Topic: Why did you buy bitcoin today? (Read 2937 times)

I made my first BTC purchase (apart from mining revenues) a few days ago. Based on my rudimentary grasp of economics, the value of something like bitcoin is a function of supply, demand and velocity (how fast bitcoins are changing hands).

We all know the factors driving prices down for the most part - China rumors, unhappiness with IRS regulations. On the flip side every day new businesses accept it, word of mouth spreads, more ATMs are deployed. Things like Gyft cards for Walmart with BTC purchases will drive increasing adoption of BTC.

But it also drives an increase in the velocity of bitcoin, which (I think) would tend to drive prices down. I haven't seen anyone comment on this, and I'd appreciate someone more knowledgeable than I giving their views on how an increasing velocity of BTC would affect BTC pricing. Also, is the velocity really increasing? Are there any stats on this?

I think the IRS and China factors are overblown. Everyone sensible already knew the IRS would announce rules on BTC at some point, and the rules issued are not much different from what would have been expected. People will adapt. Likewise bitcoin is hard to contain/wall out - Chinese will adapt and find ways to use bitcoin with or without official sanction. There might be a few additional hurdles to jump, but they will find the most efficient way and use it. In the meantime BTC will continue to grow globally.

I hate the idea of debt as money.
Friend informed me of bitcoin at $70 and pleaded with me to buy.. I considered, tried, got over whelmed.. hear about it again when it was $550..  I bought lol and became obsessed ... ya.. Go bitcoin! lol.

I read this wrong..

I bought today, cause I love to spend bitcoin online, I dont use it for trading.  Also love to play online games

I am an adventurer, I like adventure so buy bitcoins.

This is bad that we have more traders then people who will keep it for savings im one of the few that are saving mine.  While many are doing trading and causing price fluctuations.  Traders are kinda hurting bitcoin I believe.

Yep that's Bitcoin the thing I'm more worried about is a catalyst event after the fall

Tends to happen in the long run with bitcoin rises and falls goes into a stagnation state drops and drops for a while then it rapidly rises
Not that I trust patterns to repeat themselves but it looks to me like it is one of those long haul ones reoccurring

We shall see

Bought at $448 this time.

Last drop from Gox news, I bought at $438 and then sold at peak of $693.

Hoping for a repeat...

We shall see

 I have bought and spent BTC this week.  I plan to buy more.  It believe in BTC, so I am buying and using it.  Isn't that how its supposed to work?

I have never purchased bitcoin with usd and it would be a stupid thing to advice others not to purchase it also because that would hurt the value but I would never buy bitcoins. I'm a miner I mine bitcoin I've spent bitcoin multiple times on overstock.com for computer equipment, shampoo and jewelry for the wife. I've also spent bitcoin in las vegas at The D Casino. I've also spent bitcoin to purchase miners from bitmaintech and other locals here in vegas. More and more people are accepting bitcoins now on craigslist and other classifieds.

I think of bitcoin like paypal but with more potential and less centralization. Remember when paypal started getting known to everyone it was crazy to store money online but look what paypal has done for online transactions and think of what the open crypto platform can improve on this so much possibility.

I bought a few hundred $$$ worth because this was planned, as part of a buying strategy where I am buying fixed dollar amounts worth of Bitcoin over a period of time,  and I have set aside funds dedicated towards making additional purchases  during months or days when the price drops appreciably below the planned regular buy date, when I think a new minimum has been reached.

I think the drop to $408 marks a new minimum price, for the next few months.

I have some desire to hold Bitcoins to purchase bitcoin-denominated goods and services,  and it appears to present an attractive potential reward for the risk.

I do not claim to be a Bitcoin or Investing guru,  but nonetheless: I am willing to throw a few chips in.

Actually I bought some today because I set this as a buywall a while ago
Next one at 415 then one at 375

I bought 1 btc this morning. Better to buy on the way down than on the way up I say.

Good investors always purchase the price drops and hold it and sell when the price go up. In bitcoin case after each crash we are experiencing huge rise.

I don't speculate. I mine and spend. I like mining for fun and it's easier than buying bitcoin for expenditures.

I sometimes hold bitcoin for extended periods, but I just figure that it should just about should even out as far as gains and losses. I'd be far ahead were it not for MtGox. Shame on me for trusting them. I wish I knew how easy it was to set up a personal wallet then, as I would have.

I don't think bitcoin's value will be rooted in any kind of intrinsic value in the near future. Its price is based on predictive psychology. Given that the market reacted so strongly to a reasonable IRS policy ruling, I think we still have a good way downward to go now. Bitcoin will always be a little edgy/fringey because of its obvious utility in crime. Basing hopes on widespread acceptance worldwide is naive.

I'd be seriously buying to hold at 100, but right now I think it's still very puffed up. Buy when there's blood in the streets and total panicky desperation. We're not there yet.

With the volatility it beats a GIC by leaps and bounds for potential investment
Albeit the risk balances it out in the long run

I bought today because the last time I bought it was $30. 

I will be buying 4 btc today or maybe this week as its 450 right not. And iam positively expecting a very good growth in rate at the end of this year!!! Cheers !!

bought 0.4 because I love BTC
price somewhere around 500

What a nice analysis, thank you sir!

because i think it's an attractive bet.

because in over 10 years of practicing technical analysis i have NEVER seen a chart survive several bubbles and stay within a logarithmic growth channel.

because i am betting 5 won't break the pattern.

of course it's a gamble, but a VERY attractive one.