Bitcoin has a history of volatility no doubt but the overall movement has been upwards. It has withstood some major blows and in the face of all that adversity I think it is doing surprisingly well. Bitcoin is currently valued at about $420 usd per bitcoin. You don’t need a crystal ball to see that it will continue to climb in value, then crash, then go for another bull run and so on and so forth. But what the hell is it exactly?
Who the fuck knows.
Bitcoin is a virtual currency. Its open source. Its peer to peer so its decentralized. And its awesome. It can be used just as regular money can be used and it can also be used as an investment tool. I have a few friends who did very well by getting into bitcoin early. It has many advantages over the old electronic money system and cash. And of course it has its downsides.
Some of the pros:
Transferring funds is quick, usually under an hour, and cheap, typically 0.0001 BTC
Its super secure if you take the right measures
It isn’t currently regulated by any central authority.
Some of the cons:
None. Its fucking awesome. Ok maybe there are a few.
If you don’t take the right measures it can be super insecure.
If you don’t know what you’re doing you could lose your shirt. Pretty easily. One example would be sending money to an incorrect address.
No central authority and no safety net. It isn’t FDIC insured.
There is an adjustment period to using bitcoin. Users should educate themselves a good deal before ever purchasing one. Luckily there are plenty of people who are more than happy to help.
I’ll be back later on in the week with a post about it.
Please feel free to comment if you have anything to add or if you have any questions!