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Sign up with GoogleLooking to buy Bitcoins
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- bitcoin bitx.co.za
MisterFortySomething
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Have a look at bcchanger. You contact sellers directly and can use paypal for most of the trading. Just be sure to read the site's info on how to protect yourself from scams and use an escrow service. I see one guy advertising 5 coins for $85/BTC.
Disclaimer: I haven't used the site yet, but I intend to in the future.
Disclaimer: I haven't used the site yet, but I intend to in the future.
MisterFortySomething
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Just found my old wallet...7.5 BTC...a nice start to the day
You gonna sell it or keep it? (I'm not interested in buying, just curious).
w1z4rd
Karmic Sangoma
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Its a virtual crypto currency with absolutely no actual value or backing behind it except that which those that own them decide on.
Basically its like gold, but without the gold.
Right now it is very very volatile. Very volatile. Like down to $40 up to $140.... several times in one day. Right now I would wait for the dust to settle. Because it is a currency like the gold standard (it has no real value beyond that which is decided)... its going to boom and bust like a mother****er.... and the busts are HUGE!
For interest sake are you trading/buying bitcoins?
w1z4rd
Karmic Sangoma
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Ive got some, but I am not trading them. I dont have many anymore. Dont put any money into them that you are not happy to write off if it fails.
Tweebeenvis
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I had a go on bcchanger and honestly it almost put me off the whole thing, it seems every second person is a Nigerian looking to scam you. Just my 2c.
Yes I understand it is basically like buying stock? But now what would be the demand for bitcoins? How would you be able to convince me to get into the market? I mean a think it's just the thought of "made up money" , is it like a pyramid scheme in a way you would say?
Sorry for all the questions.
Here is a good read on a bitcoin forum, basically comparing it to WoW gold, makes it easier to understand in a way https://bitcointalk.org/index.php?topic=10502.0
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MisterFortySomething
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I can't agree more. This is not the place for your life savings.
I want to buy, but I'm waiting to see if it really settles (for a while, at least) around $120 before I spend anything. I've been following the trends for a while and thus far my predictions on what the market will do has been 100% wrong. This is the most volatile market I have ever seen.
As weird as bitcoins is to me and doesn't seem very logical, I can't help but feel that it might be a good investment, in the long term though.
w1z4rd
Karmic Sangoma
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At this point trading bitcoins is straight gambling
I think I saw the price a couple of days ago at $90, now theyre up to $120. I wouldnt pay anything over $100. I would wait for the next major burst (when they drop to like $40).. and sell them the next time theyre at $200Tweebeenvis
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I've been looking for awhile at websites to buy from. It seems impossible to just buy directly with your credit card and you have to jump through so many hoops (covert this to that and then to that), at the end the fees are a joke. Bitx does seem decent though, some way to get onto the international market would be nice though...
MisterFortySomething
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Thanks for the heads-up.
Some backers of Bitcoins say exactly that: Buy a bunch, forget about them for a decade regardless of where the market goes.
Others say exploit the volatility and try to make a quick buck.
Bitcoins are weird. Their whole reason for existing is to have a currency that is not based on normal economic principals and that is out of reach of governments and banks. At this stage it is impossible to say for sure what will happen to them in the long run, so be very sure before you spend money buying.
MisterFortySomething
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As the OP said, Bitx doesn't have very large permitted volumes but they are legit and trading there is easy.
Another site I've seen is localbitcoins.com, but I suspect it will be similar to bcchanger.
The supply side dynamic of gold and silver is heavily influenced by mining difficulty. Ore grades keep diminishing, especially for silver, and miners are holding onto their supply if the price is too low.
Apart from industrial and jewellery demand, gold and silver can also be valued according to the cost of labour to mine at the time of valuation. This is why precious metals have a long-term uptrend in valuation, due to increasing mining difficulty.
10 years from now a lot more energy and labour would be require to mine an ounce of silver or gold than today. Hence, one may think of precious metals as representing energy or labour. Bitcoin also represents expended energy and labour that is/was required to bring every coin into existence. Each coin is a proof of work.
What makes cryptocurrencies like Bitcoin and Litecoin different is that it does not have direct industrial or adornment demand, it is also not tangible in the physical sense. Bitcoin is tangible in a logical, informational and scientific sense though, as every coin is explicitly tracked and accounted for in a decentralized manner.
Bitcoin is designed from the ground up to have complete transparency and robustness. A 51% attack is possible, but the miners actively avoid having a majority share because it would destroy the currency and their holdings.
When the Bitcoin money supply expansion is stopped at 21 million BTC then each bitcoin will represent an infinite amount of energy required to bring it into existence. Wrong, that doesn't make practical sense. The value of a bitcoin will then only be in its trusted role as a medium of exchange, and processing power will be rewarded solely by transaction fees.
Bitcoin investment is risky at best, especially at this +$100/BTC value. Yet, even at this relatively late stage there is still much potential, and I guarantee that there will be many players making 100 baggers over the next 3 years, if they know where to invest their play money in this virtual market. There will also be a lot of losers, so I only play with what I can lose.