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Bithealth blockchain wikipedia
There is no doubt that there is a lot of usecases for cryptocurrencies. Looks a lot like the dotcom craze to me. Regarding the title of the link, I have seen a very good comment about Bitcoin yesterday: Prices are crashing to a level not seen since the last two weeks! As of yet, I have no idea about it. I also think cryptocurrencies are speculative, even though my experience with them has been positive.
More than 6 years ago there was a website advertising bitcoin that gave you 0. My small hedge against all hell breaking lose in the world of fiat paper money and its insatiable printing by the central banks with QE programmes.
Once bitcoins start crowding out government currencies, then governments will follow Russian government and ban bitcoin - or even better, they will confiscate it. Not sure if in the long term, the constrained supply will help.
I used to mine Dogecoin for fun and was in holiday without access to my wallets when the price exploded, when I got back the price was in the basement so I put half of my Dogecoin into a broker account so I would be ready for the next spike did not happen but then the broker exploded and took my holding with it XD.
So that was a fail, still got 50k Dogecoin laying around waiting for them to be worth anything. But I have never really done it for profit but more for fun since I do not think I am smart enough to really profit form such a volatile market.
Mean a couple of weeks and I would be FI by now, well you can not know everything. Well If i could tell my 16 year old self something it would be: Confiscating Bitcoin is harder than it sounds, sometimes law enforcement get lucky, mostly not and if the get lucky a couple of times there are easy ways around that. Banning it is also not as trivial as one might think, even with china style censorship.
Can you confirm that? I went into ethereum a year ago and it was quiet a profitable journey 10x my Investment. I bought some more ether, monero and zcash when this thread was started in early june, but i do think it is expensive now and risky, especially if you are not already in cryptocurrencies.
I think the tech behind all the stuff is still very experimental and most of it is overvalued. But i think there will be another hype cycle where more mainstream comes in and the bubble grows larger before it bursts - but nobody can predict the future.
I consider it as a high risk investment and i think the most interesting chances are maybe new coin offerings initial coin offering - ico , but be aware that a lot of them are also scams. They will release the coins soon and my strategy is to sell a part early to get back my invested money and go long with the rest of it.
I am aware of the mustachian way and i have to learn a lot about safer and longterm investments - but my investment career is young and only in cryptocurrencies for now. Hope to change that soon. Dear all, Swissquote started trading Bitcoin today.
If you were put off by the complexity and the risks of holding bitcoins yourselves, it might be a good opportunity for you. It might even make sense now as another asset class to diversify a portfolio.
Oh boy this looks like an accident waiting to happen, using traditional banking security for BTC might not be a good idea. At least they probably have better insurance than al the other hacked exchanges. I think it is potentially better than gold since the supply is very stable and known and it is more convenient to trade and still something you could keep under your mattress in a save paper wallet.
But it will take some time untill it reaches gold stability. Or you could have just written the winning lottery numbers. But the MMM advice would definitely be good in order not to spend all this money too fast. I have never bought any. My concern about the use of bitcoin as the storage of value and hedge against fiat currency is that it has many alternatives. What problem is there to create a bitcoin2, bitcoin3 etc? I guess this already happens.
Ethereum market cap is chasing the one of bitcoin. If people buy on an exchange, they then have to handle their coins themselves. Thus they have to learn how to deal with a wallet on their computer and hope that they never get hacked or a virus and that they do backups. But if they have a non negligible amout of bitcoins this is not enough. People should make a paper wallet on an air gaped computer and store them safely from water, fire, thief, extorsion.
Of course any mistake can result in the complete loss of their money. OR they can delegate this duty to Swissquote. If they or bitstamp go bankrupt, or get hacked again! If you manage the cryptos yourself, this too has risks, but counterparty risk is then only for a short time when trading.
Securely backing up your digital data takes a bit of discipline, but is not exactly rocket science. Basically, on the 1st of August a new coin is going to be created from the current bitcoin blockchain. What this means is that if you control your own bitcoins you will suddenly have two coins.
The new one will probably not be worth much, at least at first, but you never know. If you keep your coins in an exchange, you will probably not get the new coins, so I would recommend you transfer everything to your own private wallets. On kraken you got Bitcoin Cash for all Bitcoins automatically and this was the same for Ethereum Classic a year ago. Or do you do any other alternative investments?
If you planning to buy some crypto, it seems that now is a good moment: This is quite tricky. That is too small to bother. Therefore I will stay away from cryptocurrencies for now. For that reason, I have physical gold hidden safely in another country. Hi all I went into ethereum a year ago and it was quiet a profitable journey 10x my Investment. You beat me to it, I was just coming here to post about it! Still I find it cool that Crypto reaches the mainstream like that.
Maybe we should open a new section of this forum for cryptocurrencies? Lol another fork, I already have 2 kinds of Ether XD. I will need to buy myself a hardware wallet, can anyone recommend a product?