Dear all members, I am finally decided to give bitcoin a try. And although I have heard it since 2015, I really didn't pay much attention to it.
Now I would like to give it a try, with a limited to a few thousand dollars. So prob more like a trial to test the water.
I welcome any suggestion or tips on pretty much anything since I am clueless at it. So even pointing me to the right direction would be appreciated. Many thanks.
will have a read, thanks.
Bitcoin is NOT a get rich quick scheme. You need to spend many weeks if not months researching, reading, watching until deciding to jump in. It's probably the wrong time now with an imminent crash coming after the recent rise. Or it might still go up further. It's a gamble. Do not risk anything you're not comfortable losing.
FOMO with the recent prices… this just seems déjà vu.
after a few chat with friends, some agree there might be a crash coming, but they also suggested regular small amount of the deposit may even out the average. I am not in for a quick buck at this stage though.
You should speak to those who lost big last time… you do realise only the winners advertise their success and losers (most of them) stay quiet.
that's why i am have a limit to a few thousands atm.
@Diesmile: You may want to read the comments on this past post and prepare yourself https://www.ozbargain.com.au/node/557024
@SF3: I haven't read the posts or forums and turned away from crypto for last 2 years but now will look at doing something again… I was around for a while and ended up losing 150k of profits that took me a lot of time to earn, from a 3k investment.. Things were good until they weren't. My fault, so much FUD around and I became more humble etc from the experience. I have a small amount left but was trying to retire and lost a large amount when the drop came. No matter what you read and watch on youtube people are trying to get your money.
ended up losing 150k of profits that took me a lot of time to earn, from a 3k investment.. Things were good until they weren't
Key point. Thanks for the warning.
You only lost if you sold. Even those that badly mistimed and bought at the Dec 2017 peak of $20k, subsequently to see a drop (very briefly) to a low of $4000, now 3 yrs later, they have made back nearly 75% in profit @ $35k i.e. no one is in loss if they held from Dec 2017
As for the OP, I don't recommend buying BTC to trade or for short term holds, instead buy to hold longer term.
The big difference between 2017 and now, is retail buyers vs institutional. This rally is being driven by institutional entities and large companies such as Microstrategy. According to Coinbase, they're purchasing all but 20% of the current volume. So supply & demand is in full effect at the moment.
@Fudnut: This time isn't different.
People trying to corner the market because supply is limited but it always ends in tears.
@netjock: Please keep up. It's clear you've payed scant attention to the changing dynamics of bitcoin these past months. Unless of course you believe you know more than the likes of JPMorgan, Goldman Sachs, Bloomberg, Paypal and a host of hedge funds and other companies such as Square & Microstrategy etc.
And my point still stands that "no one lost money on Bitcoin", even if they bought at the ATH of 2017. For every US$1000 they invested back then, they've now made back approx US$750 + original
If you sold… well that's a different matter, but why would you sell, unless you were using money you couldn't afford? That's the same for any investment.
And my point still stands that "no one lost money on Bitcoin"
No one lost money on BHP if you look at from inception. Problem is the inbetweeners who bought high and sold or force sold. All ponzi schemes are sold as "fool proof, no one has every lost money, sure fire winner"
It's clear you've payed scant attention to the changing dynamics of bitcoin these past months
Okay if you think reading up on bitcoin and how it is similar to all previous bubbles isn't research. You got blinkers on if you think bitcoin is the only game in town.
The dynamics is the big fish is moving in and they are probably going to have all you little fish for dinner. Just don't get caught out holding the bag.
Unless of course you believe you know more than the likes of JPMorgan, Goldman Sachs, Bloomberg, Paypal and a host of hedge funds and other companies such as Square & Microstrategy etc.
Don't know more than them but what I do know having worked at investment banks is you're the small fish that is just tagging along with the sharks until they get hungry and eat you too for dinner. Don't think for a second that you're big enough to swim with the apex predators.
Making $1m on APT and not telling others you lost $2m on other bets is a sure fire way to be life of the dinner party. Don't tell them you're struggling to meet the payments on the BMW you arrived in.
Risky
DCA for noobs. 100x leverage for pros. DYOR in both cases.
Currently at a 33% gain with Amber/Coinbase.
Why bother, plenty of good stuff on the ASX.
APT is the only one worth looking into.
Until people are tapped out on debt and losses go through the roof when provisions for losses aren't enough and they realise their <10% fee won't cover it.
I have a lot of issues with Bitcoin, and while it has intrinsic value in that supply is limited, I think getting on board right now is a fools games, as this seems like a classic whale trap playing out before our eyes.
Bitcoin has dubious origins, no one knows who actually created it, where they are now, their real name, or why they haven't sold any of their holding since inception.
Individuals hold large positions in bitcoin, enough to move the market. They can change their position overnight, and all the new investors will be left holding the bag. This is what happened last time there was a surge like this.
Most so called BTC experts are idiots who got on board early (like Ian Ballina), and then use social media to promote themselves as some kind of sage. These guys are just regular guys who got lucky and got onboard early. They are not experts and should not be listened to.
it is certainly nice to have some 400 dollars investment returns at 25000, but i certainly can related bitcoin to gambling.
Bitcoin has dubious origins, no one knows who actually created it, where they are now, their real name, or why they haven't sold any of their holding since inception.
