Buying cryptocurrencies

Discussion in 'Gadget & Internet Hub' started by NameGervin, Nov 21, 2018.

  1. NameGervin

    NameGervin Well-Known Member Full GL Member

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    I'm not much into cryptocurrencies, but I know that they can be mined and purchase. But I am curious on how and where to purchase them, can it be done via paypal? or I need to submit personal documents (which is a requirement for forex trading, that will be a pain). So can it be done using pp?
     
  2. froggyboy604

    froggyboy604 Moderator Staff Member Moderator

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    I heard a lot of people use coinbase.com to buy and sell Cryptocurrency. But, you can only use Paypal to withdraw and sell your Cryptocurrency according to Paypal Coinbase FAQ
     
  3. Demon_Skeith

    Demon_Skeith Administrator Staff Member Administrator

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    It's not cheap and if you plan to personally own them you're going to need several TB HDDs to store them.
     
  4. froggyboy604

    froggyboy604 Moderator Staff Member Moderator

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    You can buy a smaller amount of Cryptocurrency like 0.00022 Bitcoin which is worth 1 US dollar. Some people buy a small amount of Bitcoin to invest in Bitcoin without spending many thousands of dollars for many Bitcoins, and use the money to buy less expensive items and services on the darkweb and websites which accept Bitcoin as a method of payment.

    I think some people use an online Bitcoin wallet service like Coinbase to store and trade them online, or you can store your Bitcoin offline on a hard drive, memory card, and flash drive. But, it is important to make multiple backups of your Bitcoin, so you don't lose your cryptocurrency because of data corruption, in a fire, flood, or random hard drive problem.
     
  5. NameGervin

    NameGervin Well-Known Member Full GL Member

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    Thanks everyone, tho I don't actually see it an investment but I think trading cryptos is good for short term cus those digital currency are rising.
     
  6. froggyboy604

    froggyboy604 Moderator Staff Member Moderator

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    I think Cryptocurrencies can be a good investment if there is a high possibility that currency which you earned from countries' will drop in value in the near future because of war, riots, economic and political problems.

    Cryprocurrency owners can always use cryptocurrency to buy gold, silver, classic cars, and rare antiques which can raise in value in the future.
     
  7. Demon_Skeith

    Demon_Skeith Administrator Staff Member Administrator

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    I don't think you really get a return on such a small investment do you?
     
  8. froggyboy604

    froggyboy604 Moderator Staff Member Moderator

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    If the value of a Cryptocurrency rise a lot in value in the future, your small investment will also rise a lot in value when you convert it to US dollars and other currencies.

    Investing a small amount of money in cryptocurrency won't make you very rich unless the value of a cryptocurrency rise a lot. But, you won't risk losing all or most your money if you invest a lot of your money when you invest less money.
     
  9. NameGervin

    NameGervin Well-Known Member Full GL Member

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    Live stock, index, futures, Forex and Bitcoin charts on TradingView

    The price of BTC is 19,000USD but now it's only 4,000USD. Forex is not really an investment, the only way you can profit from it is day or swing trading. But if you'll be going for long term, there is a larger risk like a short term. But for really 'long term' like 15 years, there be a difference. But cryptos has some volatility compared to other currency.
     
  10. Claraviolet

    Claraviolet Well-Known Member Full GL Member

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    I never bought any crypto currencies. I don't intend to buy them either.

    I am just not comfortable with the idea of having just crypto currencies.
     
  11. ELIGANTER

    ELIGANTER Well-Known Member Full GL Member

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    Ew cryptocurrencies i never bugged them but I tests blockchain gaming related things and so yeah I am into them.
     
  12. Demon_Skeith

    Demon_Skeith Administrator Staff Member Administrator

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    it was a investment if you got it for really cheap.
     
  13. NameGervin

    NameGervin Well-Known Member Full GL Member

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    I guess so. Also around 2008 there are lot of free btc online. Who knows that this thing will rise lol others are very lucky who got it. But still this thing is a bubble, putting money in btc is like trying to win a lottery.
     
  14. Demon_Skeith

    Demon_Skeith Administrator Staff Member Administrator

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    Just got to think of it as a fast cash grab, once it gets big you pull out.
     
  15. froggyboy604

    froggyboy604 Moderator Staff Member Moderator

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    I think investing in Bitcoin has a greater chance of earning some money if you hold onto to Bitcoin long enough until it rises in value.

    Bitcoin investors can always spend their Bitcoin to buy things like video games at online stores which accept Bitcoin. Investors will lose some money by selling their Bitcoin when it is dropping in value, but Bitcoin users probably won't lose all their money like losing at gambling games at the casino.
     

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