Is it worth buying any Bitcoin right now?

[Guiltyxz]

Looking to buy 20-50 worth of BTC right now, with the hopes that it goes up in value and I can make a small profit. Thoughts?

[linuxChips2600]

I am by no means an expert or even knowledgeable on financial matters, but just from some quick Googling here is my conclusion: it is too risky to be worth it.

 

To see what I mean, I have attached screenshots of my findings.  Assuming that your starting currency is in USD, notice in the corresponding Yahoo Finance screenshot how volatile the value of Bitcoin is; if you had invested in bitcoin at the wrong time, you could have lost tens of thousands of dollars in as little as just a few months or even a few weeks.  This is the reason why a lot of investors are skeptical of the viability of Bitcoin (and also why Bitcoin gets made fun of for its value fluctuations a lot).

 

On the other hand, compare that to something much more stable like the stocks of a reputable company such as Microsoft (see https://business.linkedin.com/talent-solutions/blog/company-culture/2019/3-steps-microsoft-took-to-renovate-culture for why I chose Microsoft as an example rather than some other famous tech company like Apple, Oracle, etc.).  As the corresponding chart shows, if you had purchased any shares of Microsoft stock back in 2019 and have been holding onto those shares since then, you are now making at least a 100% profit with those shares of Microsoft stock.  And the only major dip in the value of each share of Microsoft stock occurred during March of last year, which was almost exactly when the number of COVID-19 cases in the United States started rapidly increasing and a flood of businesses closed in response, whether just temporarily or for a much longer period of time (including indefinitely).  Perhaps an even more important reason why a good tech company like Microsoft is a good choice to buy stocks from right now is because due to the pandemic (which might continue further for a while given how it takes time and sometimes even multiple shots for vaccines to be effective) forcing people to stay at home, more people than ever are now using their computers to do work, and more often than not those people are using software such as Microsoft Office and Microsoft Teams which have been purchased directly from, you guess it, Microsoft (not to say that Microsoft themselves wishes the pandemic to last longer; besides simply being a very cruel wish, it's common knowledge especially amongst experienced developers that collaboration in software development works best when it happens in person as opposed to behind webcams).

 

Let me just put it this way - if you are actually looking to buy 20 - 50 BTC right now (assuming you didn't make a typo), that would be anywhere from at least (in USD) 600K to over a million dollars, as the screenshot I have taken from Google's built-in currency conversion tool shows.  If all you did was just toss that into a regular savings account and left it there for around a year, as such an account would have an average of at least 0.5% APY (given how much money we are discussing about here, see https://www.nerdwallet.com/best/banking/savings-rates), you would still make a profit of at least 0.5% x 600K = 3K USD. That's enough money to buy either a high-end prebuilt gaming PC that just consists of the main tower itself, or an entire new setup with monitor, keyboard, headphones, main tower, etc. all included.  And if you really felt like it, depending on much electricity costs for you when you get your hypothetical new PC and how efficient that PC is at mining various form of less expensive cryptocurrency such as Dash or even Ethereum (assuming those currencies by that point haven't become nearly as difficult to mine as Bitcoin; mining Bitcoin is only profitable with very expensive ASICs these days that don't have much resell value unlike PCs and PC parts), you could still make back at least a good portion of the money you spent on this hypothetical PC, which is technically still almost a guaranteed profit over your initial investment.

So yea as you can see, there are much better options for investing your money in than Bitcoin, especially given the relatively high risks one almost always faces when buying Bitcoin.  And if you proclaim to have at least what is essentially half-a-million dollars in Bitcoin, why not pay at least a couple of visits to a reputable financial advisor before deciding where to invest the rest of your money?  I'm pretty sure that especially if the advisor gives you some good investment tips, even after those visits you'll still have plenty of money left over for the visits to basically pay themselves and even make a decent "small" profit on top of that :).  And even more importantly, I'll bet that the financial advisor will warn you to stay away from buying Bitcoin if that advisor has any good investment sense.  This is not to say either that there isn't already at least one person on this forum who happens to be a financial advisor and will be more than happy to offer you reliable and good financial advice for free.

 

Sorry if this was a bit too long; I just wanted to emphasize that it is not very difficult to see the how risky Bitcoin investments can be, and even more importantly how it is also not very difficult to make different investments which are almost guaranteed to be more rewarding.  If you still want to buy those 20 to 50 BTC even after reading everything I have just wrote, then go ahead; but don't say that nobody warned you about the risks in the first place.

