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re: Are Bitcoins
Posted on 12/14/18 at 11:09 am to lsugerberbaby
Posted on 12/14/18 at 11:09 am to lsugerberbaby
I don’t know much about stocks in general
I just want to find something that will pay off in the long run
I just want to find something that will pay off in the long run
2
Posted on 12/14/18 at 11:59 am to lsucoonass
Are you in a position to invest in a volatile market?
Honestly, the volatility of BTC itself is pretty low right now. If it dips more, it might go to $2K. I can't see it going much lower than it is right now. However, BTC can swing $500 - $1,500 in a day.
My suggestion. Buy it and don't look at it except for when you're buying more. I think in 3-5 years, you'll be happy.
You can also accumulate more BTC by buying the altcoins. That's a whole new beast. That's where you can lose your Bitcoin. Remember 1 BTC = 1 BTC. And again...if you're on twitter and start following some of these crypto "OG's" - don't fomo into the alt market...and don't buy their shite.
Honestly, the volatility of BTC itself is pretty low right now. If it dips more, it might go to $2K. I can't see it going much lower than it is right now. However, BTC can swing $500 - $1,500 in a day.
My suggestion. Buy it and don't look at it except for when you're buying more. I think in 3-5 years, you'll be happy.
You can also accumulate more BTC by buying the altcoins. That's a whole new beast. That's where you can lose your Bitcoin. Remember 1 BTC = 1 BTC. And again...if you're on twitter and start following some of these crypto "OG's" - don't fomo into the alt market...and don't buy their shite.
Posted on 12/14/18 at 2:49 pm to lsucoonass
quote:
I don’t know much about stocks in general I just want to find something that will pay off in the long run
If you're debt free, have an emergency fund and have some money left over AFTER socking away as much as you can into low fee, no-load growth stock mutual funds (401k, IRA, HSA), then sure, toss some play money into something like this, that is highly speculative and volatile. Based on a long history, the probability that you will make money in a growth stock mutual fund or S&P 500 index fund over a 10 year period is EXTREMELY high.
I don't know (or personally care) where Bitcoin or the crypto market will be in 5 or 10 years. It doesn't have a long enough track record to be able to say with any confidence. And I'm not saying that it's a scam. But it and the other cryptos are what I said they are: volatile, highly speculative investments. And it's highly unlikely that you're going to build meaningful, long term wealth on investments such as those. I'm not taking a piss on cryptos. I'd say the same thing if you were asking about trading options or commodities... or getting into Alpaca farming.
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