Should I buy bitcoins?!

[Shia Islam]

I have to say the following first:
1. I have almost no idea about what bitcoin really is!!
2. I am currently involved in building a personal house..so i have very little to invest in things like bitcoin..

also if you recommend taking such a step, then how to buy it?

 

[Mindmaster]

I have to say the following first:
1. I have almost no idea about what bitcoin really is!!
2. I am currently involved in building a personal house..so i have very little to invest in things like bitcoin..

also if you recommend taking such a step, then how to buy it?

No, because you will probably pay 20% of the value in transaction fees,

 

[Duke_Leto]

No. It's an incredibly volatile investment and it's essentially a bubble. Getting your money out of it can be difficult or expensive, and some online vendors have already stopped accepting it as payment. Investing in it right now seems really dangerous IMO.

 

[Twilight Hue]

I have to say the following first:
1. I have almost no idea about what bitcoin really is!!
2. I am currently involved in building a personal house..so i have very little to invest in things like bitcoin..

also if you recommend taking such a step, then how to buy it?

I heard people mining for Bitcoin.

 

[oldbadger]

I have to say the following first:
1. I have almost no idea about what bitcoin really is!!
2. I am currently involved in building a personal house..so i have very little to invest in things like bitcoin..

also if you recommend taking such a step, then how to buy it?

Good luck with the building operation!

I suggest that you leave bit-coin alone, because each one is very very expensive now, and so would 'lock down' funds which can be converted into more simple commodities such as gold coins or collectibles if you have knowledge about any particular 'type'. A friend of mine buys and sells antique buttons!

 

[Godobeyer]

I have to say the following first:
1. I have almost no idea about what bitcoin really is!!
2. I am currently involved in building a personal house..so i have very little to invest in things like bitcoin..

also if you recommend taking such a step, then how to buy it?

I don't know about this issue much
For first impression about what I heard, it's just virtual currency ,so it's had no credibal value in real life yet.

So don't waste your money

 

[England my lionheart]

I think it's a boom that will go bang any time soon,if you can afford to lose a certain amount of money without impacting on your life it's a gamble, people win on it but there has to be losers.

 

[Laika]

I have to say the following first:
1. I have almost no idea about what bitcoin really is!!
2. I am currently involved in building a personal house..so i have very little to invest in things like bitcoin..

also if you recommend taking such a step, then how to buy it?

No. It looks like gambling and so you should only ever gamble with something you can afford to lose. That's regardless as to whether there is a speculative bubble or not (it looks like it is). If money is tight its a bad idea to throw it away, especially if you don't know what the risks you are taking.

Play it safe. You'll keep your money that way.

(p.s.I just checked google, 1 Bitcoin= £13,774.12 (UK). I wouldn't touch it and I couldn't afford to either as one bit coin is worth more than everything I have in the bank).

 

[9-10ths_Penguin]

I have to say the following first:
1. I have almost no idea about what bitcoin really is!!
2. I am currently involved in building a personal house..so i have very little to invest in things like bitcoin..

also if you recommend taking such a step, then how to buy it?

In general, when talking about investments, any time a person says "I have almost no idea what _____ is," the answer to "should I buy _____?" is "no."

 

[shunyadragon]

No. there is no inherent value in bit coins.

 

[Revoltingest]

I recommend investing in Buttcoin.

 

[Brickjectivity]

I don't know about this issue much
For first impression about what I heard, it's just virtual currency ,so it's had no credibal value in real life yet.

So don't waste your money

It is not just virtual currency, but no you should not buy it without understanding it. I will explain what it is and why it is DOOMED unless they fix it.

Here is an analogy that is not perfect: A bitcoin is a piece if encrypted information. If you own the bitcoin, then you own the private key which can decrypt it. The bitcoin program protects the list of bitcoins. They are all kept in a very long ledger, a chain of blocks of information that has many copies, one in each computer that is part of the bitcoin process.

Three things make bitcoin possible. First, there are some math problems that can only be solved through making millions of guesses. Secondly, there are millions of computers owned by different people. Bitcoin consists of millions of computers striving to be the first to guess the solution to a math problem. It usually takes about 10 minutes for such a problem to be solved, but the length of time varies. Third, public and private encryption keys make bitcoins possible. A bitcoin is a piece of encrypted information. It has been encrypted with a public key. If you are the owner of the bitcoin, then you have the only private key that can decrypt it. Those are the 3 things that make bitcoin possible.

