Bravosi

Hey there community!

So I was wondering, since I'm new to the whole Bitcoin (cryptocurrency) scene, how does a cryptocurrency market  work? Like what are the reasons for the Bitcoins to go up or down. What determines it?

Since it's not a national currency supported by a government or a bank, then clearly it's based off something else.

9 minutes ago, focusedwriter10 said:

From the look of things, there is no cryptocurrency that will win the popularity of Bitcoin. In fact, most people see Bitcoin as the only reliable and stable crypto. 

Exactly... I believe every single person in the world, even old people, heard about Bitcoin. But I doubt that they have heard of, let's say, Dashcoin or Ethereum.

11 minutes ago, focusedwriter10 said:

The fact that prices of Bitcoin do not depend solely on the demand and supply disqualifies it to be a commodity. Instead, Bitcoin is a currency, though a digital currency. 

I was wondering, what affects the Bitcoin market exactly? Amount of Bitcoins purchased and owned, overall global economy or something else?

16 minutes ago, focusedwriter10 said:

Here is the answer.  If you have the money to invest, it's the right time to invest.  Just know the prices will go higher very soon. 

But the whole question is, when do you know that the time is right and that Bitcoin fell to it's lowest? In theory it could fall even more, or suddenly rise.

42 minutes ago, Martinsx said:

Let Bitcoin stop falling in price because it reduces the cryptocurrency into nothingness. 

In your opinion, does the fall of Bitcoin affect the trust level with other cryptocurrencies and their overall stability?

Yeah, I believe THAT it is dangerous. But not to us, but the globalist banks and governments. Though, I keep having my suspicious level high, because what if Bitcoin and other cryptocurrencies are a secret project to get people's money and then suddenly crash it, making us even more poor compared to them? I know it's a conspiracy theory.

1 hour ago, Kakashi2020 said:

My wish is that it's price goes up to the $25K level so that I could sell mine for a good profit before Christmas.

That would be splendid! Let me cross fingers for you, haha. I wish that Bitcoin would be more stable, like the other leading world currencies, and perhaps it will come to it soon. Personally, all these drops of Bitcoin kinda scare me away from getting it, sadly.

1 hour ago, Kakashi2020 said:

What if suddenly Bitcoin crashes, what's the first thing you'll do?

Well... I suppose it will be too late to ask for refund. Should Bitcoin drop extremely low then I'll buy as much as I can, but if it crashes completely, then it's an entirely different story. Perhaps switch to another cryptocurrency, or just forsake it for good.

I highly doubt it. For me, Bitcoin is the most popular, stable and reliable one. Among the other existing cryptocurrencies nothing can surpass it. Unless there will be something entirely new to BOOM the market.

5 hours ago, axl2468 said:

Unless you have cheap electricity (like that kid from Russia probably has), don't bother getting into mining Bitcoin. You're too late.

Since mining doesn't make you as much bitcoin as it did in the past, the profit you'll get is little to none. Plus, start-up costs are expensive (due to GPU prices still kinda high due to the mining hype) and you will need to compete with other miners who have better rigs than yours (your mining rig could become obsolete overnight if a new, more effective miner is released).

Do yourself (and PC gamers) a favor and don't bother trying. Unless if you have very cheap electricity, which is a completely different story.

Lucky for me our electricity bills are quite cheap (relatively). We maintain our house without gas, as it is expensive in Eastern Europe. Usually our electricity bills sum up to $50 a month. Should I attempt to create my own Bitcoin farm now?

Hey there dear community!
I've heard a story about a kid from Russia (he is an 8th grader), which around 1 year ago built his own Bitcoin mining farm, and rather a small one on his balcony. According to his mom he managed to get some decent income to help her pay for her bills. 

I'm curious how viable it is to build that farm too? I mean it must be expensive? And the mining in theory should double the initial money spent.

7 hours ago, menchuuy58 said:

I agree with you. The trend now in those countries is to go cashless. I think you have a point that bitcoin has a place in the future of money. It is because bitcoin is not using money paper that can be hold up from any person.

I don't really get the whole "cashless" thing. How would you buy stuff? In my opinion Bitcoin and other cryptocurrencies are as much as cash, as others (EUR, USD). Only a virtual one. The whole problem with Bitcoin and other cryptocurrencies for me is the problem to understand who runs it, how does it hold, where did it start. Many many other questions. The most important one, what if it's someone's scheme to get people's money and then collapse the cryptocurrency (conspiracy theory).

1 hour ago, Kakashi2020 said:

Considering what happened in the past week the sudden devaluation and appreciation, it's price is steadily going up again, hopefully it goes up to atleast the 5K-6K level.

In theory you're right. But it can drop again every moment. They are very unpredictable nowadays, and another problem is the fact that the global market is too. It feels like poverty is growing everywhere and that it also affects the Bitcoin along with other cryptocurrencies.

