Mr. Rodgers
New Member
I'm sure this is self explanatory for those who understand bitcoin, but for those who don't, this should help.
I'm new to bitcoin currency as well, but from what I've found out through research it is really a great recourse to use if you know what you're doing.
One thing to understand is that bitcoin is like any other form of currency or stock....the value of it is constantly changing compared to other forms of currency. With that being said, if you keep an eye on the value of it and time it correctly, you could end up paying a lot less for your gear (or anything else you purchase with bitcoin) and come with more money in your pocket. (You could lose money too if you don't educate yourself)
If you buy bitcoin when it's value is low, then wait until the value goes up to purchase gear, you'll end up getting more for less.
For example, had I of been smart enough to purchase bitcoin when it first started and was about $8 for 1 bitcoin.....and I bought 100 bitcoins (I paid $800) then today when bitcoin is currently worth $350.....I would have 100 bitcoins worth $350 a piece that I only paid $8 a piece for. You can do the math on that.
Now you'd think "if a source wants 1 bitcoin (worth $350) for my order but i only paid $8 for it, the source is getting ripped off $342." This isnt true, because even though it was worth $8 when you bought it, it's worth $350 when the source gets his hands on it, so he flips it and sells it and makes $350 like he is supposed to receive from you for the gear he sold. So you basically bought $350 worth of gear for $8, even though the source does get paid the full $350.
So what I'm getting at is that you need to keep an eye on the market and play it smart and time it right, because it will save you money in the long run.
If I am incorrect about any of this please, veterans of bitcoin (especially pumpingiron22), let me know!
But I'm pretty sure this is how it works.
Hope this helps guys!
Have a beautiful day in the neighborhood,
Mr. Rodgers
I'm new to bitcoin currency as well, but from what I've found out through research it is really a great recourse to use if you know what you're doing.
One thing to understand is that bitcoin is like any other form of currency or stock....the value of it is constantly changing compared to other forms of currency. With that being said, if you keep an eye on the value of it and time it correctly, you could end up paying a lot less for your gear (or anything else you purchase with bitcoin) and come with more money in your pocket. (You could lose money too if you don't educate yourself)
If you buy bitcoin when it's value is low, then wait until the value goes up to purchase gear, you'll end up getting more for less.
For example, had I of been smart enough to purchase bitcoin when it first started and was about $8 for 1 bitcoin.....and I bought 100 bitcoins (I paid $800) then today when bitcoin is currently worth $350.....I would have 100 bitcoins worth $350 a piece that I only paid $8 a piece for. You can do the math on that.
Now you'd think "if a source wants 1 bitcoin (worth $350) for my order but i only paid $8 for it, the source is getting ripped off $342." This isnt true, because even though it was worth $8 when you bought it, it's worth $350 when the source gets his hands on it, so he flips it and sells it and makes $350 like he is supposed to receive from you for the gear he sold. So you basically bought $350 worth of gear for $8, even though the source does get paid the full $350.
So what I'm getting at is that you need to keep an eye on the market and play it smart and time it right, because it will save you money in the long run.
If I am incorrect about any of this please, veterans of bitcoin (especially pumpingiron22), let me know!
But I'm pretty sure this is how it works.
Hope this helps guys!
Have a beautiful day in the neighborhood,
Mr. Rodgers
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