Author Topic: Should I consider bitcoin as a means to store money, how much can I lose?  (Read 5369 times)

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Offline greenace92Topic starter

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I'm looking for ways to store money, and potentially grow money. By store I mean "hide" so to speak.
Although I have heard of people being held for their keys and I'm not really under any legal problems at the moment.
I'd like to save without a bank.

Anyway, this plummet of Bitcoin (although over the course of year(s)) has me concerned.

On average, what is the volatility of a bitcoin?
If I bought one today for $257.69, would it be worth $257.69 in a week, what about four weeks, a month?

Based on your experience, what sort of margin should I expect to bounce up and down by?

How about turning dollars into bitcoins and vice versa? How easy is it to do that?

I'd appreciate any information you'd have on the matter.

While I could just withdraw cash and stash it somewhere, I don't like that idea, encryption sounds better, although a physical device that can be stolen with the added volatility, perhaps that is not any better than cash.

What about the Greek situation and if in the future this happens to the US, dollars would be worthless and maybe I could be safe transitioning to another country with Bitcoins and then convert to their currency.

Anyway, thanks for any help @Gavin: Only invest time/money into Bitcoin you can afford to lose.

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