PERSONAL READINESS > Financial Prep
BitCoin
Flyin6:
--- Quote from: TexasRedNeck on December 14, 2020, 05:03:21 PM ---So are you looking to it as an investment or as a mode of payment/transaction?
I don’t know much about it except that it’s based on block chain technology and security.
Sent from my iPhone using Tapatalk
--- End quote ---
It's a super risky investment but also a good hedge against the dwindling dollar. I am reading where major corporations are pouring into it as the dollar pool continues to be diluted. Forcasts I am seeing show a real deficit of $50T with the guberment printing several $T more this year. I read one forcast which showed the dollar losing stellar value in 2021.
So obviously if one holds his money in actual money he is losing every day without actually realizing it.
BitCoin is rising steadily as more and more money pours into it. And one thing about the original bitcoin is that there are only 21 million of them. I have seen in many places where Bitcoin will replace gold as a standard. Where as I used to read about Bitcoin rising to $100K, I now see smart folks say it will surpass $250K and possibly in just a year. If one can invest now in it, he/she would be wealthy in just a couple years.
Back to the gold thing, that does not rule out precious metals. Gold which is mostly not consumed will maintain value. But Silver will shoot up in price as it is used in manufacturing. Two things which are about to explode its value is 1. Medicine, and 2. Manufacturing. Silver is a natural antibiotic and anti viral agent. That being said with all the new viruses showing up, silver is going to be in need. Secondly, Silver is used in solar panels and in electronics manufacture. Should Biden sleeze his way in or Trump invest money in solar panels to appease the chinese, err, democrats, the demand will increase. SIlver has doubled since I purchased my excavator. (Luckily, I used gold to buy it!) so I keep silver
But Bitcoin will continue to rise rapidly, and most older people are not tech savvy and most young kids who are have no money, so Bitcoin was on a steady rise until the big corporations just showed up to bat. It is set for a meteoric rise.
Oh, and you'll love this. I buy silver from SD Bullion, and yesterday I purchased 200 ounces of it. On the payment page, know what the number one selection to ring up the purchase was?
You guessed it: Bitcoin
I'm only speculating a few thousand into Bitcoin right now, $1000 as a pure investment and the rest for "off grid" purchasing since it requires no middle man but I will jump in to around $10K, which stands a very good chance of being worth $150-$200K in a year.
But, PLEASE, please, PLEASE, do not invest in this because of me or anything I said. Only invest what you can loose and after you do your own research.
Flyin6:
https://cryptopotato.com/public-companies-have-invested-billions-in-bitcoin-this-year/
https://decrypt.co/47061/the-7-public-companies-with-the-biggest-bitcoin-portfolios
https://www.forbes.com/sites/michaeldelcastillo/2018/07/03/big-blockchain-the-50-largest-public-companies-exploring-blockchain/?sh=592fe88f2b5b
Flyin6:
So far I set up my wallet, a rather simple affair I chose to setup on my Apple phone. I chose an app available directly from BitCoin.
It is not a one and done affair. There are many layers of security to ser up and verify, so do not expect to just zoom right through it.
The setup involves texting and emailing from/to different devices, doing a facial scan, receiving a secret method to restore your account should you somehow loose it, scanning your drivers license and setting up and responding to messages at your chosen bank. I use USAA and they initially put the kibosh on the proceedings, sending me an alert and even calling me. Once I did and cleared that, I was set up and ready for action.
I made the first purchase of $200 of Bitcoin from my phone. That process uses a service based in Malta and it caused me to have to be proactive through the process. It took perhaps 30 minutes to do all the security related stuff and finally, my wallet posted .00989 Btc. From the $200 I purchased, the service charged me a $15 transaction fee and a $1.29 transfer or some other fee.
This is all beta test stuff for me at this point and I decided earlier to experiment with just $1,000 using various buy techniques to get a feel around the process. Later on in the day, I repeated the buy, purchasing another $200 of Btc. Now, I am purchasing the original Bitcoin and not the newer bitcoin cash currency. I will buy some of that later on, but not after running this around for awhile. The second purchase closed much quicker, start to finish in under 10 minutes with all the security in place. The second time I purchased the price had fallen a little so I was able to buy a little more for the same price.
Next, I plan to purchase $400 of the currency to see of acquisition costs remain the same or increase. I may do this tomorrow. The final purchase I plan to make will be a final $200 and I plan to do that sometime after midnight when the US is mostly asleep and see how that all pans out.
More later...
Flyin6:
Update: I have now completed the purchases, a total of four equalling $1,000 of Btc purchased. The fees are fairly regular on my buying platform where I am charged a flat rate of $15 US for each increment of $200. The other smaller fee ranged from a high of $0.79 to a low of $0.08.
The market is steadily rising where the price started around $19,000 a couple days ago and is now trading very near $21,000.
I think I will make small but regular purchases of a couple hundred every once or twice a month or if any windfalls blow in from the west. I will however keep the Btc purchases at what I consider a comfortable ratio of 1:5 over silver with 80% of my investment money going into physical silver and the balance into Btc or another cryptocurrency.
So we will see where this all goes
I purchased 0.04746 Btc for $1,080.51 USD
Flyin6:
I won't do this every day but just as an early on activity report, I awoke this morning to a wallet with $1,100 Btc value. So I am up $20 in two days.
I do not expect this to stay here. I do expect it to fluctuate wildly. It is only $1,000, and should it go down to $100, I'll use it to buy a Jeff Ruby steak. But if it should go up to $10,000-$15,000 I'll use it to buy a small herd of Wagyu beef cattle.
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