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Bitcoin

HibeeZab

Admin
Every four years the amount of Bitcoin that can be mined halves. 2020 there will be another halving around about May. This generally doesn't increase an immediate spike, sometimes even a slight pull back, but then it lifts off. One major factor for me regarding the legitimacy of Bitcoin is who accepts it as payment. APMEX is probably the biggest gold and silver bullion dealer in the world and they accept Bitcoin for gold and silver.
Interesting. I see the price has been fairly stable for a while now, so this could cause a growth in the value.
 

SuperTortolano

Bounce Radge
Some analysists are predicting anywhere from $50,000 to $500,000. Sounds crazy, but so was going from a few hundred to $20,000.
 

SuperTortolano

Bounce Radge
When you say it's up a grand can you tell us what the base figure/investment was?
Last week or whenever it was I posted, the price per bitcoin was roughly $7300. The price right now is just over $8300. It’s a very volatile trading market. It could feasibly drop to $6000 by next week, or $10,000. I’m not investing for the short term like that, I’m banking on it 12-24 months from now. I think it will be well over $20,000 by then.

Really hard to make any kind of call, from what research I’ve been able to do, I think it’s just going to get bigger and bigger. Like I said. The biggest bullion dealers in the world accept it as a form of payment, places like Expedia take it too. If it becomes proper mainstream or Amazon starts accepting it, it will skyrocket.

Also the market is capped out. There are 17 million bitcoins in circulation right now and only 21 million will ever be mined. That’s it after that. After 21 million, no more will be created. It sounds like s big number, but in reality it’s pretty small compared to say gold and silver. Gold for instance mines about 50 million Troy ounces per year.

I’m no financial expert, more of a gambler than anything. I will put my money where my mouth is if I really fancy something strongly though. It will be interesting to watch this one play out over the next few years.
 

HenryLB

Donator
Bounce Radge
Last week or whenever it was I posted, the price per bitcoin was roughly $7300. The price right now is just over $8300. It’s a very volatile trading market. It could feasibly drop to $6000 by next week, or $10,000. I’m not investing for the short term like that, I’m banking on it 12-24 months from now. I think it will be well over $20,000 by then.

Really hard to make any kind of call, from what research I’ve been able to do, I think it’s just going to get bigger and bigger. Like I said. The biggest bullion dealers in the world accept it as a form of payment, places like Expedia take it too. If it becomes proper mainstream or Amazon starts accepting it, it will skyrocket.

Also the market is capped out. There are 17 million bitcoins in circulation right now and only 21 million will ever be mined. That’s it after that. After 21 million, no more will be created. It sounds like s big number, but in reality it’s pretty small compared to say gold and silver. Gold for instance mines about 50 million Troy ounces per year.

I’m no financial expert, more of a gambler than anything. I will put my money where my mouth is if I really fancy something strongly though. It will be interesting to watch this one play out over the next few years.
I'm not saying your forecast is wrong but gold is not instantly replicable whereas Bitcoin basically is, no?

Having said that if facebook have tried and failed to make one then maybe it isn't.
 

SuperTortolano

Bounce Radge
I'm not saying your forecast is wrong but gold is not instantly replicable whereas Bitcoin basically is, no?

Having said that if facebook have tried and failed to make one then maybe it isn't.
The huge advantage with gold, is it will NEVER go to zero, where bitcoin could possibly. There’s probably about 20-30 other cryptocurrency’s available, so quite a few have tried to replicate it, but not even close to the level of Bitcoin.

It’s a hard one to understand. They don’t make them out of thin air, they are mined using computers. I actually can’t figure that part out, but this year the number of bitcoin mined, gets cut in half. And after 21 million are mined/created, that’s it, maxed out.
 

aggie

Justified Radge
Bounce Radge
This is literally beyond my comprehension.
 

HenryLB

Donator
Bounce Radge
The huge advantage with gold, is it will NEVER go to zero, where bitcoin could possibly. There’s probably about 20-30 other cryptocurrency’s available, so quite a few have tried to replicate it, but not even close to the level of Bitcoin.

It’s a hard one to understand. They don’t make them out of thin air, they are mined using computers. I actually can’t figure that part out, but this year the number of bitcoin mined, gets cut in half. And after 21 million are mined/created, that’s it, maxed out.
my point though is that despite its system of creation bitcoin is essentially replicable as a store of value whereas gold isn’t, really.
 

SuperTortolano

Bounce Radge
my point though is that despite its system of creation bitcoin is essentially replicable as a store of value whereas gold isn’t, really.
Your 100% right. I’m actually a big fan of precision metals too, those are the real safe havens. Bitcoin could crash to zero, with gold that would never happen. I can’t fully wrap my head around bitcoin either. I’m taking a somewhat half educated punt on it going up. Short term I’m not so worried about the ups and downs. Longterm is where I think it will pay off.
 

HenryLB

Donator
Bounce Radge
Your 100% right. I’m actually a big fan of precision metals too, those are the real safe havens. Bitcoin could crash to zero, with gold that would never happen. I can’t fully wrap my head around bitcoin either. I’m taking a somewhat half educated punt on it going up. Short term I’m not so worried about the ups and downs. Longterm is where I think it will pay off.
Fair play, I think as a bit of a punt it's got tremendous potential upside and I was certainly bang wrong about it last time, I'd just be careful not to put too much in due to the risk of ruin! Best of luck with it.
 

HibeeZab

Admin
Your 100% right. I’m actually a big fan of precision metals too, those are the real safe havens. Bitcoin could crash to zero, with gold that would never happen. I can’t fully wrap my head around bitcoin either. I’m taking a somewhat half educated punt on it going up. Short term I’m not so worried about the ups and downs. Longterm is where I think it will pay off.
I’ve taken the view cryptocurrencies have more in common with stocks than they do commodities - I know factually that may be incorrect, but from an investment/gamble perspective in terms of their volatility and ability to completely crash.
 

MSG_07

Bounce Radge
@SuperTortolano kitchen walloper Gordon Ramsey suggested investing £200 to begin with. Is this sound advice? I take it after you make the initial gamble it's just a case of monitoring the market and seeing if you want to invest more? I know absolutely nothing about this like a few others.
 

SuperTortolano

Bounce Radge
@SuperTortolano kitchen walloper Gordon Ramsey suggested investing £200 to begin with. Is this sound advice? I take it after you make the initial gamble it's just a case of monitoring the market and seeing if you want to invest more? I know absolutely nothing about this like a few others.
I wouldn’t invest more than your prepared to lose. There’s every chance it could crash and you lose £200. There’s also a chance that £200 could turn in to £2000.

It is a case of monitoring the market and the trends. If it goes mainstream, I see it really taking off. It’s already been as high as $20,000, a lot of people are calling for $20,000-$50,000 by the end of this year. I’m encouraged by the fact the huge bullion metal dealers accept it as payment and Expedia. If someone like Amazon starts accepting it, it will soar.
 

HenryLB

Donator
Bounce Radge
If someone like Amazon starts accepting it, it will soar.
There's an interesting tension there. Because the more likely it is to increase (or indeed decrease) quickly in value the less likely Amazon are to start accepting it because it then has less use as an actual currency.
 
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