Should I take cash or Bitcoin?

[sauce-c]

So I'm in a bit of a pickle here. I sold my phone on Glyde and they give you two options, receive cash for your sale, or receive Bitcoin. I currently have $0 in Bitcoin, and have no idea what wallet I should use or how to protect it. However, with Bitcoin prices increasing it seems like it might be a smart option to take the payment in Bitcoin and hold onto it. For the sake of this situation, assume that I can live without having the $230 from selling my phone right now. So do i take the chances of having this money as a "Bitcoin investment" or just take the cash? What would you do? If you say take the Bitcoin, could you help me with information on wallets etc.

 

Any information and opinions are greatly appreciated!

[Ashiella]

Its hit or miss, literally a 50/50 chance of it dropping or doubling.

[sauce-c]

4 minutes ago, Ashiella said:

Its hit or miss, literally a 50/50 chance of it dropping or doubling.

could you expand on this?

[NinJake]

Since you don't really need the 230 right now, just take it in bitcoin. at the rate it's going, by next year you'll have 460 instead of 230.

 

[Dissitesuxba11s]

Bitcoin prices are volatile, will change within hours. I say get the cash and use part of it in bitcoin or some other crytocurrencies if you are really adamant in investing. For beginner wallets, use the free Coinbase app.

 

I'm not sure if I'm allowed to do this on this forum, but that link is my referral link, so if you use it and buy $100 worth of cryptocurrency, we both get $10 worth of Bitcoin.

 

Mods, please let me know if I'm allowed to do this; if not allowed then I will take it down.

[Eduard the weeb]

I'd take bit coin so at least you have a starting off point if you want to continue in Gamb- I mean bitcioning. 

[NinJake]

And... maybe you'll want to take a read on this. Fairly relevant and just posted 2 days ago. https://arstechnica.com/tech-policy/2017/12/bitcoin-a-beginners-guide/?comments=1

[Eduard the weeb]

Just now, sauce-c said:

could you expand on this?

bit coin really is like the stock market it can up or down and it has done both in the past.

[Ashiella]

Just now, sauce-c said:

could you expand on this?

Its current value is at roughly 10,000$, in 3 months previously from 2,000 it went to 4,000, it could drop in value, or markets could just stop accepting bitcoin brcause the gov says no.

[sauce-c]

12 minutes ago, Dissitesuxba11s said:

Bitcoin prices are volatile, will change within hours. I say get the cash and use part of it in bitcoin or some other crytocurrencies if you are really adamant in investing. For beginner wallets, use the free Coinbase app 

I understand the volatility of Bitcoin, it just seems like the fact that it's high right now might mean its a poor time to invest in it?

13 minutes ago, NinJake said:

Since you don't really need the 230 right now, just take it in bitcoin. at the rate it's going, by next year you'll have 460 instead of 230.

 

What security measures would you suggest? Printing it out, online wallet, etc?

12 minutes ago, Eduard the weeb said:

bit coin really is like the stock market it can up or down and it has done both in the past.

Yeah, understood. 

11 minutes ago, Ashiella said:

Its current value is at roughly 10,000$, in 3 months previously from 2,000 it went to 4,000, it could drop in value, or markets could just stop accepting bitcoin brcause the gov says no.

The government intervention is really what has me tweaking. 

[Eduard the weeb]

1 minute ago, sauce-c said:

The government intervention is really what has me tweaking. 

They had to inform you first but the market for bit coin, lit coin, doge coin, eutherium etc would all drop but I don't think that would happen because it is becoming a really large part of the economy but there is risk in everything and most people probably didn't expect the ban of Alcohol in 1920. 

 

So what ever.

[Dissitesuxba11s]

3 minutes ago, sauce-c said:

I understand the volatility of Bitcoin, it just seems like the fact that it's high right now might mean its a poor time to invest in it?

That's exactly what I said when it was around $4500 about 3 months ago, and do I ever regret it. It's very hard to predict the market and how much it will change.

[sauce-c]

4 minutes ago, Dissitesuxba11s said:

That's exactly what I said when it was around $4500 about 3 months ago, and do I ever regret it. It's very hard to predict the market and how much it will change.

Good point. I know no one has answers for the future, I was just looking for opinions on the situation. Thank you!

[rose64bit]

Take the Bitcoin and you'll end up owing Ajit Pai 600$ in fees!

Seriously though, I personally don't think it's a good investment at this point.  I could definitely be wrong, but I think that the current state of Bitcoin resembles the roaring 20s.  It's doing SO well right now, but we might have a Black Tuesday on our hands some day in the near future.  It must come down at some point.  All economic entities do.  I think you're better off playing it safe and taking the USD.

I wish you the best of luck no matter what you decide!

Also, since I'm assuming you're selling an old phone because you got a new one, congratulations on the upgrade!

[NinJake]

Im not sure about the best way to store the coins. Probably saved to a hard drive with backups that only is used offline. However, the best time to invest is now. If you wait another month then it could be worth 12000 instead of 10000, you simply never know.

[sauce-c]

5 minutes ago, rose64bit said:

Take the Bitcoin and you'll end up owing Ajit Pai 600$ in fees!

Seriously though, I personally don't think it's a good investment at this point.  I could definitely be wrong, but I think that the current state of Bitcoin resembles the roaring 20s.  It's doing SO well right now, but we might have a Black Tuesday on our hands some day in the near future.  It must come down at some point.  All economic entities do.  I think you're better off playing it safe and taking the USD.

I wish you the best of luck no matter what you decide!

Also, since I'm assuming you're selling an old phone because you got a new one, congratulations on the upgrade!

Thanks! I'm an economics major so I fully understand that whatever rises must fall lol. Upgraded to the Pixel 2 XL despite the haters, I love it, zero regrets.

[Dissitesuxba11s]

Just now, sauce-c said:

Good point. I know no one has answers for the future, I was just looking for opinions on the situation. Thank you!

And in honestly, if the money doesn't mean much to you right now, it couldn't hurt to put it to bitcoin. Just watch the market and do some research on it to follow the trends. Also, look at my first post on this thread, I did some edits that might entice you.

[Nicnac]

ca$h ma boi

[rose64bit]

2 minutes ago, sauce-c said:

Thanks! I'm an economics major so I fully understand that whatever rises must fall lol. Upgraded to the Pixel 2 XL despite the haters, I love it, zero regrets.

No problem!  I love economics, too!  Again, congratulations on your upgrade!