bitcoin is currently very expensive compared to its original price, but it is much safer and worth the investment.

qwertyup23

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Quote from: Sidra101 on May 03, 2023, 12:50:00 PM

What is the riskiest or most unconventional action you have taken in order to purchase Bitcoin during its early stages, despite the lack of guarantees or promises that it would appreciate in value?

During its early stages, majority of the people did not believe that its value would skyrocket and reach its price currently on the market. So, people would just collect BTC and liquidate it as soon as they receive an offer for it. Remember the guy who sold 10,000 BTCs in exchange for two (2) pizzas? That is the classic example on how people viewed BTC before.

Personally, majority of my BTCs came from participating in campaign signatures in this forum. When I joined here last 2017, I converted almost all of my BTCs to cash in order to purchase school materials for me and my brothers. I guess one you see a more realistic approach, you would think of quickly converting it to your designated currency.

tabas

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Nothing as we're all have common thought about it and it's the potential that it bears for the future. And aside from that, your belief/trust on it.
Many just took the risk and believed that there will be something worth the share right after knowing Bitcoin and we've got common interest on it, not just about the tech but most likely many have thought about it upon knowing Bitcoin and also the profitability that it bears because of its attribute of being volatile. Everyone saw that and probably our eyes and mind have met in the middle of it after doing some couple of research.

romero121

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When I came to know about bitcoin for the very first time I believed without reason. I shared the same thing with my sister and requested her to buy it selling some gold or other bonds. Same is with one of my friend, I suggested to buy and they ignored. Now they used to say as the growth that have happened from the time I've requested is atleast 100X

Mr.right85

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Quote from: Sidra101 on May 03, 2023, 12:50:00 PM

What is the riskiest or most unconventional action you have taken in order to purchase Bitcoin during its early stages, despite the lack of guarantees or promises that it would appreciate in value?

If the early stage means 2009-2019, I was very much not involved but, I still think we are still in the bitcoin early stages if we look at how long it would take to mine the last bitcoin.

This makes every move you make now to increase your holdings a risk. We've got FUD from both individuals and organisations, government on the other had and self doubt if the currency could really surpass all that is thrown at it.

At the time, its good and I have no reason not to give it the time it needs to become all that I hope it to be which it would be. Ideas created not out of selfish interest most times do come off good and the bitcoin innovation is one of such ideas.

PX-Z

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Nothing but trust, users before doesn't see any guarantee and assurance that bitcoin will rise on this peak.
If i were one of those people i will do so the same. If you will read its whitepaper you will understand why people before trusted and believe this tech.

darkv0rt3x

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Quote from: Sidra101 on May 03, 2023, 12:50:00 PM

What is the riskiest or most unconventional action you have taken in order to purchase Bitcoin during its early stages, despite the lack of guarantees or promises that it would appreciate in value?

Well, when one enters the world, even if he only knew Bitcoin, is the unkown. The ignorance (in a good sense) of the technology, the economical and financial properties, etc. If one, knows about all that information, and also the basic conccepts of the technology put into Bitcoin, the risks were very very very.... but very dimm.
I only regreat that I didn't have the knowledge I have today about Bitcoin, back in late 2018. I bought only a few bucks, probably less than 200 or so. Only a few months later, after Bitcoin raised its value more than 3 times or even more, I had some knowledge that made me way more confident and start DCA'ing.

If it was today, I would have probably buy way more that time!

Dr.Bitcoin_Strange

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Quote from: Sidra101 on May 03, 2023, 12:50:00 PM

What is the riskiest or most unconventional action you have taken in order to purchase Bitcoin during its early stages, despite the lack of guarantees or promises that it would appreciate in value?

Practically non. You don't need any guarantee of any kind before investing in Bitcoin. By the way, who do you think will give you any guarantees? Perhaps during the early stages of Bitcoin, it was so cheap that those who invested in it did not really take any risk, like the way some people are selling their properties this time around to purchase Bitcoin. In the past, as you describe, I was not so.
OP, Try to be more helpful by responding to topics that you can really provide good replies to on other boards or read and learn more. I don't know what others may think, but this is really a low-effort post, and even if you got a few members telling you some risk they took, you would not do anything with such information.

Sidra101

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What is the riskiest or most unconventional action you have taken in order to purchase Bitcoin during its early stages, despite the lack of guarantees or promises that it would appreciate in value?

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