Investing in Bitcoin

Discussion in 'Bitcoin' started by oportosanto, Aug 10, 2017.

  1. oportosanto

    oportosanto Moderator

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    A couple of months ago I was determined to invest in Bitcoin, I was following BTC on a daily basis, several times per day, and when the value dropped to close to $900 I said, my time is now. What made me block and chicken out (haha yeah) was that to purchase BTC I needed to transfer my money (a good amount of it) to Coinbase, and only after a couple of days the purchase would be complete. What if meanwhile the value decreased? It's a risky business..., anyone doing it?
     
  2. zheh

    zheh Member

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    Hi guys,

    I'm from Philippines and honestly I've just learned about the BitCoin accidentally, there's this mobile app here in the PH which I joined and one of its features is I can convert my peso to Bitcoin. Most of the post i've seen here is usually in $ so i'm really confused on how this works. Just recently i just tested it and convert my Php 25.00 to bitcoin and that same time i checked on how much is it if i return it to peso but to my disappointment my 25 pesos became 23 pesos. I am sure you guys know on what should I look first before i convert my peso to bitcoin. Please give me heads up on what should i consider. Thank you very much. Your ideas will be much appreciated.
     
  3. RyanWeb

    RyanWeb Administrator

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    Because Bitcoin is Volitatle and has been profitable, exchanges can get away with charging large fees. Coinbase (another exchange) is no different than what you used @zheh. When converting government issued money into Bitcoin, the fees can be rather high.

    @oportosanto When you buy from Coinbase, you are correct the price of Bitcoin can go up or down, but when you hit the submit button you are locked in at that rate, and getting the Bitcoin at that price, even if it does take a while for your account to be credited. If you use Credit Card it is instant, but if you use bank wire, they want to make sure they receive the money first before releasing the coins.
     
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  4. alexanderzx360

    alexanderzx360 New Member

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    I did the exact same thing a couple of months ago when the BTC rocketed up to 2800$ and then lowered back to 2200$. What kept me from doing it is that I would've invested less than a hundred bucks, and that I wouldn't see any short-term results.

    About the Coinbase thing, you can always buy bitcoins directly from other people. Localbitcoins is a good website for that but you have to be very careful with who you're dealing with.

    Cheers!
     
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  5. oportosanto

    oportosanto Moderator

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    Ha, never knew that, so thanks for the explanation. :) At the same time, the fees Coinbase charge for a Credit Card deposit are entirely different (more expensive) than with a bank wire, and my personal limits were significantly lower too. I should have just jumped in though lol, but fear of the unknown settled in haha.

    @alexanderzx360 you are right, we can buy them directly, but we can also be scammed in that process. It's a risky business!
     
  6. lovely

    lovely New Member

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    Learning in progress.I think it a good thing to deal in Bitcoin.I have been so curious to know how profitable Bitcoin investment could be.

    I need to invest in this business.
     
  7. zheh

    zheh Member

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    I think i have to study this more because few people here in our country knows about this. And i think the people here use bitcoin as a tool in their networking business. So i think i have a long way to go and really should be careful and read more about this.
     
  8. oportosanto

    oportosanto Moderator

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    It is a good deal, considering you have money to invest. If one BTC today is close to 4k, that's the money you need to invest to buy one. At the same time, if you had bought one yesterday at $3300, today you would have won $500, as the value increased $500!
     
  9. zheh

    zheh Member

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    Is anyone here from the philippines who have enough knowledge in bitcoin? Where and when to buy and who to trust?
     
  10. RyanWeb

    RyanWeb Administrator

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    @oportosanto is correct, and some people don't know that you don't have to buy a whole bitcoin at once, you can buy a fraction of one. You can invest $1 or $100, or $1,000.

    My buddy thought he had to save up $2000 to buy one, and when he got $2000 the price was $3000 lol. I was like No.... You can invest any amount lol
     
  11. RyanWeb

    RyanWeb Administrator

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  12. zheh

    zheh Member

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    That's where i tried to buy but peso to bitcoin is really high and bitcoin to peso is low. I don't know if i just lack knowledge though yesterday i've earned a few bucks when i checked that it got higher. I'm still observing now on when is the right time to trade again. Thank u for your info atleast i know now thats coins.ph is really legit.
     
  13. alexanderzx360

    alexanderzx360 New Member

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    As you said it's a risky business! But I have a few tips for you:

    1 - Check if any other friends have used Localbitcoins, that way they can recommend you the user that htey dealt with

    2 - Always research the other party involved in the trade, spending a few minutes of your time looking at their profile, checking his username on google and any other kind of thing it's great for building trust

    3 - Be very perceptive when you talk with them, if they seem too much in a hurry for you to make an upfront payment, maybe something is a bit wrong!

    Hope this works for anyone dealing in those types of websites! Cheers
     
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  14. zheh

    zheh Member

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    Guys i've been observing the trade since yesterday and i notice that its getting higher every hour. Do you think it will continue going up? Is it still ok to buy now or should i wait for it to go low before trading? I regret that i withdraw my money the other day. Never thought it can go this high. :(
     
  15. oportosanto

    oportosanto Moderator

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    Thanks for the tips @alexanderzx360, but I am holding myself for now, even if the value keeps increasing. I am not entirely done from the fact I missed the opportunity to buy at $900 a couple of months ago.

    @zheh, according to our cryptocurrencies master @RyanWeb, bitcoin will reach 5k really soon! ;)
     
  16. RyanWeb

    RyanWeb Administrator

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    I agree, 5k by the end of the month, or at least $4,800 or around. The 5k target was the news, so people may try to short it with a little resistance, but once we pass 5k, the next psychological target is 10 k.

    I would say at the current rate, we could see 10k by the end of the year. Its comparable to a snowball, or something going viral. Once FOMO fully sets in (its starting to), it could really rocket.

    That said, I feel like the current price is to high for me personally to invest more into, as anything can happen either way. But so far we have been looking good.
     
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  17. zheh

    zheh Member

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    Wow thanks, it means its still wise to trade now. Thank you so much. I'm going to trade now and keep watching. Won't trade high amount though. Still need to observe and learn more.
     
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  18. oportosanto

    oportosanto Moderator

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    Wow 10k seriously? It's starting to look like the real estate or financial bubbles we had in the past, fortunes can be made, but when the bubble pops we will be back to the hard reality. Nothing like trading and making a short term profit.
     
  19. zheh

    zheh Member

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    I think its still ok to trade now but just don't invest too much cause we'll never really know when its going to last. It's hard to gamble.
     
  20. giovanniiiii

    giovanniiiii New Member

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    I have heard of bitcoin for a long time but I never realized until now that there is actually a trading and investment business for it. I live in the Philippines too and have tried out Coins but opted out right away because I am not sure how to works. I would love to invest to bitcoin seeing as how profitable it can be. My earnings online always go through my Paypal and I rarely withdraw it because I would just spend it right away. Can you guys suggest any sites for this?
     

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