5 Things to Know Before Investing in Bitcoin (2020 Updated)
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Analysis of good and bad advice for investing in Bitcoin
A common advice platitude that is carelessly thrown about in /Bitcoin is something to the effect of "Bitcoin is a speculative asset; no one can know how it will play out and it could go to zero. You should never invest more than you can afford to lose" I find this to be a particularly meaningless and nonsensical statement. First the assertion that Bitcoin is a speculative asset should immediately disqualify the person from giving advice. Not only does this statement reveal that the person making it does not know if Bitcoin is going to increase in value, it also implies that no one else can know this as well. This is a profoundly arrogant claim and is of no use. Contrast this to this article written by Pierre Rochard back in February of 2013. At the time of this article Bitcoin was worth $22/coin and was widely viewed as toy money and ridiculed as a joke. Pierre's article assesses the monetary policy of this "toy money" and concludes that it has a superior monetary policy to the US Federal Reserve and will therefore necessarily grow to overtake the US dollar and end the fed. Bitcoin has increased in value over 500x since Rochard's article was published. If you hear someone giving advice and they say that "no one can know if Bitcoin will succeed" they are revealing their profound ignorance of monetary economics and their arrogance that no one else could possibly know something they fail to understand. Conversely we have people who have looked at Bitcoin when it was considered a joke and correctly concluded it would grow to take over the global economy and kill every central bank in the process. It should be obvious who is more qualified to speak on the matter and who should be ignored. The last part of the advice is rather curious and reveals a glaring and very dangerous status quo bias. What is meant by "Do not invest more than you can afford to lose"? More importantly, if you choose not to invest in Bitcoin you are necessarily invested in something else. The investment in something else--USD perhaps, is dismissed as if that investment cannot lose. No one ever says "Do not invest more in the US Dollar than you can afford to lose", but perhaps they should. Considering the fact that the USD has been rapidly losing market share to a new currency competitor with a monetary policy unlike anything humanity has ever seen, perhaps this would be the best possible advice as it suggest there is a risk most people are unaware of. My personal advice to people is this- If you do not understand monetary economics you have no business investing in a currency because you have no idea what you are doing. Most people would agree with this if I state this with regard to Bitcoin, but it is also true for holding significant amounts of US Dollars. Currencies can and do fail; currencies perceived as stable and "strong" collapse when they encounter competition from a currency with a superior monetary policy. If you do not understand this, you should educate yourself perhaps starting with people who correctly predicted Bitcoin's rise when it was worth $22/coin.
After everything that has happened in 2020, I think its time to get into bitcoin. I have tried Robinhood and Coinbase but I would prefer to have my own wallet as I heard owning through those sites are risky. How can I get my own wallet and start collecting bitcoin with it?
More than Half of U.S. Investor Survey Respondents Would Consider Investing in Bitcoin and 23% Already Have. || About two thirds of Bitcoin investors who bought in the last four months said COVID-19 impacted their decision to invest.
More than Half of U.S. Investor Survey Respondents Would Consider Investing in Bitcoin and 23% Already Have. || About two thirds of Bitcoin investors who bought in the last four months said COVID-19 impacted their decision to invest. (x-post from /r/Cryptocurrency)
Started investing in bitcoin using coin base pro. But as I look more into it most guides recommend storing your currency on an offline ledger or wallet. How do you protect yourself from a flash crash or 20% drop in value if its in a wallet?
Everywhere I see points to not leaving your crypto or cash on an exchange as they can get hacked, or your account can get hacked and your money taken. They recommend you use an offline ledger like the Ledger Nano X as an example, or a digital wallet. This is all fine but how do you protect your bit coin value in the case of a flash crash? Or do you need to choose? Thanks for all the responses and helping understand :)
10-20 17:46 - 'I work as a cruise line engineer ,but I later came to realize how lucrative investing in bitcoin business is. I’d like to share with the first ten interested people to send me a DM.' by /u/Forex-god removed from /r/Bitcoin within 144-154min
10-23 03:56 - 'It's a bit old school but there is a reason why it never goes out of style. A good way to start that i use is: / make eye contact, sidle up casually, lean in close and say "I offset the risk of investing in bitcoin by hav...' by /u/MrBanana421 removed from /r/belgium within 915-925min
''' It's a bit old school but there is a reason why it never goes out of style. A good way to start that i use is: make eye contact, sidle up casually, lean in close and say "I offset the risk of investing in bitcoin by having a strong government bond portfolio." ''' Context Link Go1dfish undelete link unreddit undelete link Author: MrBanana421
"At first thought, you may assume Bitcoin is a Zero-Sum Game. The average investor is obviously duped into thinking it’s Positive-Sum, but its obvious that without an income-stream, there is nothing that would make it positive. But to take things further, Bitcoin not only lacks income, it has expenses. Having expenses but no income means you are a value-depreciating commodity." "Bitcoin has huge expenses. If Bitcoin is worth $10k per coin, and 6.25 coins is printed every ten minutes, $62.5k is printed every ten minutes, that means $9,000,000 is printed every day. Nine Million dollars." "How do all the “Bitcoin Shareholders” make money? Why are they holding Bitcoin? Proponents say its to store value, but this is circular reasoning that especially makes no sense when you consider that the expense of running Bitcoin is close to ten million dollars every day." "Because Bitcoin has large expenses and no income stream, and is unable to compete as a currency due to its scaling limitations, it is effectively worse than a zero-sum game. It is a negative-sum game, and more investors will be losers than winners." "All in all, I don’t see why someone would invest in Bitcoin in today’s day and age, except to rip someone else off."
