1 BTC = $8.2k, it’s up 735% this yr UPDATE 5/19: BTC @ $42k :damn:
- Thread starter JordanWearinThe45
- Start date
heisenburrr
Have Fun Staying Poor
Altcoins just getting absolutely beat up right now against Bitcoin
Pacni99a12
All Star
im right with you man. Good thing I smartened up end of 2018 and starting dollar cost averaging into bitcoin. Still holding some alt bags though
Ozymandeas
Veteran
The amount of power you need to mine Bitcoin. It’s astronomical. Consumes the same amount of energy as Switzerland.
Governments playing hardball once global currencies are truly threatened.
People being scammed out of their coins, losing their wallet/keys or locking themselves out of their account and there’s no central authority to get it back. Imagine all the times you locked yourself out of your email, online banking account or lost your password to something.
Vulnerable to professional hacks. If someone could gain 51% of the computing power, they can hack the entire system.
Trading one system of control (banks, central banks, governments, regulators) for another (miners) under the guise of being decentralized when in reality there’s only a few parties in the world with enough money to run these Bitcoin mining systems profitably meaning there could be a handful of unsavory wealthy individuals who essentially control this internet money supply. And unlike before you have no idea who these muthafukkas are. Think James Bond villian type sh*t.
Taxes. Coincides with point two. If governments treat it like a security, people can’t spend it like dollars as every transaction is taxable if the currency has appreciated in value. The tax situation is a nightmare still.
Tied to the electrical grid. Assuming there’s a doomsday power outage, gold is at least valuable. You can trade that still. Bitcoin is magic air money that will vanish in a poof.
The usual. Bitcoin being used to funnel cash across borders for various criminal acts.
I’m invested in Bitcoin btw but that’s how I see it
GreenGrass
All Star
it kind of sucks it is going up but whatever, the method right now is to buy weather or not it goes up or down and just hodl.
ps: if you live in Canada, i would check out newton.co for e-transfers and then buy your coin.
ps: if you live in Canada, i would check out newton.co for e-transfers and then buy your coin.
heisenburrr
Have Fun Staying Poor
The amount of power you need to mine Bitcoin. It’s astronomical. Consumes the same amount of energy as Switzerland.
Governments playing hardball once global currencies are truly threatened.
People being scammed out of their coins, losing their wallet/keys or locking themselves out of their account and there’s no central authority to get it back. Imagine all the times you locked yourself out of your email, online banking account or lost your password to something.
Vulnerable to professional hacks. If someone could gain 51% of the computing power, they can hack the entire system.
Trading one system of control (banks, central banks, governments, regulators) for another (miners) under the guise of being decentralized when in reality there’s only a few parties in the world with enough money to run these Bitcoin mining systems profitably meaning there could be a handful of unsavory wealthy individuals who essentially control this internet money supply. And unlike before you have no idea who these muthafukkas are. Think James Bond villian type sh*t.
Taxes. Coincides with point two. If governments treat it like a security, people can’t spend it like dollars as every transaction is taxable if the currency has appreciated in value. The tax situation is a nightmare still.
Tied to the electrical grid. Assuming there’s a doomsday power outage, gold is at least valuable. You can trade that still. Bitcoin is magic air money that will vanish in a poof.
The usual. Bitcoin being used to funnel cash across borders for various criminal acts.
I’m invested in Bitcoin btw but that’s how I see it
Sorry but none of it works like you think it does.
Miners neither control nor can they "hack the entire system".
Ozymandeas
Veteran
heisenburrr
Have Fun Staying Poor
I plan to purchase bitcoin. any tips or advice ya give me will be appreciated.
I did some research and to buy bitcoin i need a wallet. Bitcoin's website is recommending BRD and Electrum. Next i can buy off coinbase after setting up an account.
Does this sound right or should i do it another way? I plan to just buy and hold long term - super long term, just hold and sit on it. I plan on starting up with $500 but would like my first buy to be $50-$100 just in case i mess up. I was reading that if you lose access to your wallet your assed out. Thanks
I did some research and to buy bitcoin i need a wallet. Bitcoin's website is recommending BRD and Electrum. Next i can buy off coinbase after setting up an account.
Does this sound right or should i do it another way? I plan to just buy and hold long term - super long term, just hold and sit on it. I plan on starting up with $500 but would like my first buy to be $50-$100 just in case i mess up. I was reading that if you lose access to your wallet your assed out. Thanks
Eternal Tecate
Superstar
Set up your wallet. Write down your words. Stow them away. Try to memorize them. Then sign up for an exchange, coinbase, kraken, binance, Gemini whatever. Coinbase doesn't have all of them but if you only want bitcoin that's probably best.
You can send crypto to and from your exchange account to your wallet. They have specific addresses.
thanks
Wait, why set up a wallet? Can't you just leave your BTC in your coinbase account? Whats the downside/upside?
BTC - holding strong. in at 18k. just .3
ETH is what i've been eating with. wish i had more.
XRP - i might as well just load it up. not too worried about it.
LINK - anybody know if there is a upcoming news? this has been too quiet.
ETH is what i've been eating with. wish i had more.
XRP - i might as well just load it up. not too worried about it.
LINK - anybody know if there is a upcoming news? this has been too quiet.
Eternal Tecate
Superstar
Cold storage can't be taken away from you. It's true ownership, which is sort of the point of crypto. Hot storage is at the mercy of the exchange.
One upside to hot storage that was recently relevant is if something like XRP is tanking you can get out immediately without the lag time of sending your crypto from your wallet back to the exchange and waiting for it to get confirmed before being allowed to trade it.