How does Bitcoin have any value at all?? Isn’t it all based on supply and demand, and in turn, based on desire of people to conduct financial transactions outside the banking system?
And since Bitcoin is not backed by any assets, is not a national currency backed by full faith and credit of anyone, isn’t it really all a matter that, since the participants in the Bitcoin market believe it has value, and buy and sell it as a commodity, that this is why it has value???
Your gold price depends on what kind of gold you have. Nuggets, coins and bullion have quite different prices.
Which makes it a little tough to buy a pack of smokes with.
Bitcoin sounds like something conceived by Bernie Madoff in the joint. And Tony Soprano would give the Bitcoin franchise to Paulie and Christopher.
Oh, bitcoin. That the internet currency the government can’t control at all, and the government is cool with it. Got it.
Bitcoin will fail in a matter of years if not sooner.
Right now we’re in the middle of a crypto-currency bubble.
A huge threat is hackers breaking in and stealing account code information. Too many exchanges have gone bankrupt because they were hacked & cleaned out. MT Gox is a perfect example.
Also, you have to think about governments who view this type of currency as a competition to the national currencies. Right now Florida is penning legislation that will make use of bitcoin equivalent to money laundering.
Series on one of the Directv channels called “Dark Net” talked about Bitcoin a while back - there are apparently “miners” all over the world on the internet, including China, who handle the transactions involving bitcoin - taking orders from those who are trying to exchange in bitcoins and making sure the other end of the trade has adequate financing available in bitcoin - they make money by handling as many trades as possible and getting a cut of the action - all very complicated and more than a bit risky....
One EMP event and all that bitcoin wealth goes bye-bye.
Bitcoin is soooo 2010! Ethereum is the hot cryptocurrency right now...Bitcoin is experiencing some “under the-hood” problems. Moved most of my BTC to ETH.
https://cointelegraph.com/news/the-human-impact-of-bitcoins-scaling-problems
I’m up quite a bit on bitcoin. I bought in for 25 bucks just out of curiosity when the value was in the high 700’s. Now it’s over 2500, and I’m up to over 60 bucks, and that’s after I spent some of it on a couple of games from Steam, which accepts bitcoin and has some pretty fun games. I won’t speculate on what the long term prospects of it are, but certainly there is some money to be made, and it’s been fun to play with. Not many investments give a 400% return in one year like my bitcoins did. If I had invested 10 grand back a year or so back, I’d have 40 grand. I would never do that, because it’s so unproven, but the naysayers have been proven wrong up to this point. I’ve been thinking about buying another 50 bucks worth just for the heck of it, but I keep thinking it’s at a peak and will go down as soon as I buy, but it keeps going up. I should have bought it when I thought about it, when it was at 1700 or so.