Can Christians buy Bitcoin?

[LayHong_Loves_Christ]

Can Christians buy Bitcoin?
And pray to God to bless BTC to go higher and higher.

 

[Sketcher]

They can. And since it goes up and down, they'd better sell it when it's high.

 

[bèlla]

Bitcoin is expensive. But there are other currencies. Do your homework.

~bella

 

[Rene Loup]

The Bible warns against get-rich-quick schemes (Hebrews 13:5-6, Matthew 6:24, Proverbs 13:11, 16:33, 22:16, 28:19-22, 1 Timothy 6:10). There were people who used their credit cards to make risky investments in Bitcoin, expecting skyrocketing value.[1][2][3]

I also highly recommend reading the full context of each of these verses. These are from my notes for an older project.

Take care, stay safe, and God bless!

1. Buy bitcoin with credit cards? Big banks say 'no' - CreditCards.com
2. Worrying number of people buying bitcoin with their credit cards, LendEDU poll finds - Market Business News
3. Capital One Blocks Cryptocurrency Purchases With Its Card

 

[chevyontheriver]

Can Christians buy Bitcoin?
And pray to God to bless BTC to go higher and higher.

You can.

But Bitcoin mining is no longer worth it. The amount money wasted on electricity will be more than the worth of what you mine. Mining it was smart back in the very beginning, but those days are long gone.

If you want to buy some for investment purposes just be careful. Lot's of smart people play those games and you may lose.

If you want to buy Bitcoin to pay someone in Bitcoin that's probably the smartest thing. No moral problem with that, at least as long as the rest of the transaction is moral. I'm willing to be paid in Bitcoin, or in gold, but so far all I get are US dollars.

 

[SkyWriting]

Bitcoin is expensive. But there are other currencies. Do your homework.

~bella

There is a new system now.

Interactive Brokers® - Buy Fractional Shares of Stock
Ad·https://www.interactivebrokers.com/
Too expensive? Not anymore. Buy almost any US stock for as little as $1.

 

[bèlla]

There is a new system now.

Interactive Brokers® - Buy Fractional Shares of Stock
Ad·https://www.interactivebrokers.com/
Too expensive? Not anymore. Buy almost any US stock for as little as $1.

Fractional shares have existed a long time. Most investors who DRIP get them when reinvesting.

~bella

 

[SkyWriting]

Fractional shares have existed a long time. Most investors who DRIP get them when reinvesting.

~bella

There is an old system for buying expensive stock, called Fractional shares. Many investors use them.

 

[bèlla]

There is an old system for buying expensive stock, called Fractional shares. Many investors use them.

Direct reinvestment allows you to acquire shares for a fixed amount. The monthly fee is automatically removed and applied towards the purchase of new shares. The caveat is the sale. You can't specify which ones to sell. They're held in book not street. The capital gains tax can be larger. That's the benefit of using a broker. But they aren't cost effective for most.

 

[SkyWriting]

Direct reinvestment allows you to acquire shares for a fixed amount. The monthly fee is automatically removed and applied towards the purchase of new shares. The caveat is the sale. You can't specify which ones to sell. They're held in book not street. The capital gains tax can be larger. That's the benefit of using a broker. But they aren't cost effective for most.

That would explain that.

 

[bèlla]

That would explain that.

DRIP is good for long-term investors who plan to hold. If you plan to buy and sell more frequently you have to consider the gains. It can add up.

Have you been in the market long?

 

[Aussie Pete]

Can Christians buy Bitcoin?
And pray to God to bless BTC to go higher and higher.

To me it is a form of gambling. I've avoided getting involved. Bitcoin transactions are a huge drain on energy resources as well. So for those who believe that we should be better managing electricity demand, Bitcoin should be avoided.

 

[LayHong_Loves_Christ]

Is it better to invest in mutual fund?

 

[SkyWriting]

Is it better to invest in mutual fund?

A low fee index fund is best for security.
Bitcoin is good for gambling. It could go up 100% give or take 500%

 

[splish- splash]

I have no idea.

What's off putting about these funny bitcoin Companies, is how they are quick to ask you to pay in, without fully explaining how it works and what the pros and cons are. Its as if they have people chasing after them, with the way they like to rush through.

The Post office schemes, may seem dated according to some, but they are a safer option i think, if you're looking to invest money.

 

[Dikaioumenoi]

I'm interested in the few gambling comments here. Why do you think buying Bitcoin is gambling?

When I think of gambling, I think of a game of chance; luck, with little skill involved. But market movements are quite predictable. No you won't win 100% of the time, but with the right skills and experience you can be assured to win a majority of the time, or to at least manage your risk well enough to limit your downside while gaining wins that are 2-3x your losses. Trading is about executing on probabilities. Sure there's risk involved, but the same is true of any type of business. A shop keeper has no guarantee that he'll profit off of everything he stocks his shelves with.

Now, if you don't know what you're doing and you're just hopping into a market on hope or hype (as many do, granted), that's gambling.

Here's a passage worth looking at: Matthew 25:14-30

I haven't actually invested in cryptos myself, but I'm an active swing trader in the stock market.

 

[East of Eden]

To me it is a form of gambling. I've avoided getting involved. Bitcoin transactions are a huge drain on energy resources as well. So for those who believe that we should be better managing electricity demand, Bitcoin should be avoided.

So are Christmas decorations. What is your point?

 

[Gregory Thompson]

Currency exchange, futures, options - take a dart board and use this to select which ones you'll invest in because it's volatile. It's always been volatile, (nothing special about bitcoin) if your risk tolerance does not allow it, then stick to lower risk - guaranteed return type investments instead.

 

[East of Eden]

The Bible warns against get-rich-quick schemes (Hebrews 13:5-6, Matthew 6:24, Proverbs 13:11, 16:33, 22:16, 28:19-22, 1 Timothy 6:10). There were people who used their credit cards to make risky investments in Bitcoin, expecting skyrocketing value.[1][2][3]

I also highly recommend reading the full context of each of these verses. These are from my notes for an older project.

Take care, stay safe, and God bless!

1. Buy bitcoin with credit cards? Big banks say 'no' - CreditCards.com
2. Worrying number of people buying bitcoin with their credit cards, LendEDU poll finds - Market Business News
3. Capital One Blocks Cryptocurrency Purchases With Its Card

Buying any investment with a credit card is a bad idea. People need to understand the logic behind crypto like BTC or Ethereum. As Elon Musk said, cryptos are a crazy idea, but less crazy than holding the US$.

 

[Aussie Pete]

So are Christmas decorations. What is your point?

Christmas lights are usually efficient LED's these days.
My point?

"If Bitcoin were a country, it would rank in the top 30 worldwide for energy use. That’s roughly enough electricity to power countries with populations in the tens of millions, with an environmental burden of an estimated 34 megatons of carbon emissions or more, according to Digiconomist’s Bitcoin Energy Consumption Index.

Of course, Bitcoin isn’t unique among cryptocurrencies in terms of its environmental burden, but its high profile and uniquely inefficient transaction approval system make it an easy scapegoat. The blockchain technology that underlies it, meanwhile, could be the key to a greener future."

While people are being pestered to reduce greenhouse emissions and governments blackmailing/bribing businesses to help, bitcoin is a massive addition for absolutely no benefit to anyone. At least you can see Christmas decorations.