Ninjastic
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Re: Investing in Bitcoin.
by
Benson Samuel
on 14/04/2015, 10:27:05 UTC
Quote from: DeltaForce103 on April 14, 2015, 09:44:02 AM
Namaste, BitcoinTalkIndia.

Ever since the past year or so, I've followed Bitcoin with an increasing amount of interest. Since then, I've seen Bitcoin amass an impressive number of endorsements from tech corporations and the financial elite. I think an open-source, decentralised, peer-to-peer cryptocurrency has the possibility of revolutionizing the present monetary system. I appreciate the philosophy behind Bitcoin and cryptocurrency in general. But until now, I've only owned a very small amount of bitcoin.

I've been given permission to invest a considerable (speaking relatively, of course) sum of money into Bitcoin as a long-term investment. I'm thinking of buying up more than BTC6 for now. According to the Winklevoss brothers, Bitcoin has the potential to rise to 40,000 USD a coin in a "small" bull scenario. If one chooses to believe this, then now couldn't be a better time to invest in Bitcoin. On the other hand, there is also the possibility that the price of a bitcoin could fall to zero.

I apologize if my questions seem too non-specific but they are the following,

  • In your personal opinion, is now a good time to invest in Bitcoin?
  • Would it be better to buy in small increments over time or all at once?
  • What exchange would be the most reliable to buy bitcoins in India? I've tried out unocoin.com and it seems to be sufficent.
  • Would it be alright to store the Bitcoins in an online wallet such as the exchange itself and blockchain.info or is a private wallet the only way to go?
I would appreciate your input. Thank you.

As long as more than 2 people agree on the Bitcoin protocol, Bitcoins price cannot go to 0. There are several other reasons as well as to why 0 may never happen with Bitcoin.

  • This is impossible to answer as an investment, The Global market of Bitcoin promises that there will always be periods of highs and lows.
  • It is always advisable to spread your buying rate around a long term average and follow that number.
  • Reliability and Transparency wise, Coinsecure is a lot better than the rest. On Trade Order Book volumes seem low, but trades that come up at market price get completed very quickly.
  • Depends on the volume of purchase, You could use an online wallet as a hot wallet, a Trezor as a warm wallet and a paper wallet that has your larger amounts.