Silk Road forums

Discussion => Newbie discussion => Topic started by: crow3030 on February 16, 2013, 09:31 pm

Title: (Yet Another) Bitcoins Question
Post by: crow3030 on February 16, 2013, 09:31 pm
With the Bitcoin market fluctuating quite a bit, I have a few questions I am hoping someone might be able to answer.

-What is the highest price for a bitcoin to date?  I know they currently are around 26-27 US dollars, and I've read they were originally around 5 dollars.

-What are the possibilities and the factors that the price of a bitcoin will continue to raise?  $30?  $50?  $100?

-If one were to invest in bitcoins while the market for them was relatively low (let's play devils advocate and say now, if they do continue to raise), would that be something to contemplate?

I mean, if I were to buy 10 bitcoins now for $26, and then they explode to $100 a bitcoin, that original $260 dollars (magically) turns into $1000, a nice $700 dollar profit. 

Thoughts?  Concerns?  Advice?
Title: Re: (Yet Another) Bitcoins Question
Post by: crow3030 on February 16, 2013, 09:34 pm
One other thing.  How does one even go about withdrawing that cash, if they want to cash out?  I know how to turn bitcoins into money, but how do I then get that money in my hands?
Title: Re: (Yet Another) Bitcoins Question
Post by: acider on February 16, 2013, 10:21 pm
-What is the highest price for a bitcoin to date?  I know they currently are around 26-27 US dollars, and I've read they were originally around 5 dollars.

I think the highest was about 30$ a long time ago but we re getting there. They were originally a few cents only. I have a friend that mined with his old laptop's cpu back then (you need VGA rigs and asic for that now) got 100 coins and all together they were estimated $6-7.

-What are the possibilities and the factors that the price of a bitcoin will continue to raise?  $30?  $50?  $100?

It's not possible to predict, the price fluctuates according to demand and offer. In the next years it will probably get more attention so higher demand, while the offer will start to decrease a lot as the block rewards will keep halving.

-If one were to invest in bitcoins while the market for them was relatively low (let's play devils advocate and say now, if they do continue to raise), would that be something to contemplate?

I mean, if I were to buy 10 bitcoins now for $26, and then they explode to $100 a bitcoin, that original $260 dollars (magically) turns into $1000, a nice $700 dollar profit. 

Thoughts?  Concerns?  Advice?

Yes that can happen, but also the exact opposite could. That's gamble really so the answer depends on how much you want to risk. Bitcoin is basically a tool not a stock market but a lot of people see the opportunity and grab it, just make sure you can afford the loss.
Title: Re: (Yet Another) Bitcoins Question
Post by: crow3030 on February 16, 2013, 10:31 pm
acider, thank you for your detailed replies! 
Concerning my other question, do you have the knowledge on how one exactly turns that bitcoin profit into one's hands?  Let's say all goes well, the market skyrockets, and you have a gain of about $1000 worth of bitcoins.  I know how to use mt gox to turn my bitcoins into dollars again, but that next step:  transferring that said money into my pocket.  How does one go about that?
Title: Re: (Yet Another) Bitcoins Question
Post by: acider on February 16, 2013, 10:44 pm
You can give them a bank account..?
I am not sure if that's what you are asking. There are many ways actually. You can give mt gox an IBAN , you can sell them for prepaid cards possibly, you can use bitcoin-otc and sell them to individuals for whatever you want as exchange. You can even meet in person and send the coins to someone's address for cash in hand, for example localbitcoins.com.
Title: Re: (Yet Another) Bitcoins Question
Post by: crow3030 on February 16, 2013, 10:50 pm
Yes, those options basically gave the answer I was looking for.  I guess I just needed options/avenues to go about getting the money back to me.  So again, thank you for your replies! ;D  Off to research the ways you mentioned and see which one works best for the situation! 
Title: Re: (Yet Another) Bitcoins Question
Post by: a10101 on February 16, 2013, 11:13 pm
what he said