ECON Fung Question: How Can We Make Money With Bitcoin?

doctor_fungcool

doctor_fungcool

TB Fanatic
l
I need to be educated concerning the in's and outs of this product.
 
doctor_fungcool

doctor_fungcool

TB Fanatic
Here's what I know...
from Wiki

Bitcoin is a cryptocurrency invented in 2008 by an unknown person or group of people using the name Satoshi Nakamoto. The currency began use in 2009 when its implementation was released as open-source software. Wikipedia
Founder: Satoshi Nakamoto Trending
Ledger start: 3 January 2009 (12 years ago)
Supply limit: ₿21,000,000
Initial release: 0.1.0 / 9 January 2009 (12 years ago)
Symbols: BTC, ฿, ₿






https://www.google.com/search?clien...0JHSwuBz8Q3rMBKAJ6BAhUEAo&cshid=1613776338863
Algorithm
 

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Lurker

Lurker

14
Falling knife catching at this point. Could go to 100K+, could go to 100, could to to zero.

I think you need a wallet, some way to buy it, etc. No idea. I have bit O' silver and bit O' gold, they go ching and clang in my hands, not going to zero in my lifetime.

This will be an interesting thread if it goes well, interested in even some fractional stuff, ya never know and one needs to have more than one flavor in their ice cream box.
 
doctor_fungcool

doctor_fungcool

TB Fanatic
Lurker said:
Falling knife catching at this point. Could go to 100K+, could go to 100, could to to zero.

I think you need a wallet, some way to buy it, etc. No idea. I have bit O' silver and bit O' gold, they go ching and clang in my hands, not going to zero in my lifetime.

This will be an interesting thread if it goes well, interested in even some fractional stuff, ya never know and one needs to have more than one flavor in their ice cream box.
Click to expand...

If the net goes down .....then what?
 
doctor_fungcool

doctor_fungcool

TB Fanatic
Lurker said:
Common BitCON supporters say as long as you have your wallet/password, once the power/internet comes back up you're good to go. In the meantime....if you're broke and have $1MM in BitCON whaddya do? Dunno.

But if the entire net goes down the world is literally on fire (cool!) and some BitCON will be the least of your worries, IMO.
Click to expand...

Good answer.
 
Lurker

Lurker

14
I trust my FRN's and 90% far over any BitCON or other etherCON, but I will say being diversified is smart and if 1's and 0's are your thing, have at it.
 
Hognutz

Hognutz

Has No Life - Lives on TB
Downside is if you lose your password you’re screwed, ask the German dood who has 200million worth but lost the password...
 
BenIan

BenIan

Veteran Member
Easiest way is to buy through Coinbase. Exodus has a good wallet for your laptop/PC for storage or you can get a hardware wallet (like a Ledger Nano) and store it offline. Exodus also allows you to exchange between coins. It's all pretty simple if you are just looking at it as an investment. Buy low, sell high. It's risky, but what isn't.
 
S

Squid

Veteran Member
Base bitcoin is somewhat complicated. You first need to create multiple accounts, base app for money transfers, trading app to buy alt coins (last I checked they are spread out on multiple trading apps).

You have waiting times when establishing accounts and for heaven sake save all the account information including the key words in multiple safe places.

Many people in early lost or misplaced keys and are still crying in despair.

My personal feeling and not investment advice is that crypto’s run up seem to have massive correction and runs up even higher.

The space has some great future potential but also some cr@p coins based on nothing but dreams and greed and this is where gets tricky.

My advice consider this speculation and also consider this a run and maybe wait for the next big washout to maybe have better entry points.

My expectation is the feds and world central banks create state cr@p coins because of the seduction of control and tracking as a replacement for currency. That would possibly be followed by the feds cracking down on free coins (under the excuse of preventing criminal activity).
 
doctor_fungcool

doctor_fungcool

TB Fanatic
BenIan said:
Easiest way is to buy through Coinbase. Exodus has a good wallet for your laptop/PC for storage or you can get a hardware wallet (like a Ledger Nano) and store it offline. Exodus also allows you to exchange between coins. It's all pretty simple if you are just looking at it as an investment. Buy low, sell high. It's risky, but what isn't.
Click to expand...


Certain people are calling for bitcoin to reach 100 G's in the near future......others are calling for it to lose value.

Storing bitcoin offline....how?
 
BenIan

BenIan

Veteran Member
Doomer Doug

Doomer Doug

TB Fanatic
I have no idea Doc, but maybe the alchemists back in 1400 had some clues! :D

Lead for Gold can't be any bigger of a scam than the Federal Reserve and its Fiat global reserve currency?
 
Blacknarwhal

Blacknarwhal

Let's Go Brandon!
With bitcoin? Maybe not ever. The costs are prohibitive.

The various Altcoins--alternative coins--out there, meanwhile, are actually still able to be mined in some cases.
 
BassMan

BassMan

Veteran Member
You would have to put down a lot of money at this point to make much profit. At $55K, it is only projected to double right now. The people that made real money either mine Bitcoin, or bought very low.