Every computer in a bitcoin network is busy 'Mining', running expensive electricity using programs. They are all working to guess the solution to a math problem that is inside the most recent bitcoin block of information -- and they are all checking on another's work to prevent any dishonesty. To be on the bitcoin network, your computer has to participate in this work of making guesses and guaranteeing honesty. Bitcoin is based on this, and if you are not running the program then you are paying someone else to do it for you. It is not free.

All of this only works if the computers keep mining day and night, nonstop; but there is a limit to the maximum number of bitcoins. Eventually when no one can make more bitcoins then people will stop running the bitcoin software. I think when people stop running the software, the currency will stop being secure. It will no longer be possible to prove the work and to prove that the bitcoin ledger is unchanged. It is DOOMED.

 

[Flankerl]

If this was 6 years ago: Yeah sure.

Today? Far too late.

 

[Revoltingest]

It is not just virtual currency, but no you should not buy it without understanding it. I will explain what it is and why it is DOOMED unless they fix it.

Here is an analogy that is not perfect: A bitcoin is a piece if encrypted information. If you own the bitcoin, then you own the private key which can decrypt it. The bitcoin program protects the list of bitcoins. They are all kept in a very long ledger, a chain of blocks of information that has many copies, one in each computer that is part of the bitcoin process.

Three things make bitcoin possible. First, there are some math problems that can only be solved through making millions of guesses. Secondly, there are millions of computers owned by different people. Bitcoin consists of millions of computers striving to be the first to guess the solution to a math problem. It usually takes about 10 minutes for such a problem to be solved, but the length of time varies. Third, public and private encryption keys make bitcoins possible. A bitcoin is a piece of encrypted information. It has been encrypted with a public key. If you are the owner of the bitcoin, then you have the only private key that can decrypt it. Those are the 3 things that make bitcoin possible.

Every computer in a bitcoin network is busy 'Mining', running expensive electricity using programs. They are all working to guess the solution to a math problem that is inside the most recent bitcoin block of information -- and they are all checking on another's work to prevent any dishonesty. To be on the bitcoin network, your computer has to participate in this work of making guesses and guaranteeing honesty. Bitcoin is based on this, and if you are not running the program then you are paying someone else to do it for you. It is not free.

All of this only works if the computers keep mining day and night, nonstop; but there is a limit to the maximum number of bitcoins. Eventually when no one can make more bitcoins then people will stop running the bitcoin software. I think when people stop running the software, the currency will stop being secure. It will no longer be possible to prove the work and to prove that the bitcoin ledger is unchanged. It is DOOMED.

Sounds like an elaborate game.
I'd rather invest in booze.

 

[Brickjectivity]

Sounds like an elaborate game.
I'd rather invest in booze.

Its an experiment not a joke!

I think what will happen in the long run with this technology is that blockchain will stop being used directly as currency and will be used to guarantee information for shorter periods of time such as for 2 months or a year. The 'Bitcoins' will have expiration dates. Instead of currency the system will act as a notary. That has financial benefits and may improve institutional efficiency. It could allow funds while out on a trip, for example; while not acting as a bank vault. It could guarantee honest elections and such.

 

[sandy whitelinger]

I have to say the following first:
1. I have almost no idea about what bitcoin really is!!
2. I am currently involved in building a personal house..so i have very little to invest in things like bitcoin..

also if you recommend taking such a step, then how to buy it?

Mark Twain said, "Invest in real estate. It's the only thing they don't make more of."

 

[Revoltingest]

Mark Twain said, "Invest in real estate. It's the only thing they don't make more of."

Be careful though....taxes on it really add up fast.

 

[Sanzbir]

Diversifying your wealth is not a bad thing. There are some people who will say that Bitcoin has no inherent value, but most currencies don't. There are also detractors who seem to think electricity used to mine bitcoin is a lot more expensive then it is.

But it's still a currency. And there are people who will accept the currency and people who will change it into different currency. So it's good enough in terms of being a currency. And in some places where the official currency is trash, like Venezuela, then Bitcoin and other alternate currencies are probably a necessary investment.

The main thing to keep in mind is never put all your eggs in one basket. Do not put everything you have into a single currency system. And furthermore keep all your passwords and keys private.

But

1. I have almost no idea about what bitcoin really is!!

If this is the case, don't do it. Don't ever put your wealth into a system of money you don't understand. That's the best advice that could be offered.

(And this advice I'd apply to your nation's official currency as well!! If you don't know how it works, take the time to learn before trusting your savings into that type of currency.)

 

[Stanyon]

If there is one thing I believe in, it is cold hard cash

 

[Revoltingest]

If there is one thing I believe in, it is cold hard cash

In a fireproof (Class C at least) safe.