Stocking up on bitcoins

[squadus]

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.

 

[chihuahuasniper]

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.

 

[DrHenley]

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?

 

[chihuahuasniper]

And if the Internet goes down?

Exactly. Another drawback of Bitcoin is there's virtually no way of converting it into cash instantly like an ATM. I know they have Bitcoin ATMs, but they're really, really hard to find, especially if you're in the third world.

 

[Maverick]

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]

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]

 

[Jayson]

Maybe I’ll invest in this currency...

 

[TexasFreedom]

I think Doc has the best technical analysis in that picture relating to crypto currencies.

 

[DrHenley]

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]

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.

 

[Mountain trapper]

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.

 

[user 6493]

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]

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?

 

[Brent S]

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.

 

[DrHenley]

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.

 

[Maverick]

I'll never invest money into a ghost machine, I don't care what Bill Gates says, I cant afford the loss!

 

[Mountain trapper]

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.

 

[AnarchistPrepper]

How could Bitcoin be worth anything in the aftermath of a economic meltdown that would most likely destroy the entire power grid and thereby the Internet?

 

[BillMasen]

I think that in order of SAFETY of my investment I would go

Platinum
Gold
Silver
Bitcoin
Dollar / Euro / Pound

There is nothing backing up paper currency or bitcoin, but paper currency is always collapsing somewhere because of government stupidity.

 

[BillMasen]

Bitcoin just went passed $60,000 today.

 

[Brent S]

Bitcoin just went passed $60,000 today.

I sure wouldn’t invest in it now but sure as hell wish I had early on.

 

[MNwr786]

Exactly. Another drawback of Bitcoin is there's virtually no way of converting it into cash instantly like an ATM. I know they have Bitcoin ATMs, but they're really, really hard to find, especially if you're in the third world.

Coinbase is getting ready to offer a debit card for bitcoin that is accepted anywhere visa is accepted.

 

[AnarchistPrepper]

I think that in order of SAFETY of my investment I would go

Platinum
Gold
Silver
Bitcoin
Dollar / Euro / Pound

There is nothing backing up paper currency or bitcoin, but paper currency is always collapsing somewhere because of government stupidity.

I´ve sometimes thought about investing in Titanium which is not just shiny but also super-hard. After a collapse in the economy I think this could make it valuable, more so than gold or silver.

 

[Brent S]

I´ve sometimes thought about investing in Titanium which is not just shiny but also super-hard. After a collapse in the economy I think this could make it valuable, more so than gold or silver.

I’m sure titanium has many uses but just the fact that yellow gold has held such value for thousands of years makes me feel it will continue to do so no matter what. It is instantly recognizable by everyone and coveted by most. When you get down to it you can’t eat it but likely could trade it for food to someone.

 

[BillMasen]

I’m sure titanium has many uses but just the fact that yellow gold has held such value for thousands of years makes me feel it will continue to do so no matter what. It is instantly recognizable by everyone and coveted by most. When you get down to it you can’t eat it but likely could trade it for food to someone.

what I like about it is its valuable as a commodity like gold but you can make great tools like knives out of it as well.

 

[lonewolf]

cant see the point of any finance, not even coins and notes in a SHTF situation, only a fool would swap food for something they cannot use.

 

[MNwr786]

Not sure we have any titanium reserves, most of it comes from russia. I have heard of gold stocks (which I dont understand) so if you invest in titanium, do so tangibly and in anounts useful for tool manufacture and aviation/aerospace. A few hundred ounces probably wont turn a profit.

 

[Mountain trapper]

cant see the point of any finance, not even coins and notes in a SHTF situation, only a fool would swap food for something they cannot use.

There will always be people who will trade many things for gold. Fools? Not necessarily. Maybe someone has an abundance of food who will trade some of it for gold. SHTF won't last forever. I'd gladly trade a beef for some gold.

 

[Brent S]

I like investing in real currency. I just bought a really nice 1804 half cent. At least I can hold it.....