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Bitcoin and most of the other crypto currencies are tumbling.

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DBGdefector

Senior member
Joined
Jun 21, 2021
Posts
79
I don't know how most of you feel about bitcoin but as an investment its pretty risky as volatility is extreme. Using as a currency it is convenient but transaction fees can diminish the benefit of using it that way. If you can buy when the price is low and it goes up before you use it then that would offset the fees but that ain't always the case when you need to use bitcoin. Just my thoughts.
 

Bocanada

Senior member
Joined
Aug 1, 2021
Posts
73
I don't know how most of you feel about bitcoin but as an investment its pretty risky as volatility is extreme. Using as a currency it is convenient but transaction fees can diminish the benefit of using it that way. If you can buy when the price is low and it goes up before you use it then that would offset the fees but that ain't always the case when you need to use bitcoin. Just my thoughts.
It is risky but not that worse than other traditional stocks. Bitcoin is here to stay and just short of a hack to the bitcoin algorithm it will never be worth zero.
 

CalmSeeker

Honorable member
Joined
Jul 2, 2021
Posts
399
It might be random luck, but since I started using it, I’ve only ever spent it after it went up sharply. After fees and such, I have come out way ahead of what I originally bought the coin for, which hasn’t exactly covered what I’ve lost at LA ISC, but it’s close.
 

Chancer

Exalted member
Joined
May 25, 2012
Posts
3,618
@CalmSeeker It is? I'm actually not surprised. I remember the protonmail saga from years ago. The NSA tried to infiltrate and they (Tor) literally just unplugged everything, just took it ALL offline to try and find/fix the vulnerability.

Then they eventually were back up and running after making a 'deal' with the NSA regarding 'terrorism related accounts' (even advertised it on the site). At the time not many people thought too deeply about it, everyone was just picturing Middle-Eastern suicide bombers (it was during that time peroid). Obviously, today we see just how broad they are making those definitions (although smarter people than I realised it back then).

At the high point it was genius with the servers in Switzerland but it doesn't surprise me, isn't that similar to what happened with a popular DW site? Turned out to be a LE sting or something.? I honestly wish I was much more technical than I am but, my technical abilities consist of leaving my phone at home (switched on because switching it off is apparently a 'red flag') 🤦‍♀️🤣😂🤣
 

Chancer

Exalted member
Joined
May 25, 2012
Posts
3,618
@DBGdefector Does it fluctuate that much daily? If you buy and transfer straight away etc? I assume it could work both ways and benefit us too? I've just done my first and was so excited at my newfound expertise. 😉
 

CalmSeeker

Honorable member
Joined
Jul 2, 2021
Posts
399
@Chancer if you buy and spend the same day, your risk is minimal.

You can download the Coinbase app and just keep an eye on it for a week to see what it does. You don’t have to make a purchase. You might get a feel for it.
 

Chancer

Exalted member
Joined
May 25, 2012
Posts
3,618
@CalmSeeker I used the coinbase and then send them to electrum before I send. Its not too different to exchange rates really. Plus,,watching the financial fluctuation makes we at least pretend to feel more knowledge about markets and other such nonsense. 🤣😂🤣
 

Lugosivalentine

“Zeal overcomes all.”
Joined
Jun 25, 2021
Posts
72
I’m just starting to watch crypto. Of course, I’ve bought a lot of bitcoin but never let it sit. Like many, I really wish I’d just left Anything in my bitcoin wallet back in SR days— could’ve been rich! But anyway, my thought is diversify best as possible, play it safe enough that I don’t just take a chance on losing my savings or anything. I’m still learning but hope to start noticing some trends!
 

costa1107

Lapsed Senior Member
Joined
Dec 10, 2011
Posts
327
Wish I would've held my bitcoin a little longer but had to buy medicine and that seemed more important than holding bitcoin at the time.
 

Muppetsforlife

Lapsed Senior Member
Joined
Aug 13, 2021
Posts
75
The best tip I could give about all cryptocurrencies out there; know what it means, to you.

Meaning, if you see it as a form of payment / transfer of currrency, or as an investment to earn money on.

If it's only a form of payment I would always advise to buy your crypto and send it on the same day. That way you minimize your risks to the volatility.

If you want to use it as in investment, do your own research. Information is key. In the world of crypto just as much as with fora like these.

As someone said before me, look at it liie it is a commodity
 
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