Watched a Dr. Phil show about it the other day and did a little research in the form of seeing what Clark Howard said about it and I came away not impressed.
What can you buy with it??
Also, fox is reporting that the highly intelligent new mayor of NYC just lost a tidey sum in bitcoin.
Anything you can use a credit card for - and by transferring it to your checking account, anything you desire and can afford.
Dr Phil is not really the person to educate you on tech stuff. LOL.
The thing about bitcoin that people miss is that it is not necessarily used to buy a cup of coffee at the local store. It is used for the transfer of value; and store of value. I am not crazy about the term digital gold—but it comes close.
During periods of inflation or instability you want to own something that will retain some value and would allow you to convert to fiat to buy those local items.
It also allows you to move money in and out of countries that are restricting the flow of capital. That is the main reason you see countries like Russia and China trying to ban it.
Chinese capitalists were buying bitcoin and sending it to their kids here in the US. It would be converted to dollars and invested here. China could not afford to lose that hard currency.
Russia is trying to do a similar thing right before the recent events. They don’t want their available capital leaving the country without putting their grubby fingers on it.
I could literally walk across a border with almost a million dollars (or more) locked up in my head.
Bitcoin is very early in its growth. The general population doesn’t really understand it yet. And certainly, you see this on the business channels and shows like Dr Phil. It is a significant “thought change” and that is difficult for people to comprehend en masse. But its changing a little every day.
No fees to financial institutions. You can buy and sell with someone across the world if you want to, with no need to transfer money into their currency because the crypto is the currency. You do to have to deal with a lot of stuff if you use crypto.
I have invested in a few crypto currency’s, and it’s all money I can afford to lose if I have to. I have doubled my investment in 7 months. If you’re not stupid and put all your eggs in 1 basket, it’s a solid investment with the benefit of the things I mentioned first.