Is Bitcoin Really All That???

[Bilal Habib]

Hi,Guys I just want to know if I should invest in a part of a bitcoin or leave it as the price is to high?is it really as big as people make it?if I should invest can you share the website please?

[Bandit]

Do you want the common sense version or the high stakes risk/reward version that most of the younger folk on this forum subscribe to?

 

Common sense:

1. Makes sure you have insurance (as in income protection, dread disease cover etc)

2. Settle your debt (as in bad debt...credit cards etc)

3. Build up your emergency fund (as in 6 month's worth of expenses)

4. Invest

 

4.1. If you don't have a pension fund, get an RA. Even if it is just for a small amount you'll at least get to take some advantage of the tax break they provide.

4.2 Set up your core investments. Unit trusts, ETFs etc. These provide a solid bedrock for capital growth and is for the long term (Buying property will probably fall in this category and with some clever financial gymnastics your emergency fund will be part of your access bond)

4.3. Once all the boring stuff above is sorted out and you are more financially secure, you move into satellite high risk/reward investments including Bitcoin

 

I'm not a financial advisor so you should still speak to one but they'll more or less give you a similar view.

 

OR ... Young Investor Version

"I don't really understand the difference between Blockchain and Bitcoin but I heard it is the future so pump all your cash into here and HODL. You'll thank me in three years"

 

And you may very well have to write this young bloke with no real financial obligation like a family and school fees a thank you card in three years because you may end up super rich

[Bandit]

If you want to "invest" in Cryptocurrencies the South African ones are luno.com, ice3x.co.za and altcointrader.co.za (Luno being the biggest, slickest and easiest one of them all).

[Bilal Habib]

Do you want the common sense version or the high stakes risk/reward version that most of the younger folk on this forum subscribe to?

 

Common sense:

1. Makes sure you have insurance (as in income protection, dread disease cover etc)

2. Settle your debt (as in bad debt...credit cards etc)

3. Build up your emergency fund (as in 6 month's worth of expenses)

4. Invest

 

4.1. If you don't have a pension fund, get an RA. Even if it is just for a small amount you'll at least get to take some advantage of the tax break they provide.

4.2 Set up your core investments. Unit trusts, ETFs etc. These provide a solid bedrock for capital growth and is for the long term (Buying property will probably fall in this category and with some clever financial gymnastics your emergency fund will be part of your access bond)

4.3. Once all the boring stuff above is sorted out and you are more financially secure, you move into satellite high risk/reward investments including Bitcoin

 

I'm not a financial advisor so you should still speak to one but they'll more or less give you a similar view.

 

OR ... Young Investor Version

"I don't really understand the difference between Blockchain and Bitcoin but I heard it is the future so pump all your cash into here and HODL. You'll thank me in three years"

 

And you may very well have to write this young bloke with no real financial obligation like a family and school fees a thank you card in three years because you may end up super rich

 

I did take out some investments though I always look for more

[BitcoinZAR]

I would say "YES", to investing in some bitcoin. It is not expensive in terms of how much you want to spend. You can buy bitcoin to the value of R5 if you would like to.

[Bilal Habib]

I would say "YES", to investing in some bitcoin. It is not expensive in terms of how much you want to spend. You can buy bitcoin to the value of R5 if you would like to.

 

 

If I do want to buy one can you please explain me were to go ? And do I have to go online every day or can I just leave it for a while ?

[BitcoinZAR]

 

 

If I do want to buy one can you please explain me were to go ? And do I have to go online every day or can I just leave it for a while ?

 

You can buy on luno or ice cubed exchange, just register and verify your account with your ID and proof of address, and add your bank account information. You can EFT Rand to the exchange to fund your account, and then use those funds to buy bitcoin.

 

I have some step-by-step walk-through posts here: https://www.bitcoinzar.co.za/step-step-bitcoin-guides/

 

No, you do not have to go online every day. Once you have bitcoin you can leave it until such time as you would like to sell it again. I would suggest starting small to test the process, and then buying a little every month like a savings plan. Let it accumulate over time, so that you are not risking a large amount in one go.

[YoungInvestor]

Nice never knew you could buy such little amounts GREAT to know!

[Nicole67]

I do not invest in bitcoins at all. Why? Because the price is simply to high to me. But I earned a lot of them in 2009, 2010 and 2011 so Iam able to trade with them, sell them and stuff like that. But i wont buy them at all and defenitly not at this moment, where the price is to high

[BitcoinZAR]

This video from a bitcoin meetup in Munich is really good, and answers a lot of questions people have about bitcoin. It is a long video, but you dont need to watch it, you can listen to the guys talking, so can play it in the background. The second guy is the main speaker, but the first guys talk is interesting too https://youtu.be/Ogo48C5fXjk