Whoa! I bought about 200$ of bitcoin a few years ago.

[Kablooie]

I wanted to try it out and see what it was.
I only bought a 20$ program as a test.
It seemed awkward and slow so I didn't do much more with it.

I checked my account today and it's worth $14,000!

A few days ago it was $20,000!

I think I'll let it ride some more before I pull out.

[elleng]

1. Not giving financial advice but

be cautious. Have heard that in last days/weeks, has lost a lot. Maybe not good idea to 'ride.'

[Kablooie]

2. I know but I've always been a terrible gambler. No reason to change now.

It's only 200$ anyway.
I doubt it will go lower than that so I'll at least break even.

[Afromania]

11. take the profits, leave the 200:)

[mahatmakanejeeves]

12. "I doubt it will go lower...." Ooof. I've lost a lot of money telling myself that.

In my case, I start with $14,000 and end up with $200. Or nothing.

[TexasTowelie]

3. I still have my supply of rocks available

in case you want a pet!

[elleng]

4. NO pet rocks for ME, Towelie!

[Achilleaze]

8. A Musical Meditation

[Achilleaze]

9. And a holiday film for your financial amusement

[lame54]

20. When it dips is wen you buy more...

It shot right back up
As confusing as it is I believe it is here to stay
Trump's new tax laws may kill the dollar

[lapfog_1]

5. can you place a stop loss on the value?

I would do so to lock in at least $10K.

If it moves up again, adjust the stop loss up.

If you get stopped out... buy something else with your profits.

[bitterross]

6. It has been up and down. I'd ride for a bit.

[marble falls]

7. Stay ahead of the curve!

[AlexSFCA]

10. Id pull out immidiately

[CabalPowered]

13. Did you check your Bitcoin Cash account?

Everyone that was holding Bitcoin at the time of the fork was given (as in free) the new coin from the hard fork. You likely have another 2k-3k waiting for you..

[PubliusEnigma]

14. If you can get someone to give you real dollars for it, do it.

That's the hard part.

[CountAllVotes]

15. Truth

I'd dump it too with that much of a profit.

Where do you buy/sell bitcoin?

Its not like having gold. There is always a buyer waiting. Always ...

[True Dough]

16. Congrats on the stellar return

But you really shouldn't defy the tried and true adage: buy low, sell high.

[Kablooie]

17. I found I can't just cash it in. I have to find a buyer.

It's a market, not a bank.

If you're interested this is what it would take to sell my bitcoin:

The online website lists current buyers and how much they are willing to buy.
I have to contact a buyer with my information and they have to agree to the transaction.

I would then put the agreed amount of bitcoin into an escrow account the website provides.
The buyer would transfer cash to my bank.
Once I receive confirmation from my bank I would release the bitcoin to the buyer.

Another option is to meet in person.
There are several buyers located in my town and are willing to meet face to face.
They would hand over cash and I would then send bitcoin to their bitcoin online "wallet".

So I can't just cash in like I would at a bank or casino.
I have to so some work to turn it into cash.

Also profits or losses from bitcoin are considered capital gains by the IRS and I would be responsible
to report the cost basis, holding period and sale price to the IRS.

[CabalPowered]

18. Coinbase

Register at coinbase, transfer the coins, exchange for dollars, deposit hits your bank in about a week. Done.

www.coinbase.com

[Kablooie]

19. Didn't know that. Thanks!