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opportunitykenny

Bitcoin Business.......Is it good for christians

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It has come to my observation how people are talking about bitcoin business. Summarily they said it is highly profitable. I do know little or nothing about it and this is why I am asking:

1. Is it good for a christian to go into it? 

2. Can anyone in a simple way explain the principle with which bitcoin business operate?

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I am still wondering if it is legal tender in the US.

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Bitcoins is a strange beast.  No government owns bitcoins and 1 bitcoin is worth $15361.78.  From what I know, it can only be used online, not in banks, stores, etc.  Bitcoins is known best through the dark web, not a place a Christian would want to go.

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To my understanding, there are two forms of "business" that one can go into with bitcoins to make a profit.  There might be something else that I'm not aware of, but here are two possibilities I know of.

1. Bitcoin mining.  You set up a bank of computers to "mine" bitcoins.  Basically you run a particular program which runs a series of algorithms to discover new bitcoins.   You need a lot of money to get the computers and supply the power to them.  It's not clear how much money can be made and the initial investment cost is large.  

To be honest, I'm kicking myself a bit that I didn't do this years ago when it first came out and was a geek's toy.  There would have been a lot less competition and I might have actually found a few.  I thought about doing it as a lark just to say I had a few.  Too late now and to be honest, I'd have probably cashed out when they reached a few hundred dollars.

2. Bitcoin "trading" which is basically the same as foreign exchange trading.  This is akin to gambling.  You try to time the variation of value to buy low and sell high and make money on the variation of its value as it changes over time.  I'm guessing there might be "investment" type derivatives as well.  However, this would require an up front investment to acquire some.   The bottom line, you put your own money on the line and then risk it.

Two rules I'd always follow on anything like this.  1. NEVER BORROW MONEY TO DO THIS!!!!  and 2. ONLY USE MONEY THAT YOU CAN AFFORD TO LOSE!!!!    These are not surefire things.  These are somewhat risky.  That is why there is a lot of potential profit and potential loss.  The more risk, the more potential gain or loss.

For Christians, I'd say that there are better businesses where you can supply services or products that actually help people.  

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I heard about a kid who used his paper route money to buy bitcoins for $.50 each a few years ago when he was a teenager.   He is not yet 30 and is worth over $3 Million.

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1 hour ago, OneLight said:

Bitcoins is a strange beast.  No government owns bitcoins and 1 bitcoin is worth $15361.78.  From what I know, it can only be used online, not in banks, stores, etc.  Bitcoins is known best through the dark web, not a place a Christian would want to go.

"A massive ransomware attack has shut down work at 16 hospitals across the United Kingdom. According to The Guardian, the attack began at roughly 12:30PM local time, freezing systems and encrypting files. When employees tried to access the computers, they were presented with a demand for $300 in bitcoin, a classic ransomware tactic...."

https://www.theverge.com/2017/5/12/15630354/nhs-hospitals-ransomware-hack-wannacry-bitcoin

 

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I have a friend who bought in when it was around $500 per bitcoin. He encouraged me to do buy a couple then ... imagine how I feel now that they're going for $15,000 each .... 

 

I view it as any other investment, only use disposable income for stuff like this. 

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It is another speculation. it is not an investment. But hey if one is not the one to get caught holding the bag of them when  the speculation runs out of speculators, it is a great deal! 

It is all an illusion among illusions of grand things. For every sale at an increase there is a buyer that will have to get even more when they decide to sell if the value is to continue to increase. At this pace how long before that last buyer at an increase is found? 

Vapors, the world is speculating on vapors. There are already new vapors being "created" and sold. As competition comes will that early vapor have the appeal it has today? Ask that question- what is Bit Coin's competition?

But in the meantime dream of spinning the wheel of fortune at the giant casino, where the odds are even or better and the house never ever takes a player for a ride, and all leave richer than when they came in. And no one even has to learn th erule sof the game- easy money easy money come on in! There are no shills out there, really none, it is all real real easy money for all. Don't miss out!

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To my knowledge, I liken it to another Ponzi scheme or pyramid scheme. The last one holding the bag lose's, i.e. speculative stocks and start up companies, etc. Technically, as with stocks and shares, it's speculation, timing and gambling. I don't see it as an investment toward something useful and productive?

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8 hours ago, OneLight said:

Bitcoins is known best through the dark web, not a place a Christian would want to go.

Actually, it is well known in the dark web. But it does not mean it is evil, I'd say it is just a tool.

 

1 hour ago, Dennis1209 said:

I liken it to another Ponzi scheme or pyramid scheme.

I would not call it a pyramid scheme or ponzi scheme. Sure, there are many people making such schemes out of it... But that just traps those who love money.

And in reality, Bitcoin is not well suited for regular shopping and payments anymore. There are other altcoins more suited for that purpose.

 

9 hours ago, opportunitykenny said:

Is it good for a christian to go into it?

It depends for what reason, joining a fraudulent scheme is in no way recommended. But if you want to use it for practical purposes, then I do not see nothing wrong with it.

 

The technology behind it is pretty interesting, and what causes me more worry about it is that such technology could be used to make the prophecy below to happen.

"He causes all, both small and great, rich and poor, free and slave, to receive a mark on their right hand or on their foreheads,
and that no one may buy or sell except one who has the mark or the name of the beast, or the number of his name." - Revelation 13:16-17

 

Yes, the end is near... Stay watchful!

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