Ask HN: Should I buy Bitcoins or is it too late?
I tried buying Bitcoins from Italy when they were $300, and I couldn't figure out an easy way to do it.
Now I guess it's a lot easier to exchange traditional currencies with Bitcoins, but is it to late?
I believe there's a lot of speculation and we might see a huge fall soon, although Russia backing Bitcoin and possibly passing some kind of law to deal in Bitcoin might give it another spike.
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(This is not intended as investment advice. Please talk to your financial adviser before doing anything.)
Is it though? As a US citizen with access to checking/savings accounts, cash, and credit cards:
1. How do I safely buy, store, and sell Bitcoin without getting ripped off somehow
2. Where/how can I spend my Bitcoin? Only online or are there any real stores that take it too?
This is a serious question and one I've never heard a clear answer to. I used to be very into sports betting but the process of legitimately getting money into an account and back out was always a big turn off.
It feels like the same is true of Bitcoin but I'd love to be proven wrong.
Like I've said in other threads similar to this - don't invest now just to make a quick buck. You're seeing a temporary price rise and think it will keep going so you want it.
My advice is to buy in only if you actually believe BTC has a future. Play the long game. If you're expecting to buy in now, wait two weeks, and re-sell it for 10x profit you will be disappointed.
Crypto markets are highly volatile. Just take a look at any price graph over the past year for BTC or ETH. Yes the prices have gone up, but it has been a roller coaster week to week.
Only invest what you would spend on a lottery ticket. Chances are you will not become an overnight millionaire. The people who have made huge returns on crypto got in at the earliest stages and held their coins until recently. If you don't have the patience to wait it out, don't bother.
But to answer your question - no it is not too late. Is it too late to start investing in a 401k? Or too late to buy facebook stock? Crypto is a gamble, not a get-rich-quick-scheme. Treat it with caution and back crypto techs you believe in.
What's this?
There are also other coin markets that are on the beginning of upward slops.https://coinmarketcap.com/
But most importantly when you've got your automatic setup going at a reputable exchange FORGET ABOUT ALL CRYPTO. Turn off all your alerts, ignore the news. Then when you're ready to retire look up your BTC investment.