[linuxChips2600]

Btw I'm aware that my previous essay may not 100% apply to other currencies, but given how the United States tends to do pretty well economically overall, I think most of what I have said likely applies to many other countries as well.

 

[dizmo]

You buy when it's low. Not when it's high.

 

8 minutes ago, linuxChips2600 said:

Btw I'm aware that my previous essay may not 100% apply to other currencies, but given how the United States tends to do pretty well economically overall, I think most of what I have said likely applies to many other countries as well.

 

I get the distinct feeling he meant $50 worth.

[Mooshi]

Missed that boat by years. The preffered currency of choice for pedophiles and drug dealers isn't getting you anywhere with 50. Be luckier buying lottery tickets.

[Arika]

bitcoin hasn't been worth buying for YEARS

[Stahlmann]

You should specify in your OP.

 

Try your luck buying bitcoin for 20-50 USD, as 1 is worth more than $30K atm.

 

And buying 20-50 bitcoins will cost about 600K to 1500K USD.

[linuxChips2600]

12 minutes ago, dizmo said:

You buy when it's low. Not when it's high.

Yes, at least that much I understand; stock shares essentially work the same way too.  But the main issue is that it is so difficult to determine "when" (especially if OP did in fact mean 20 - 50 actual BTC) that one is almost practically throwing money away each time one buys bitcoin for the sole purpose of making a profit, unless if you have a lot of experience in dealing with assets of very volatile values or (even better) have managed to somehow figure out Bitcoin's complex trends well enough to have already made significant profits off of simply buying and selling Bitcoin.

 

28 minutes ago, dizmo said:

I get the distinct feeling he meant $50 worth.

That would make a lot more sense, but even if OP meant 50 USD worth of BTC, I still stand by everything I have said so far.  I also still won't mind at all if OP is comfortable with taking the risks associated with buying Bitcoin to make a profit, but too often I have read and heard about people trying to "make a quick buck" only for their attempts to backfire on them, and unfortunately Bitcoin is no exception, whether it be mining it or buying it outright.

I will gladly eat my words about why not to invest in Bitcoin if anyone can provide sufficient evidence to show that it is feasible for most people to make a profit off of solely buying and selling Bitcoin in general, but until then if OP could at least clarify whether the 20 - 50 is referring to dollars (USD?) or number of actual Bitcoins that would be great.

[Shammikit]

Its a huge gamble I think, at one moment it will have alot of value and the next it has collapsed. Im seeing news like this since morning

https://markets.businessinsider.com/currencies/news/bitcoin-price-dollar-rally-politics-risk-trump-impeachment-ethereum-crypto-2021-1-1029946824  

[dizmo]

3 minutes ago, linuxChips2600 said:

Yes, at least that much I understand; stock shares essentially work the same way too.  But the main issue is that it is so difficult to determine "when" (especially if OP did in fact mean 20 - 50 actual BTC) that one is almost practically throwing money away each time one buys bitcoin for the sole purpose of making a profit, unless if you have a lot of experience in dealing with assets of very volatile values or (even better) have managed to somehow figure out Bitcoin's complex trends well enough to have already made significant profits off of simply buying and selling Bitcoin.

 

That would make a lot more sense, but even if OP meant 50 USD worth of BTC, I still stand by everything I have said so far.  I also still won't mind at all if OP is comfortable with taking the risks associated with buying Bitcoin to make a profit, but too often I have read and heard about people trying to "make a quick buck" only for their attempts to backfire on them, and unfortunately Bitcoin is no exception, whether it be mining it or buying it outright.

I will gladly eat my words about why not to invest in Bitcoin if anyone can provide sufficient evidence to show that it is feasible for most people to make a profit off of solely buying and selling Bitcoin in general, but until then if OP could at least clarify whether the 20 - 50 is referring to dollars (USD?) or number of actual Bitcoins that would be great.

Eh, kind of. You can look at historic values and get an idea.

Don't know about you, but to me it looks pretty obvious it's at it's peak. Could it go up? Sure, but historic value shows it around 10x less than what it's currently at.

