Posted on 12/21/2016 9:39:45 AM PST by oblomov
The price of a single bitcoin touched a fresh three-year high on Wednesday with U.S. and European buyers accounting for the bulk of trading volume.
Bitcoin prices have been rising steadily this year, but accelerated after the U.S. election results sent the U.S. dollar flying. Chinese traders were big bitcoin buyers, seeking protection from the rapid depreciation of the Chinese yuan, also known as the renminbi, which has weakened as the U.S. dollar has strengthened.
Traders in the West have also contributed to the digital currency’s rise, using it as a hedge against the political and economic implications of President-elect Donald Trump’s administration. Also, the U.K.’s June vote to leave the European Union, and perceived risk associated with a string of key European elections in 2017, have coaxed European investors to embrace bitcoin.
Bitcoin US:BTCUSD traded as high as $822 on Wednesday, surpassing the $800 market for the first time since January 2014, according to pricing data from Coin Market Cap. The majority of trades transacted in the past 24 hours were in U.S. dollars, euros and pounds, the data showed — though Chinese investors transacting in yuan have been responsible for much of the 2016 rally.
This is an important milestone for bitcoin, analysts said. The cryptocurrency has finally taken out its February 2014 high, which it reached just before Mt. Gox, then one of the world’s largest cryptocurrency exchanges, announced that hackers had stolen millions of dollars’ worth of customer bitcoins. That news effectively ended a period of exuberance that had sent bitcoin to an all-time high just below $1,200 in late 2013.
(Excerpt) Read more at marketwatch.com ...
The BTC bull market continues.
Also, Trump's cabinet includes a BTC supporter: https://www.cryptocoinsnews.com/trump-picks-a-bitcoin-supporter-for-cabinet-as-u-s-budget-director/
Glad I got in when BTC was ~$450. I don’t have much, but what I do have went up significantly.
I started getting in sub-300, and have continued buying on the way up.
I admit to being ignorant about bitcoin. But seems to me, that it has value because everyone participating has agreed that it has value. Those who accept bitcoin as payment have agreed to accept it, because they then have confidence that they can in turn spend it to buy goods and services.
And its all outside government control.
I’m sure this subject is more complex but that’s the impression I get of bitcoin; that it has value because all have faith that the comouterized transactions represent money which can be spent or stored for future use.
Have you ever used it as a medium of exchange?
Have you ever used it as a medium of exchange?
I bought a computer monitor, groceries from Costco, and a pair of sandals, from Overstock.com with bitcoin. Mostly, however, I am a hodler.
Should I have bitcoin? I don’t have any.
Found this so maybe so. (Answering own question)
https://www.reddit.com/r/Bitcoin/comments/4nqr6l/should_i_buy_bitcoins_now/
I have a bunch of them.
My daughter gave me $100 a couple of years ago. She wanted to buy some bitcoin.
She got up to $150 last year, and took $50 out. It is almost to $195 now.
I usually buy some ever couple of weeks. Then when it goes up $30 in a day, I pull some out and buy some gold.
One should diversify.
Yes. I use it to buy gold and silver coins.
I have mine on a Trezor as well. It is well worth the $100 or so. Every couple of weeks I plug it in, move new BTC onto it, and then put it back in the safe.
It is a lot easier to sleep at night knowing that no hacker is going to get into the exchange’s wallets. If I lose them it is likely I have done something stupid.
And its all outside government control.
I’m sure this subject is more complex but that’s the impression I get of bitcoin; that it has value because all have faith that the computerized transactions represent money which can be spent or stored for future use.
What you've stated here pretty much describes my feelings regarding the Bitcoin. A number of people here have previously tried to explain to me just how this works, but I confess I still fail to understand the concept (and maybe never will.) I don't know why any individual or business would accept the Bitcoin as legitimate currency. To me, it's an artificial currency not backed by anything or any government, and relies solely on the faith of the people willing to deal in Bitcoins. Others here have indicated that they see it as a good investment. I hope it works out for them. As for me, one of the cardinal rules of investing is that you should never get involved in an investment that you don't understand, so I'm staying away.
Sounds suspiciously like a pyramid scheme...
It has had a big move up over the past year, rallying from 300 to over 800 in the past year.
Valuing it is difficult, but in my view the use value and exchange value are both potentially much higher ($4K/bitcoin is my target by the end of 2021).
I am still buying since I have not yet reached my target allocation of 2% of my investment portfolio.
If you are interested in buying, my suggestion would be to use a reputable service such as Coinbase, and to dollar-cost average into a position. At Coinbase, you can buy small (or large) amounts using ACH withdrawals from your bank account. Coinbase has made it very convenient for me to accumulate a modest position, a few dollars at a time.
That's the short definition of money.
Yes, definitely. I’ve used it to buy quite a few items, such as the computer I’m using. I have also received it as compensation for consulting services (not my main job):
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