Quote:
Originally Posted by luv
My boyfriend said he wanted to try it. His best friend made it sound like a return, while up and down, was nearly a guarantee.
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Things you should keep in mind...
1) Its definitely not a guarantee, its quite risky actually..and if you are talking about other coins other than Bitcoin and maybe 2-3 others (B, E, R, L) the risk is even greater. (as is the possible reward, though...in fairness)
2) In 1, I am speaking only of inherent valuation risk. There are other risks involved with crypto, like: Where do you store it? If youre storing it online....it won't be federally insured most likely..so if someone steals it..you are screwed. If you are storing it off line, you can lose the key..or someone can take it if its on paper. If youre keeoing it in a digital wallet on a computer, your computer can crash etc etc..and if you lose the wallet information, youre screwed.
and thats just for storage....its something to consider anyway
3) exchanging....You will need to A) purchase bitcoin...then B) exchange bitcoin for other coins.....and then C) exchange other coins back into bitcoin....and then D) exchange your bitcoins back into dollars ...if you want to try to make money and then get $USD back. doing all of these exchanges presents some other risks and costs.....that we can discuss....but this can all be a hassle to move money in and out of exchanges.....
and....leaving money on an exchange is pretty risky too....exchanges have gone bust, been hacked, and been embezzled....and you will lose your money if something like this happens at the exchange you use.
just things to consider.....