If an man walked around doing this they would be called a con man. Bitcoin is like selling Linux distros and saying there is a limited copies and that will be all the copies ever created and it will keep value because it is tracked and there aren't going to be anymore.
Think people have taken the idea of property to bitcoin. If the universe aren't creating anymore land then mystery creator who is not creating any more bitcoin then it must be worth something.
Buying in at the ath? What could go wrong.
forgot to mention, maybe i will buy in when the current price crashes to 40%? maybe? who knows. currently i am doing research and listen to other's for information.
the difference this time is institutions vs retail amateurs, but when it does dip, it could go down to around 25k USD, but i wouldn't expect a dip much more than that. but based on the current FOMO we will probably see 50k before we see 25k
Why will the price crash 40%?
To shake out the weak 🙌.
Don't discourage him! The price only goes up with increased demand :)
my crystal ball is broken….
my crystal ball is broken….
And yet you announce to the community you are dabbing into Bitcoin. You need all the miracles Scomo used in 2020.
i understand your concern, prob it is bad timing, since bitcoin just hit all time high. but for a few thousand dollars, i am ok with the total loss if it did happen.
@Diesmile: Being an all time high is not my concern. Reading your responses in here so far is like you're confirming your actions in front of us - have set limits, DCA, prepare for total loss - consistent with good general investment advice I read on the internet.
So what tips are you really looking for here?
It seems you got all the info you need for buying into it. You don't need to know the mathematics of how block chain work. If you are prepare for total loss, you won't knee jerk sell when the price drops. What's missing in your response is maybe an exit plan, and that's something you set and not read from other places. But your crystal ball is broken - so I take you are just going to wait until the vibe is right. And you will need miracles for timing the sell and avoiding loss.
Forget you ever heard about BTC. Invest in tulips or something, at least they look pretty.
Short answer: If you are asking this question, then this is the wrong time for you to 'test the water', but I doubt you'll listen to me so thank you in advance for contributing into FOMO and its price acceleration.
Long answer:
I'm here to discourage you, not because I believe it reachs its peak but this is the best/worst time for beginner to get sweep around by sentiments.
If we are in early 2020, I would say it's a fun time to give this crypto magic bean a shot and try out your fundamental analysis, put your money where your mouth is. There were many potential pivoting moments:
Now as of Jan 2021, all there is are hypes on top of hypes answered by self fulfilling prophecy and be ready to hear recycled reasoning on why certain price changes happens: IMO, almost all of them will be insincere and filled with ulterior motive.
we doing this #h!t again?
two terms you will quickly learn,
1. pump and dump
2. bag holder
Guess which you will be
Every 4 years to 2140.
Probably be number 2. Lose all your money, declare bankruptcy and end up being a bell boy at a hotel, real bag holders.
Make more there than betting all on #h!tcoins craps table.
not necessarily, its a garbage payment system. once banks have their own BC will be obsolete and worthless.
Banks already have an excellent system.
They get the money for nearly free from the government, create more of their own through the multiplier effect, and then lend it to you at a substantial mark up. They'll let you make payments, so long as you're not suspicious.
From the banking perspective, it's perfect already.
just need to announce they are using blockchain, BAM 10% jump on stock price overnight.
Makes no difference in operation but blockchain..
Stocks will jump for any reason regardless of the fundamentals, such is the desire to flee fiat.
But regarding the BankCoins, they will serve the bank, not you.
Real crypto will not be as 'obsolete and worthless' as you think.
Wait for the next crash, then invest all your money in it. This is a guaranteed strategy that my mates mate told me about.
The continued rise of 'dead' crypto is a repudiation of naysayers who favor infinite supply fiat.
But maybe don't rush in at an all time high.
As more value leaks out of fiat, governments will inevitably increase their scrutiny.
If you know nothing then you need to research - a lot - before you risk a cent. My advice would be to forget it and leave it to the crazy and the crazy rich. The success stories are few and far between but get all the headlines. The sucker stories are everywhere because it’s the suckers that make the profits for the crazy and crazy rich. That’s how life goes. Take up knitting and stick to it.
I am clueless
Ah, I see you are now qualified to invest in crypto. Congratulations, jump right in
Got 30*k when it can go either way
All on 22 black at the casino
Never fails!!
I bought a hundred bucks worth when it was $16000 just to dip my toes in. Definitely no point buying in now - that ship's already sailed
Don't buy now, wait and buy at 50k and sell at 2k
Really kicking myself for not buying when I signed up to this deal:
https://www.ozbargain.com.au/node/196172
Still have it, + random free Coinbase Earn coins, now 'worth' $1304
Don't feel bad. There are a lot of people are 🧂 that they did take up the opportunity when it was handed to them on a gold platter.
I've been accumulating like a mad man since the halving and even more during the crash. Stopped buying at $15k. The parabolic rise took me by surprise too but not totally unexpected. I think it was 3 weeks plus ago, we were under $20k. No one knows when a correction will happen, if they say they do, they are lying.
DCA is the way to go right now. It could correct tomorrow, or it could correct from 45k to 35k. Does look a bit overstretched now. There are plenty of whale clusters sitting in the 20k-28k mark. Should provide some support. The upcoming tether fud could provide some uncertainty but BTC will pull through.
Money is slowly flowing into alt, i am holding ETH and some others too.
Anyway DYOR.
Maybe your want to join this thread with your questions https://www.ozbargain.com.au/node/595698