All it takes is a major company like Amazon to accept it and it will take off. Visa already has a Bitcoin card. However, if you think ANY govt will be ok with an untraceable, untaxable transaction in the future (which is the plan for cryptos), then you're kidding yourself.
If you are OK with losing $50k tomorrow, then sure. It's unlikely, but possible for crypto to go to 0 tomorrow. Don't invest more than you are willing to lose.
If you do invest, maybe separate the 50k across the top ten coins. An index fund of sorts. Do NOT leave your coins on an exchange - store them locally, encrypted, preferably cold storage or paper wallets (and back that shit up) . If you don't know how to do that, you're not ready to throw 50k at it.
Create a strategy so you don't lose money to emotions. Set stop losses if you want to play the short term. Hodl if you want to play the long term. Don't day trade with all your cash.
Your wallet can be generated by a string of words... a seed. You can put it on a post it or commit it to memory. I wouldn’t leave thousands of dollars in a networked computer. If you want to store them online... split it over multiple exchanges.
Fire and theft is irrelevant. I always have a copy somewhere remote. And n00mgr, strings of words aka brain wallets are known to be unsafe. Don't rely on your memory to store thousands anyway. Don't store them on multiple exchanges unless you're actively trading it.
Buy a Ledger or Trezor. Store recovery information offline in two safe places, at least one of which is far enough away not to be affected by any natural disaster that hits you (e.g., a safety deposit box in a town where your family lives).
Consider dollar cost averaging. It doesn't work well for stock markets, but they're a lot less volatile. More importantly it will make you feel better.
Take $100 in cash. Light it on fire. Watch it burn. Remember that feeling. On a regular basis, there will be 10% dips in the value. Some weeks will be 25%. Eventually there will be a 90% crash. It will feel like you just lost $45k+. That is when you absolutely, positively must hold – just like you have to resist the urge to put out the fire. (Otherwise someone like me will buy your coins from you for pennies on the dollar.)
The basic premise of investing is that you are paying for a portion of a future money steam. When you buy a crypto tulip there is no revenue stream, only other suckers that want to your tulip. Suddenly the line of suckers could disappear and you'll be left holding the crypto useless bits. If you want to invest in the technology, invest/claim a share of the companies making the technology that you think is valuable
This stuff cracks me up. Societies need to reach a consensus on a currency being valuable before it's valuable. Bitcoin will never replace the dollar in its current form, because the US Government will never back an untraceable currency. It's a novelty. The banks will take the distributed ledger portion of it and bitcoin will fade into obscurity.
These ideas are all very interesting, but would you look for medical advice on the internet? Highly recommend speaking with a reputable fee only financial advisor.
What portion of your total portfolio does this $50,000 represent? Is this your entire nest egg? Or is it more like 1% of your holdings? Definitely don't want to put all your eggs in one basket. Your risk tolerance should be gauged against your investment Horizon, goals, Etc. All basic stuff that you might get out of any beginners book on investing.
Should I add that a “Tulip” is when you can find it in abundance like the 1.58 Trillion US dollars as of sept 2017? In 2013 there were only 1.2 trillion. The printer was quite busy I assure you. How many bitcoins are there ? 21 million only.
I did something similar in may and have since doubled my money. The replies in here (from engineers, at that) tell me that there is still a lot of room for increase. As the price and adoption rises, more people will be forced to take a hard look at blockchain and bitcoin. When they do, they will inevitably come to the same realizations that many of us already have already had.
This (crypto) is unprecedented. It will take time for everyone to really give this thing a chance
@trollbully "USDs are valuable because they represent real value in largest economy on the planet and they are issued by government with most powerful military in history. And that same government accepts them for legal tender."
If you are mentally prepared to lose half and be ok with it then do it op. Dont listen to these people. They themselves dont have the apetite to take risk nor they want anyone to get lucky. I bought eth and btc last year for roughly $3k. Last month i sold all and now I am paying 20% towards downpayment of my single family home and its been just 1 year out of colg for me. Do not listen to random people. If u have the risk apetite go for it. Worst case you will lose 25k. These will never come back to zero for sure. Atleast btc, eth wont be zero anytime soon.