1 hour ago, Kakashi2020 said:

Haha, no seriously where's the best site to get it?  It's cheap and is a good investment.  

Well, I wouldn't say, as there are a lot of them and none is particularly for my liking. I've exchanged some with my friend (I've sent him USD and he sent me the cryptocurrency). We both been practicing in getting them via HYIPS, as in joining those platforms. But I'd have to warn you, that it is risky and you can lose it if not done properly.

1 hour ago, Martinsx said:

Seriously, I'm considering picking Ethereum over Bitcoin as a more reliable cryptocurrency because it seems more stable in all ramifications when compared to BTC. 

Ethereum is extremely cheap right, so I think you should go for it. My friend has bought a lot of Ethereum at the moment, and I think it's a smart choice, because he has cash to spare and Ethereum is cheap at the moment. But on the other side, what if Ethereum will never rise back up again. These cryptocurrencies are like a lottery.

This is very expected. Fall of Bitcoin is only temporary. God knows, perhaps in a few years you'll be a millionaire by owning Bitcoin. The available prospects are immerse and huge. 
I'd say it would be terrible to miss out the chance to get some Bitcoins while they're cheap (relatively). Not sure about other cryptocurrency, as I'm sure that Bitcoin is the most sustainable out there. It might outlast them all.

Hey there Kakashi once again!

Perhaps you remember me already due to previous comments, but as I suggested buying Bitcoins could be a wise move, especially when they're not as expensive as they were. The whole problem is catching the right time. What if I buy them today and tomorrow they're cheaper, or what if I'll miss the opportunity to buy them prior to getting a lot more expensive. That's the main deal to me. Kinda frustrating to guess, but I suppose that's how the world runs.

8 hours ago, Martinsx said:

Seriously, it's very disappointing that Bitcoin took this kind of graph with its fall in price. I was actually looking forward to a major breakout in the price of Bitcoin as well by January but from the looks of things, 2019 will be a year of major fall in cryptocurrency. 

Do not despair, friend. I'm sure that Bitcoin owners will rejoice sooner or later, when it might go up once again. Although I can understand their disappointment with the fall of it. I'm still sure that it's temporary and that indeed the 2019 year might show entirely different results. The only thing I wish for is the ability to know the best timing for buying Bitcoin when it's at the lowest point. Currently I"m still debating, whether to wait for it to fall more, because if it rises then it will be an opportunity missed (for me personally).

Currency, all the way. As many people have already suggested Bitcoin is not just some low class barter item, but a part of a huge beastly machine, that can run the economy. The only reason I can see for why many still don't consider it as a currency is because banks and etc are afraid to lose their monopoly. When people will be running money, our society will get better.

15 hours ago, janie1984 said:

I think you should wait a bit longer, with the way things are going in the American and European markets there might be a continued dip in the Bitcoin prices. Also with the holidays coming up people might be selling for that reason. Give it to the New Year and if you start to see prices go up a smidge, maybe buy then. Also Bitcoin is now an accepted currency in Japan and in Sweden people are transitioning to a cashfree lifestyle so I wouldn't be surprised if Bitcoin has a place in the future of money. Don't be too concerned about it going extinct.

Thanks for the insight, perhaps I shall wait out indeed. However, do you think the BItcoin and other cryptocurrency have an actual affect on other world's currencies? It's not that I'm afraid that it will go extinct, but rather the opposite, that I'll miss out on the best timing to get it.

Hey there dear people!
So my question is, will Bitcoin keep decreasing? Some of you already know me, as you read my comments. Then you know that I plan to invest and buy Bitcoin when they fall the lowest, in the hopes that they will rise again.
Do you think now is the best time? Or should I wait because it might fall even lower?

23 minutes ago, Martinsx said:

At least for now, Bitcoin isn't going up anything soon. With the way it's behaving, I'm not sure if it's going to stop dropping because it keeps dropping on daily basis. There is definitely something causing this drop. 

Do you think I should buy Bitcoin while it's low now? Or it might decrease even more?

18 hours ago, Kakashi2020 said:

I think it's price would fall even lower but if you have the money then it's always a good time to invest than not to invest.  Besides whatever happens Bitcoin is here to stay and would definitely appreciate in the future.

Yeah, precisely. No matter how low it falls at the moment, it will still be here. It's just way too popular nowadays to just disappear. Unlike other cryptocurrencies...

On 11/7/2018 at 6:13 AM, Steve5 said:

That's terrifying. I'd have to agree. It seems that a cashless society is inevitable. Especially, given the emphasis made on cryptocurrency. I hope by then we won't experience these end time predictions. It chills me to the bone thinking about it. 😱

Being a cashless society is scary for those, who don't have their own barter items. I sold my apartment in the city and moved to the rural area. We grow our own food, have our own water and electricity. So hehe...

18 hours ago, Kakashi2020 said:

Where's the best place to buy Ripple?  What's the minimum? How can I get some?

You can try getting it on eToro and even multiple it, hehe