$ (BTC) The Bitcoin Thread - NO SHITCOINERS ALLOWED

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Complete noob here. I have about $1200 to spare. Should I get BC with that? Can I expect to get anything worth the hassle at the end of the year? I'm not worried about anonymity or using BC for anything other than an investment.

I know that questions of this kind have been asked a million times, I just don't know where to ask.
 
Hentai-Semitism said:
Complete noob here. I have about $1200 to spare. Should I get BC with that? Can I expect to get anything worth the hassle at the end of the year? I'm not worried about anonymity or using BC for anything other than an investment.

I know that questions of this kind have been asked a million times, I just don't know where to ask.
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BC is a pretty good choice to get started. It's established now.
No idea if you'll make profit though
 
Hentai-Semitism said:
I have about $1200 to spare. Should I get BC with that? Can I expect to get anything worth the hassle at the end of the year? I'm not worried about anonymity or using BC for anything other than an investment.
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It all really depends. If you're just looking at BTC as an investment you have to consider how long you even intend to hold it. Right now the price is pretty high. What does "get anything worth the hassle at the end of the year" mean to you? What are your expectations in terms of its performance? Are you someone who is in a decade old mindset of comically large returns or are you realistic to know that those days are over?

If you're expecting to double your money in a matter of months then you've probably missed the boat on that kind of performance, and you're laughably late if you're hoping for something like a 5000% return. Realistically you might make 5-10% by the end of the year which is certainly better than what you'll get with most investments, but it's probably more likely that you'll lose 10% (during this time period) in my opinion, as I said, because of its current price.

If you're looking to hold it over a long period of time then dollar cost averaging isn't a bad idea. Throw in $50 or $100 every month if you want and let it ride, potentially being more aggressive in times of weakness.
 
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Local Fed said:
It all really depends. If you're just looking at BTC as an investment you have to consider how long you even intend to hold it. Right now the price is pretty high. What does "get anything worth the hassle at the end of the year" mean to you? What are your expectations in terms of its performance? Are you someone who is in a decade old mindset of comically large returns or are you realistic to know that those days are over?

If you're expecting to double your money in a matter of months then you've probably missed the boat on that kind of performance, and you're laughably late if you're hoping for something like a 5000% return. Realistically you might make 5-10% by the end of the year which is certainly better than what you'll get with most investments, but it's probably more likely that you'll lose 10% (during this time period) in my opinion, as I said, because of its current price.

If you're looking to hold it over a long period of time then dollar cost averaging isn't a bad idea. Throw in $50 or $100 every month if you want and let it ride, potentially being more aggressive in times of weakness.
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Thanks. I know I'm super late. By "worth the hassle" I meant getting maybe... $200 in 6 months. I'm pulling this number straight out of my ass. Is selling BC a problem when it comes to small sums like that?
 
Hentai-Semitism said:
Thanks. I know I'm super late. By "worth the hassle" I meant getting maybe... $200 in 6 months. I'm pulling this number straight out of my ass. Is selling BC a problem when it comes to small sums like that?
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Based on a $1200 investment that would be a 16.66% return which I think is far from impossible, but as I said I think it's unlikely.

Assuming that you're going to be buying and selling through an exchange (Coinbase, Binance, Kraken, etc.) bear in mind that you're going to incur maker and taker fees which will also cut into your profits (if you have any.) It shouldn't be a problem selling Bitcoin or crypto in general, but also bear in mind that you're going to get taxed on those profits too, at least assuming you live in a country that has drinkable tap water as the norm.

In short, sure you can make money, but if you're looking to make a quick (net) $200 profit in six months based on that small of an investment I'd recommend tempering expectations.
 
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The beast has awoken! Next stop 125k?

Edit: hoping I’m not jinxing and we don’t get smacked back down below 112k but if feels like it’s time. Been knocking on the door of a new ATH for a while now
 
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Just bought a little bit of BTC off of Gemini. I know it's probably a bad time considering the price, but better late than never to finally learn how to use cryptocurrency so I can support this forum that I have been a member of for 4 and a half years, as well as have a way to pay/get paid for things that doesn't involve fed notes.

I just need to wait for them to let me transfer it off in a week so I can learn how wallets work, so I can hopefully send some of it to Null without getting banned from Gemini.

From what information I've been gathering, wallets seem a lot easier than I thought, and that was the main thing scaring me away from Bitcoin.
 
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If i had a dollar for every time people told me I was stupid when i started dollar cost average buying BTC every time I got paid by work.

<who's laughing now todd howard.gif>
 
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