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squadus

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In the event of an economic disaster or even a physical calamity, I believe the value of bitcoin will rise.

Although Bitcoin is Internet-connected money, there is little chance that cell phone towers and Internet connections will go down ever. I see bitcoin as safe as gold as a form of money that can safeguard your current investment and be used as currency if the dollar is to ever go down. There is a limited amount whereas the dollar can be printed on demand.

Some of the places I recommend to go to buy bitcoin is Coinbase and LocalBitcoins thanks to their ease of use and low fees (than most other exchanges). They are also quite popular amongst the community.

I usually use a debit card to buy bitcoin, but you can also opt to purchase with a bank transfer or wire transfer.

I also recommend investing in a hardware cold storage wallet such as the Trezor One as it is a good way to conveniently store your bitcoin offline in a hard to find location such as a vault. It's basically like moving money from a bank teller desk into a storage vault. A hardware wallet makes keeping bitcoin simple and is a great investment if you are thinking about owning cryptocurrency. :cool:
 

DrHenley

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My worry about Bitcoin and others is governments cracking down on cryptos and/or bringing in their own and outlawing others. In ten years your coins could be worth $0 or $50,000 a pop. Nobody knows. Too risky for me, but I have dabbled.
And if the Internet goes down? o_O
 

Maverick

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In the event of an economic disaster or even a physical calamity, I believe the value of bitcoin will rise.

Although Bitcoin is Internet-connected money, there is little chance that cell phone towers and Internet connections will go down ever. I see bitcoin as safe as gold as a form of money that can safeguard your current investment and be used as currency if the dollar is to ever go down. There is a limited amount whereas the dollar can be printed on demand.
That's foolish thinking!

Bitcoins would be the last thing I would invest in especially during these unsettled times.
 

squadus

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In these modern times, there are many people who find cash to be risky. American investors such as Ray Dalio and even Bill Gates have studied the technology behind bitcoin and actually recommend portfolio diversification.

This would include bitcoin, but not be limited to other commodities such as oil, sugar, wheat, beef, etc
 

DrHenley

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That house of cards already fell once. Between June 25th 2019 and March 11th, 2020, Bitcoin price fell by 63.7%. Interest will never be that great in Bitcoin again because it has become all but impossible to make any money by mining bitcoins now. When new crytocurrencies come out, they are easier to mine at first, but as time goes on they become more and more difficult.

For example, if someone were to give me an Antminer S9 bitcoin mining computer for free, and I were to plug it in and start mining bitcoins, at my cost of electricity from Georgia Power, and at the current Bitcoin price, I would have a profit of -$1.84 per day until I reached 650 kWh, at which point my profit would be -$3.08 per day (second tier summer price).
In winter, however, the second tier rate goes down, so once I reach 650 kWh, my profit is -$1.59 per day. Now that depends on the price of Bitcoin, so if the price goes up enough, it may become profitable, but if it goes down I lose even more money mining Bitcoin.

A lot of big Bitcoin mining operations went bankrupt when the price crashed last year.
 

Brent S

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I sure wish I had gotten into Bitcoin in the early stages. It is so high now, and volatile that I’m not a player with it now. Do agree that diversification is really important right now. We are just getting into some of the hard affects of Covid hitting the economy, and much more to come. Getting all your ducks in a row now is a good idea.
 

Arcticdude

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No thanks. I'll stick with gold, silver, realestate, tools, equipment and other tangible investments. Even stocks and bonds are in my opinion better investments than any new age electronic gizmo. As with any investment be diversified. And most importantly learn as much as possible about whatever you plan to invest in. There is money to be made in just about any investment out there IF you know what you're doing.
 

grayghost668

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I can't hold it in my hand,it has no real value,,,,,,,the damned thing would fold up if the grid goes down and anything you have there lost possibly forever,,,,I will put my pennys in a Mason Jar and bury them,,,the only way to lose then is if I can't remember where I buried them
 

DrHenley

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I'm not sure what you will be able to do with your "stocks" if the Internet goes down. Use to be you had physical stock certificates. Now it's all in the ether like Bitcoin.
How many people have Microsoft stock like this now?
 

DrHenley

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I think if the grid goes down then investments and the economy would be the least of our worries. Eating and surviving would be at the top of our lists.
If every bit of your wealth is tied up in electronic forms of money or stocks, then it will be a HUGE worry when you can't buy food or other necessities because *ALL* your money is gone, gone, gone, and you have nothing to trade.
 

Arcticdude

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I'm not sure what you will be able to do with your "stocks" if the Internet goes down. Use to be you had physical stock certificates. Now it's all in the ether like Bitcoin.
How many people have Microsoft stock like this now?
That's why it's so important to diversify your investments. If everything went down and we lost all of our stocks we'd still be fine. But for now I'll take advantage of the gains to be made in the markets.
 
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