How about cryptocurrencies?

Discussion in 'The Pub (Off topic discussion)' started by rmcdougal01, Jul 8, 2017.

  1. rmcdougal01

    rmcdougal01 New Member

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    Aug 25, 2016
    You might be by now tired about all the cryptocurrencies chit chat, however, I am new to do this as I always ignored them thinking the "system" would have them fail, however, time has proved me wrong so I am trying to catch up any recommendations as to:

    Is it worth it to mine, or is it better to use cash and get some coins?
    Any wallet recommendations cold wallets, hardware wallets, cloud wallets?
    The best way to link cryptocurrencies to a debit card?
     
  2. raindog308

    raindog308 vpsBoard Premium Member Moderator

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    May 16, 2013
    I would start by answering the question: "why do you need cryptocurrencies?"

    For me the answer is "a couple places I do business with only accept payment via Bitcoin". Hence, I tend to buy $10 worth of BTC and immediately spend $10 worth of BTC.

    Your needs may be different.
     
    Lee likes this.
  3. HBAndrei

    HBAndrei Active Member Verified Provider

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    May 1, 2014
    I've found Spectrocoin and AdvCash to be some very good ways of doing this.
     
  4. rmcdougal01

    rmcdougal01 New Member

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    Aug 25, 2016
    I am not thinking really about using Bitcoin as a payment method but more as a possible investment opportunity @raindog308, however, it is very confusing when you are just starting to get into the cryptocurrency world as to which coin to get first.

    @HBAndrei thanks for the suggestions I'll look those up!
     
  5. River

    River Member Verified Provider

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    It's a risky investment, especially with all these new altcoins floating around and popping up every other day.
     
  6. graeme

    graeme Active Member

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    Nov 20, 2013
    It is not investment, it is speculation. It is like buying commodities or foreign currencies.

    It is a medium of exchange, it does not generate income.
     
  7. rmcdougal01

    rmcdougal01 New Member

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    Aug 25, 2016
    @graeme I have to disagree as I have a few friends that are making quite a lot of money out of it but definitely, you have a point as in the end is just like doing regular trading.
     
  8. graeme

    graeme Active Member

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    Nov 20, 2013
    You can make money out of speculation - lots of people have made money out of buying commodities and foreign currencies.

    If you are making money from changes in rates, it is speculation. If you put money in a bitcoin account to get interest, then that would be investment - as long as the interest if your primary motive (if the interest is an added bonus on rate changes, then it is still speculation).