 

 

[linuxChips2600]

Btw I'm kinda liking how so far almost everyone commenting in this thread is basically like "@linuxChips2600's post but it's the tl;dr version"

[linuxChips2600]

2 minutes ago, dizmo said:

Eh, kind of. You can look at historic values and get an idea.

That's odd that Yahoo Finance (the source I used) is reporting the current value of BTC to be roughly around the same as back in 2018-ish i.e. during the infamous BTC mining craze, but your chart shows that BTC has much more value than ever.  Even then, I feel like we aren't exactly in conflict with each other's conclusions, as we have both turned to historic values and (unless if I misunderstood and that you actually disagree with me here) that at least for right now it's not a good idea to buy BTC for the purpose of making a profit.

[mousesnob]

I would personally invest in bitcoin if i had the fund, however i wouldnt buy such a huge amount. The remainder of the money i would put into something much less volatile.

But mainly i would say that you shouldnt invest. If you have to ask complete strangers on the internet then i dont think you`ve even remotley though this through to be honest.

[dizmo]

9 minutes ago, linuxChips2600 said:

That's odd that Yahoo Finance (the source I used) is reporting the current value of BTC to be roughly around the same as back in 2018-ish i.e. during the infamous BTC mining craze, but your chart shows that BTC has much more value than ever.  Even then, I feel like we aren't exactly in conflict with each other's conclusions, as we have both turned to historic values and (unless if I misunderstood and that you actually disagree with me here) that at least for right now it's not a good idea to buy BTC for the purpose of making a profit.

I think YT Finance is wrong then. Google, Statista both show otherwise.

We aren't; I believe you for some reason took the first half of my first reply to include you, which it did not.

[Chionele]

5 hours ago, Arika S said:

bitcoin hasn't been worth buying for YEARS

I dunno man, up over 300% in a year. Sounds like worth it to me.

[Levent]

2 minutes ago, Chionele said:

I dunno man, up over 300% in a year. Sounds like worth it to me.

What happens when it crashes to %30 of its current value in a a week? Will you be happy waiting another decade or two get your money back? You can always buy at the top and sell it the peak and lose %70 of your initial investment.

I really dont want to post memes from r/WSB in places where it will get me banned but it has been quite tempting recently. 

[Chionele]

6 minutes ago, Levent said:

What happens when it crashes to %30 of its current value in a a week? Will you be happy waiting another decade or two get your money back?

You keep on buying and then in two weeks you've doubled your money.

 

Remember kids: don't buy Bitcoin - it's going to crash. Proof in this video:

 

[Guest]

it'll never hit £10k GBP again, those days are gone. I got in at 5500 early 2020 but unfortunately got out at 7500, then it hovered around 8000 for months thnen went absolutely crazy.

 

However I'm considering getting back in again because most predictions see it hitting 100k within a few years. So even if you get in now at 25k you're probably going to make significant gains if you hold onto it for a year or two

[minibois]

I remember someone asking this - basically - exact question in 2014 or 2015, when BTC was at 400 USD a piece. Everyone said no. If only the user had bought 50 USD worth of BTC back then!

That's the thing though, it's basically a gamble.

 

Is 50 USD worth it to you for a gamble? Do it.

If not? Don't do it.

 

It's your own decision and you shouldn't go to a forum for financial advice.

[Real_PhillBert]

Buy low, and sell high. Buying when it's at (or near) an all time high is probably not the best play. That said, $50 isnt a ton to play with. 

 

But take my advice for what you paid for it, I remember making fun of a friend who bought a couple of bit coins at like $350ea. He sold them when they were about $10k and bought a motorcycle. So, yeah...

[BuckGup]

You are better off putting the money into mining. Investing such a small amount makes it extremely hard to turn a profit with fees. Don't listen to others either as it's your investment and many people aren't well enough educated on crypto

[Tristerin]

Pretty sure OP means a Satoshi.

 

.00000001 percent of a bitcoin can be purchased btw.

 

.001480 Satoshi is available for $50 USD right now.

 

 

[spartaman64]

it would be gambling and its probably near the peak right now. I would wait until it comes back down

[Donut417]

18 hours ago, WY6 said:

Looking to buy 20-50 worth of BTC right now, with the hopes that it goes up in value and I can make a small profit. Thoughts?

If you want to take the risk then I’d wait for it to crash again the buy. It will crash again, you just have to give it time.