Holy crap. Depending on the current price, that’s either a flat or a house in Poland 
Tell someone who does not grasp the concept, that you want to keep this much value in an imaginary virtual asset. He will think the World has gone crazy
Did my due diligence and am convinced that we are moving more and more into a digitization of the world. What we see and understand now, will change exponentially in the future. BTC is moving slowly from speculation towards value conservation purpose.
Who thought that a an electronic bookstore would change the world > Amazon
Who thought that with a search bar you can create so much money as a company > Google
Could I be wrong? Totally… but I don’t see the risk that BTC goes to zero. And the potential upside is imo exponential (without an expiration date).
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But Bitcoin is riddled with issues. It’s supposed to solve the problem that you normally have to trust an entity with your wealth. Well, I don’t know where you store your Bitcoin, but:
- if you store it in a hot wallet, then you trust the provider of this hot wallet. he could be hacked at any point, or just disappear with your money.
- if you store it in a cold wallet like Ledger Nano, you need to use their software when you make the transactions. Plus, you need to be careful that your own PC is not bugged.
- additionally, if you trust nobody, how will you verify that your Bitcoins are still there? Will you download the whole blockchain, calculate the merkle tree? You need to be extremely tech savvy to understand it and audit it.
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Good point, that is why I am using the Swissquote bank to buy/sell and store my cryptos.
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What about KYC and black market money? The regulations are getting tougher and tougher. I don’t see cryptos surviving in such an environment.
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What is the difference between 1 Bitcoin held at Swissquote, and 1 Apple share held at Swissquote? In the second case, you hold a piece of a business, that produces something. What do you hold in case of Bitcoin?
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Guys, love your questions, but I have no intention to convince you here. Do your analysis, define your risk awareness and make your decision according to your personal view.
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I would love to get answers from you. It sounds like you are the right person to ask because you invested a lot of time researching.
But of course you don’t have to answer.
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Sounds to me like: “I don’t know the answer, please don’t question my beliefs”
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lol, we all have our beliefs. Your belief is that BTC has no value - I do.
Please don’t make this thread hostile. We can all learn from each other.
I’m honest here, I don’t know too much about crypto.
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That’s what you think. I’m just “testing your faith”. I own 0.5BTC and some ETH, and studied the crypto topic quite a bit. And I’m still torn about its real world applications. The fact that you’re unwilling to share your logic is either an indicator that you don’t have it all figured out, or you’ve done it so many times that it seems tedious to start again.
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It’s basically the same question as asking gold bugs to explain the value of gold. They had a century to prepare their answers. Give OogieBoogie a break here. There exist only three things you need to know about bitcoin:
- It’s limited in quantity
- It’s not controlled by any government
- People want to own it
If this belongs in your wallet is up to you.
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We already have a really good thread on Bitcoin: Future of Bitcoin
This thread is about @OogieBoogie’s views and decisions. Which I find very interesting, since they differ a lot from mine.
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How exactly works holding at Swissquote? Not your Keys, not your Crypto…
Edit: I am huge fan of BTC as well, I buy it on Lykke but after I transfer it to HW wallet. Now I just saw that you are able to transfer it in and out of Swissquote as well so it seems legit not like Revolut approach.
Good input - yes, you have access to your wallet with Swissquote. But you don’t “see” your keys, but you can transfer in/out the BTC to your private Wallet
SQ does not see your public key either. In current banking grade crypto custody solutions such as R&C, the private keys are usually stored in 4-6 different pieces and are just put together for the transaction (requiring a certain number of signing devices) and then split up again.
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You could store it on a piece of paper though? (by printing out your keys)
I don’t think you should print out the key (afaik it’s one key, the private key includes the public key, so the public key is the subset of the private key). The key should never get in touch with your PC. Ledger Nano generates and stores the key for you. It also prints out recovery words on its display. It’s fully separated. It’s only when you make transactions, do you use the software. If everything is done as it should, this solution should be safe. But I would be lying if I said that I know for sure that there is no loophole. I just trust that people smarter than me would have ringed the bell if they spotted some potential threats.
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Hello,
The difference might be that apparently there would be no liability from swissquote when you buy bitcoins from them (?). On the other hand they will take responsibility for your apple share.