Are LAMA users invested in Bitcoin?

This week hasn’t been so great for all the global Bitcoin investors. BTC has tumbled 9 per cent and reached a new low. People who missed the BTC boat are wondering whether it’s their time to jump in and join the others. We rounded up our Lama regulars and asked their expert opinion on Bitcoin and what they think about the future of cryptocurrencies.

  1. “Bitcoin needs more improvement”

tsubasa-e1530181639952.png

“My thoughts on Bitcoin are quite positive. I currently invest in Bitcoin a bit. And have been investing since around 2013. So, yes, I did make some money. But not too much. Well, Bitcoin personally, I think needs some more improvement. Especially with throughput. I see potential in Ethereum and other Altcoins. But Bitcoin was the first currency that ever made it to the public. You have to give big credit to that.”

2. “I’m interested in the people offering services around crypto”

Jesse Stoddard - Lama User

“I have to admit I am intrigued by Bitcoin, and everything I research about it and read but I tend to listen to the naysayers that talk about it as if it is a collectable like art, stamps, coins. Things that people would collect and it doesn’t behave like an investment.  That just might be a passing thing too and it just may take time. What I’m mostly interested in is all these people who are making money offering what we call picks and shovels. To the gold miners. The people that are offering services and making real cash by helping facilitate the transactions. That’s fascinating to me. There’s a guy I know who is a firefighter who basically has a garage full of black boxes. And makes 300,000$ a month – that to me is smarter than investing in Bitcoin. He doesn’t own any Bitcoin.”

3.  “I don’t think Bitcoin is going to become the future of money”

10-e1530181811465.png

“G’day! What do I think of Bitcoin. I think its a wonderful technical innovation that has spawned a lot of other cryptocurrencies which again will be ultimately more useful. At the moment Bitcoin is a speculative investment with high volatility. And the best thing you can do is basically wait for a crash. Buy in and you know to ride the wave up. And get out at the top. If you are a trader you have opportunities to make money. But I don’t think Bitcoin is going to become the future of money that’s because it is simply taking too much electricity to actually process transactions. The network is slowing down. But one of the other cryptocurrencies will! That’s the exciting thing – which one – we don’t know!”

4. “Use Bitcoin as a way to diversify your investments”

ross.png

“I like the idea that we can democratize currencies, it certainly would simplify things in terms of global transactions and exchange rates. And those sorts of things. Also, the idea of blockchain is just marvellous in terms of how it can simplify legal documentation in many practices across businesses to increase trust and reduce the opportunities for corruption and for folks to game the system. In terms of investment, I think Bitcoin is exceptionally risky. When I think about my own investment strategies, having read many books about Warren Buffet strategy and even just the trial and error in my own experience. Rule number of one of investing is diversification. If investing in Bitcoin is part of your diversification strategy, maybe it makes sense. But with so much of the other businesses that you could put your money in whose outcomes are driven by tangible sales and performances of their business. It’s not just an arbitrary up and down on any given day based on global demand that’s hyped one day and cautioned against the next. When you look at the trends in Bitcoin, they ebb and flow for no apparent reason. I’ve friends who invest in it and I have talked to folks who invest in it professionally, they say “stay away”. It’s gambling. There’s no telling where it will be tomorrow or a week from now. If you want to take that risk – go for it! But unless you are willing to go to Las Vegas and throw your money at a crap’s table or the lottery or anything else. It’s really not something you can count on and you could just be easily throwing your money at the wind. That’s my opinion.”

5. Invest in Ethereum if you believe in returns in the long-run” 

8.png

“So, if you look at the currencies coming out of the Blockchain technology, understand that Blockchain is not really something that anyone of significance is thinking its going to go anywhere – away fast. It is definitely going to go somewhere – up into the right fairly quickly. Because when you can use mathematically sound equations to move business, people, services, things when you use something that’s not a person to do things, then you don’t need to pay the middleman. The whole democratization of everything is going to be a big win. Ethereum is like the big mega ship that all the little lifeboats and new ICOS are coming off of! If you want to bet on something like Bitcoin from what I am being told (what sounds like a good idea), it is to invest in Ethereum if you are believing in the long-term unless you are okay with very very risky bets on things like Bitcoin which is essentially like a brand off of Ethereum or any of the other ICOs popping out. So bet long on Ethereum. There are some like the Bill & Melinda foundation has invested in – and so there are some winners out there.”

6. The Blockchain technology interests me more than the actual Bitcoin

6.png

“I think the Blockchain technology is cool. I think that it could be used especially in today’s banking world and how it works, it’s pretty slow. If I transfer money from one bank to another, it takes 3 days whilst if i do it with bitcoin it takes seconds. So There’s definitely something that can be learnt by bigger banking corporations.  I bought a few bitcoins but mostly to buy other stuff using bitcoin. It’s a hype and I don’t know where it will end up. There’s too much Bitcoin out there today and there are million other cryptocurrencies. I don’t know, I’m not certain enough to be able to make assumptions.  It’s not something I am investing in myself. So the Blockchain technology interests me more than the actual Bitcoin.”

7. Look at the countries actually trying to adopt it as their national currency

7-e1530182096296.png

“I guess when you say Bitcoin, I assume you mean cryptocurrencies in general. I actually invested in Bitcoin not early at all  – within the last year I think. Made a little bit of money, lost a little bit of money. I still have some money in cryptocurrencies – I think I am in minus in total. I don’t know if I would invest-invest. I still think you can make money on it and its still a market. There still a lot of regulations going on – it’s going up and down. I definitely think there’s a future. I do so because it’s an alternative to some areas. We already see some countries actually trying to adopt it as their national currency without the state being involved. Like Iceland, I think and Estonia is developing their own cryptocurrency as well. So, right now there is a lot of small coins doing all kind of things. But at some point when it reaches a point where it makes sense to spend and use and it doesn’t go up and down like crazy. If it’s in 3 months or 6 years, or 20 years, I’ve no idea. But if you are interested, buy some. Don’t do it because you want to gain money, do it because its a journey and you can learn something from it.”

8. Dive deep into the whole environment of cryptocurrencies

rind.png

“I think Bitcoin is a very interesting idea and a very cool concept. Still, it’s in its infancy. So its just starting up. There is a lot of stuff happening and nobody knows where it’s going to. Should you invest – I don’t know! I am invested and I think its a good idea. But if it’s just about making some fast money – you shouldn’t do it. The most important thing is, figure out how it’s really working, figure out what’s going behind the things. Don’t focus on Bitcoin. Go more into the whole environment of cryptocurrencies. Take a look at the top 10 and figure out the difference. Check out some competition coming out of China. Look at Neal for example. Dive into it, absorb it and afterwards decide.”

Are you a Bitcoin expert, a cryptocurrency trader or a founder whose idea uses Blockchain? Come and share your vision with us and we will project it to the world. Download the Lama app, start answering questions or get our expert journalist Jill Beytin (jill@lama-app.com) to interview you.

 

Frame Photo by Andre Francois on Unsplash

 

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out /  Change )

Google+ photo

You are commenting using your Google+ account. Log Out /  Change )

Twitter picture

You are commenting using your Twitter account. Log Out /  Change )

Facebook photo

You are commenting using your Facebook account. Log Out /  Change )

Connecting to %s