Ask HN: Should I buy Bitcoins or is it too late? | Hacker News Reader

Ask HN: Should I buy Bitcoins or is it too late?

9 pointsnkkollaw17 comments

I tried buying Bitcoins from Italy when they were $300, and I couldn't figure out an easy way to do it.

Now I guess it's a lot easier to exchange traditional currencies with Bitcoins, but is it to late?

I believe there's a lot of speculation and we might see a huge fall soon, although Russia backing Bitcoin and possibly passing some kind of law to deal in Bitcoin might give it another spike.

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Tulips. Buy tulips.

(This is not intended as investment advice. Please talk to your financial adviser before doing anything.)

Bitcoins don't have to be sold, unlike tulips.

This is a reference to the medieval Dutch tulip market. http://www.investopedia.com/terms/d/dutch_tulip_bulb_market_... The same sort of things might be happening with bitcoin. Or, it could have real value because it's an easy-to-use currency.

> it's an easy-to-use currency

Is it though? As a US citizen with access to checking/savings accounts, cash, and credit cards:

1. How do I safely buy, store, and sell Bitcoin without getting ripped off somehow

2. Where/how can I spend my Bitcoin? Only online or are there any real stores that take it too?

This is a serious question and one I've never heard a clear answer to. I used to be very into sports betting but the process of legitimately getting money into an account and back out was always a big turn off.

It feels like the same is true of Bitcoin but I'd love to be proven wrong.

Whenever there is a big spike in BTC prices there is a wave of people who catch a case of FOMO.

Like I've said in other threads similar to this - don't invest now just to make a quick buck. You're seeing a temporary price rise and think it will keep going so you want it.

My advice is to buy in only if you actually believe BTC has a future. Play the long game. If you're expecting to buy in now, wait two weeks, and re-sell it for 10x profit you will be disappointed.

Crypto markets are highly volatile. Just take a look at any price graph over the past year for BTC or ETH. Yes the prices have gone up, but it has been a roller coaster week to week.

Only invest what you would spend on a lottery ticket. Chances are you will not become an overnight millionaire. The people who have made huge returns on crypto got in at the earliest stages and held their coins until recently. If you don't have the patience to wait it out, don't bother.

But to answer your question - no it is not too late. Is it too late to start investing in a 401k? Or too late to buy facebook stock? Crypto is a gamble, not a get-rich-quick-scheme. Treat it with caution and back crypto techs you believe in.

What you are feeling is called Fear Of Missing Out. It's how you throw caution and logic to the wind and lose money.

I bought 3 bitcoins at 3000$ but I don't think of it as an investment, just a lottery ticket. I have them stored in a hardware wallet and just hope one day they will be worth one million each.

Hope for you it happens.

You can earn some interest by lending your bitcoins. I'm using https://www.welendbitcoin.com and it works great, although rates are extremely low at the moment.

> hardware wallet

What's this?

Buy small increments over a period of time when there are dips, or wait for a massive crash. But it is never too late.

There are also other coin markets that are on the beginning of upward slops.https://coinmarketcap.com/

Thanks, I'll take a look!

I've been following the price of Bitcoin on GDAX and it is interesting to see the 12 period EMA and 26 period EMA overlays. From what I've seen (and I don't have historical data, just what is on the chart for any time I look) when there is a crossover that has been a decent time to sell (when the 12 period crosses below the 26 period) or buy (when the 12 period crosses above the 26 period). Now I will say I'm not a professional trader but know just enough to make myself think I am one and lose all my money but that has been how I've been timing my entrances and exits into bitcoin (I'm not making much money because I'm not using much, I'm putting as much as I feel comfortable losing in).

It's never too late. Yes, buy. But buy in small increments regularly over time (say 10$ weekly or $50 monthly or whatever disposable income you're willing to let go into the future and WILLING TO LOSE FOREVER). It's the perfect instrument for dollar cost averaging.

But most importantly when you've got your automatic setup going at a reputable exchange FORGET ABOUT ALL CRYPTO. Turn off all your alerts, ignore the news. Then when you're ready to retire look up your BTC investment.

In the end, with any investing, your emotions are your ENEMIES. Set it and forget it. Don't sell when it's low and don't buy when it's high.

There is no way to know the answer to that question.

Diversify your crypto portfolio.

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