Coinbase is easy to use, and you can buy any fractional amount: you do not have to buy a whole coin!

Just remember to pay taxes: if I recall correctly, crypto is taxed as property.

Beyond that, distinguish between investment and speculation. Crypto is speculation.
 
D

Dozdoats

On TB every waking moment
Thanks, I didn't know Bitcoin had gone fractional.

Doc, IMO there are two very basic things essential to learn in order to make markets work for you - learn not to be greedy, and learn not to be scared. You have to have your head right on the basics before you can start on all the other stuff you need to know.

I learned a good bit of the other speculating stuff from Doug Casey back in the mid-1990s. Some of his writings are still online if you want to read them, I had a subscription to The International Speculator back then. I cut my teeth paper trading on Bre-X before I ever opened a real account and put actual FRN$ in the market, andI definitely suggest feeling your way in by paper trading before you go live fire. Take a look at the Bre-X story and you might see why - Bre-X scandal: A history timeline - MINING.COM

Unless you have natural instincts as a speculator, you will really have to double down on doing your homework and on honing your BS detector. Casey was my mentor via the printed page, and his stuff is still out there. He is doing a series of video interviews on wide ranging topics now that IMO are worth while. And he is wriring a series of instructive novels now as well - see the forst one at Speculator (High Ground, #1) by Douglas R. Casey (goodreads.com) .

But you still have to do your own due diligence .... it is easier to lose money speculating than to make it, and skull sweat is most of the difference.
 
M

meandk0610

Veteran Member
BenIan said:
Ledger hardware wallets: Hardware Wallet - State-of-the-art security for crypto assets | Ledger

Trezor hardware wallets: Trezor Hardware Wallet | The original & most secure bitcoin wallet.

I'm sure there are others, but these are the two I know about.
Click to expand...
And Exodus wallet now works with a Trezor hardware wallet.

Also, I personally prefer Gemini Exchange over Coinbase. Coinbase had a few “scandals” (been a while, don’t remember) and then integrated PayPal, which I try hard not to use due to their censorship and de platforming activities. Linking to a large bank from Gemini is easy and quick. Linking a small local bank will necessitate a wire transfer from the bank one time to link it.
 
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M

meandk0610

Veteran Member
To the original question of making money, Bitcoin is seen more as a store of wealth. The fees are too high and it’s too slow to transfer funds for it to really be used as a currency. Buy and hold until needed unless you’re going to watch it like a hawk and try to day trade it.

Another way to make money is by “staking” — basically putting some crypto in a “savings account” and getting paid interest. There are multiple coins paying interest in the Exodus wallet right now, up to about 9%, though most are somewhere around 4%. If you don’t need the money soon, just chuck some in there and let it ride. ‍ :spns: :)
 
Chance

Chance

Veteran Member
My financial advisor told me today when I asked him if they invest in cryptocurrency...he said there is actually a fund? Of some sort that one can invest money in. He said he'd keep an eye on it and notify me if he thinks I should invest.

So, looks like this is another option for investing in crypto.

I have a crypto account - opened it a couple of weeks ago and bought into a couple of what's out there. Just for fun.....
 
Z

zeker

Has No Life - Lives on TB
Lurker said:
Falling knife catching at this point. Could go to 100K+, could go to 100, could to to zero.

I think you need a wallet, some way to buy it, etc. No idea. I have bit O' silver and bit O' gold, they go ching and clang in my hands, not going to zero in my lifetime.

This will be an interesting thread if it goes well, interested in even some fractional stuff, ya never know and one needs to have more than one flavor in their ice cream box.
Click to expand...


I knew a lady who had 1 bc

she said she would sell if it got to $1k

not sure If she sold

that was cpl yrs back
 
doctor_fungcool

doctor_fungcool

TB Fanatic
Dozdoats said:
Thanks, I didn't know Bitcoin had gone fractional.

Doc, IMO there are two very basic things essential to learn in order to make markets work for you - learn not to be greedy, and learn not to be scared. You have to have your head right on the basics before you can start on all the other stuff you need to know.

I learned a good bit of the other speculating stuff from Doug Casey back in the mid-1990s. Some of his writings are still online if you want to read them, I had a subscription to The International Speculator back then. I cut my teeth paper trading on Bre-X before I ever opened a real account and put actual FRN$ in the market, andI definitely suggest feeling your way in by paper trading before you go live fire. Take a look at the Bre-X story and you might see why - Bre-X scandal: A history timeline - MINING.COM

Unless you have natural instincts as a speculator, you will really have to double down on doing your homework and on honing your BS detector. Casey was my mentor via the printed page, and his stuff is still out there. He is doing a series of video interviews on wide ranging topics now that IMO are worth while. And he is wriring a series of instructive novels now as well - see the forst one at Speculator (High Ground, #1) by Douglas R. Casey (goodreads.com) .

.

But you still have to do your own due diligence .... it is easier to lose money speculating than to make it, and skull sweat is most of the difference.
Click to expand...

Yes DD....due diligence...and of course avoid the itch to speculate.

NOTE: Before its demise...I loved Las Vegas.
 
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