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PurpleGaga27

Does anyone here invest in Bitcoin?

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The price of Bitcoin continues to rise like hell and is more valuable than gold and even diamonds! Currently 1 Bitcoin is enough to buy a decent car in America.

For those who don't know what Bitcoin is: https://en.wikipedia.org/wiki/Bitcoin

But as of today, I still don't believe in making money through virtual currency and that doesn't mean this replaces a job(s) to make a source of income.

Edited by PurpleGaga27

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Investing in bitcoin is not a wise move for causal investors, as it is extremely volatile. In countries with an unstable currency prone to high inflation, it might be useful as an alternate currency though.
 

46 minutes ago, PurpleGaga27 said:

is more valuable than gold and even diamonds

Bitcoins are immaterial and so are incomparable to gold or diamonds; which is worth more, a t oz of gold or a t oz of bitcoins?
 

52 minutes ago, PurpleGaga27 said:

1 Bitcoin is enough to buy a decent car in America

The value per bitcoin is pretty irrelevant. It is usually traded in smaller decimal units, down to 1/100,000,000, which is worth about US$0.0002.

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I'm not investing in crypto just yet. I'm going the traditional route at the moment.

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Even PC Gamer thinks using one Geforce 1080 Ti (without overclocking) will mine Bitcoin for about $8 a day. And this chart has info (excluding the Geforce 1030):

T3VxgWitB2ynCSducg37df-650-80.png

Source: http://www.pcgamer.com/hang-onto-your-graphics-cards-as-cryptocurrency-mining-spikes-gpus-prices

The last time I tried to mine Bitcoin using my Geforce 1030 was two weeks ago (even with overclocking) and mined it for several hours and couldn't make a penny out of it. I gave up mining after that and I didn't want to try mining Ethereum instead. If 1 Bitcoin is $1 million USD, then mining it with my video card will have some value.

 

Even this is a bad time to buy graphic cards: 
http://www.pcgamer.com/its-a-terrible-time-to-buy-a-graphics-card/
and
http://www.pcgamer.com/even-without-price-gouging-most-nvidia-graphics-cards-cost-more-now-than-in-2016

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He makes a really dumb argument against it. And his claim that it caused deaths in a "direct way" because it can be used to buy illegal drugs is not only a complete failure to comprehend the meaning of the word "direct," but could also be said about normal hard currency.

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Maybe, but illegal activities are among the few actual practical uses of cryptocurrencies.

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If I had a Bitcoin, how quickly could I turn it into cash?

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3 hours ago, TaxOwlbear said:

If I had a Bitcoin, how quickly could I turn it into cash?

If there is an ATM that turns virtual Bitcoin into cash, then it's quick. Otherwise online you have to redeem and convert into money checks, not cash. After all, they are property income for your taxes if you earn some.

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Sounds more like a commodity than an actual currency then.

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This is the longest article I have read in a long time, especially coming from PC Magazine. Venezuela is now depending on cryptocurrency to save their own country despite ridiculous inflation values, debt and sanctions: https://www.pcmag.com/feature/362486/in-venezuela-cryptocurrency-is-an-oppressor-and-a-lifeline

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Huh, that reminds me of something I read somewhere.

Hmm, now who was it and where did they say it...

Oh, that's right!

On ‎7‎/‎12‎/‎2017 at 6:25 PM, Nmenth said:

In countries with an unstable currency prone to high inflation, it might be useful as an alternate currency though.

 

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Hello !

What do you think of other cryptocurrencies ? Ripple seems like a new good cryptocurrency

I think I will invest some money in it

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