10-20 16:56 - 'I work as a cruise line engineer ,but I later came to realize how lucrative investing in bitcoin business is. I’d like to share with the first ten interested people to send me a DM.' by /u/Forex-god removed from /r/Bitcoin within 40-50min
The probability of losing funds through investing or trading to the point where it is no longer possible to recover the losses is termed as the risk of ruin. The “probability of ruin” is as high or higher than the probability of booking a profitable trade. However, it gets interesting when you think of recovering […]
Investing in Bitcoin for the first time! Any tips highly appreciated 🙏
Hello Bitcoiners, I have been in crypto space for a while but have never invested. This is the first time I am going to invest in BTC. I also have some questions. Any answers or tips for me will be highly appreciated. You guys are very friendly and helpful, I am sure I will get the answers to my questions. What I am going to do is, buy 10$ worth of bitcoin every week. Although, this is Lewis's but this is better than nothing and I also can't afford to invest more. As far as i know, this is smth called DCA (but I don't know what it is). 1) I am not going to buy bitcoin because I have a job and I get my payment in ETH. But, I will need to convert those Ethereum to bitcoin. Which exchange do you prefer? I mean is, if I exchange it on Binance, they will take half of the money ($5) as withdrawal fees which is very much. Other thing is, coinbase pro doesn't accept my ID so that i can complete my KYC there. So, where should I exchange it? Are there any other similar websites like coinbase Pro where there is no need of verification? 2) Which day of the week is better for buying? I meant, on which day of the week should I schedule my bitcoin buying process? Or, everyday is good? 3) Is it worth investing in bitcoin right now? What I wanted to tell is, bitcoin is already at 12k and it is not pumping from there. Ethereum has just doubled in a month whereas bitcoin rose up only by 20%. I am getting a bit FOMO'ed in eth and therefore confused whether I should invest in Bitcoin or Ethereum? Any other tips will be highly appreciated from me! I am completely new to investment and doing some researches on it. But, want your opinions on these things. Thank you.
10-06 09:44 - 'Do you know how bitcoin increases massively? 2010, 1 bitcoin was $0.07 2011 =$11, 2012=$12 2013=$98, 2014=$520 2015=$266, 2016=$567 2017=$4,149, 2018=$6,212 2019=$9,973, 2020=11,894 Start investing in bitcoin now it’s ho...' by /u/Alexahelen12 removed from /r/Bitcoin within 612-622min
''' Do you know how bitcoin increases massively? 2010, 1 bitcoin was $0.07 2011 =$11, 2012=$12 2013=$98, 2014=$520 2015=$266, 2016=$567 2017=$4,149, 2018=$6,212 2019=$9,973, 2020=11,894 Start investing in bitcoin now it’s holds the future I invested bitcoin worth of 1 bitcoin($10,000) with ZENITHTRADECAPITALS.ORG where I earn 40%($4,000) hourly for 24 hours, they are the best in mining bitcoin Investment plans below 👇 STARTER PLAN: $200-$499 earns 6% per hour PREMIUM PLAN: $500-$999 earns 10% per hour ADVANCE PLAN:$501-$2,999 earns 20% hourly VIP PLAN: $3000-$100,000 earns 40% hourly Check on the site,invest and earn massively ZENITHTRADECAPITALS.ORG ''' Context Link Go1dfish undelete link unreddit undelete link Author: Alexahelen12
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Things about How To Invest in Bitcoin - Getting Started ...
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