Hey Everyone,
I am not a bitcoin miner but I do support it and want to invest in hopes of making some extra $$$. I've been watching the bitcoin price rise and drop over the week and I am unsure when to buy. Before I do though, I have a few questions:
1. Where do you see the price of the BTC by 2013? (BTC/USD)
2. Is it stable enough now or could the bitcoin system easily crash and turn into nothing?
3. If you personally had $10,000+ to spare, would you invest it in bitcoins?
4. Is it going to reach $1000/btc eventually or is $15-20 (current price) pretty much the standard price now?
5. When would you buy? Now? In a week? Explain.
Any advice/help/opinion is welcome and thank you in advance!
1. 1BTC/$100
2. I doubt it will crash, but it is possible
3. If that $10,000 were gambling money yes, it's a high risk high return investment currently
4. It shot up in price a whole lot just recently, I wouldn't expect any stability for a while yet.
5. Now, I'd suggest dollar cost averaging, buy a certain amount in dollars each week, that's the safest strategy for a commodity that fluctuates but increases in the long term, which is the behavior bitcoin usually has.