It climbs and it crashes but right now it looks like its going to climb a lot. Many of my readers are savvy investors and would kill for an opportunity to predict a stock’s behavior as simply as using google and a few key phrases. There are as many myths about; Bitcoin, and other crypto-currency types, as there are miners, and investors.
To be clear by investors I mean folks who buy and hold even small amounts of crypto-currency like myself. I’ve never purchased more than a few hundred dollars worth but never suffered any losses either. The trick has been watching closely as the hype for (and against) bitcoin seem to get the most vocal and not surprisingly the market moves shortly after. That may not be much of a strategy but if you have ever purchased a lottery ticket of any kind, you would find bitcoin, ethereum, litecoin, and the others… rewarding.
Recent articles for and against Bitcoin:
Once in a while the articles against Bitcoin come from folks who actually have strong concerns about the veracity of the currency value itself. The facts about bitcoin have been discussed and described in countless articles but apparently not to everyone’s satisfaction. It is sufficient to say that it’s value is quite well established and backed by networks of exchanges that allow the sought after currency to be exchanged for cash if that is your primary goal. I for example traditionally use Coinbase and have thus far no complaints.
That last big crash
China outlawed mining and using bitcoin and we took a series of hits as a result. Notice it survived?
The information contributing to the above link was blown a bit out of proportion on April 1st prompting a lot of people to say SEC was backing Bitcoin or similar claims were made. In fact the report did outline that cryto based businesses were now able to make legitimate strides by discerning what not to do. That is to say “basing the entire business model on mining or trading crypto-currency is still a gamble, but incorporating risks into business can be rewarding when done right.”
As for me – I might go throw another $10 at it and see what develops. It’s a bit like a rainy day fund. I don’t convince myself to spend much but have often been pleasantly surprised at the result.
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