Explicit
243 The One About Bitcoin - Part 2
Dec 22, 2017 ·
52m 50s
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Description
Please listen to Part 1 first. This show will explain many of the problems with bitcoin and other cryptocurrencies.
Comments
Eric Clevinger
6 years ago
Phil, as a fan of Seth's show I wanted to thank you for having this discussion. You make a lot of real good points. I do trade bitcoin, but am sensible about it. Don't invest more than you can comfortably afford to lose, don't panic buy/sell, don't buy at or near the all-time high, and if the price goes down, do dollar cost averaging and wait it out. Have an entry/exit strategy and stick with it. (all common sense stuff really).
One huge advantage of Bitcoin and cryptocurrency is VERY LOW trading fees, especially for those who are starting out. I know you mentioned high fees, but that specifically applies to merchandise transactions, or transferring from one wallet to another. In terms of trading bitcoin on an exchange, the trading fees tend to be lower than 0.5%. Which is very reasonable if you ask me. And you can also find exchanges that offer low or no fees for depositing and withdrawing USD and Bitcoin. It should also be noted that a solution called segwit is slowly being adopted by different wallets and exchanges, that will drastically lower the really high transaction fees you mentioned. Several exchanges either already have this or will be adding it soon.
Bitcoin has been volatile from the very beginning. Honestly in 2014 when Mt. Gox happened, many thought this would be the end of bitcoin altogether but clearly it wasn't. Bitcoin/cryptocurrency certainly isn't for everyone, but if you are sensible and willing to assume risk there are potential profits to be had. How high is the ceiling??? No one knows. And to be completely honest, I can definitely see a big correction possibly coming. This time last year bitcoin was under $1,000 for goodness sake. But even then I am still on board because despite the volatility, I really don't see it going away completely anytime soon.
Information
| Author | Phil Ferguson |
| Organization | Phil Ferguson |
| Website | - |
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