Is Bitcoin The Best Currency?

I am very ignorant to the finer details of bitcoin, but I'm wondering, has anybody ever hit it big off of investing in bitcoin? It's obviously a newer form of currency, but I wonder if there is any benefit over traditional stocks if you are a stock market wizard already and do well off of stocks.

 

I'm pretty skeptical from what I have read about bitcoins. The fact of the matter is that you can buy or obtain bitcoins and the company could just fold up because technically from what I understand it is not regulated at all. In fact, unlike other payment methods, like paypal, you can use bitcoins to buy anything because there are no restrictions. In fact, I have even heard people buying illegal drugs with bitcoins. Sounds a bit sketchy to me!

 

The fact that bitcoin does not have a centralised regulation system and lack of physical offices and infrastructure makes it a very cheap method of transacting business. Many blue chip companies like Amazon and hundreds of retailers around the world have signed up for bitcoin and its acceptance is gaining currency. Added to this is the fact that there has never been a major breach of its security system.

 

I am not sure whether bitcoin is the best currency. Yesterday, the value of bitcoins compared US dollars was high and today it has dropped. Yesterday 1 Bitcoin was 700 USD and today it is just 660. It is true that Bitcoins rises more compared to the the dollars,however thee market is very volatile. I have invested Bitcoins on couple of projects and I am yet to analyze my investment.

 

The stock market might be volatile but a wise investor will probably not lose a lot of money because they'll know when to buy and hold, when to short sell, etc.

But bitcoin's value is more volatile. I've heard of people who lost more than half their money when bitcoin prices plunged. That's why I don't believe bitcoin is a good investment for most people.

 

This. It does serve neatly its purpose as an alternative way to make cheaper transactions instead of mainstream currencies. But, since its market is relatively new and unregulated, the price for every bitcon has its ups and downs. Therefore I don't suggest to use it as an alternative to save money right now. Buy assets instead.

 

I don't agree with it being the best thing to invest in because Bitcoins are very risky, they change in value, almost instantly, and at a great different in value much of the time.

I watched footage of a man who owned 1 Bitcoin, he paid $650 for it, and literally not even 15 minutes later, it was worth $620 dollars. That was a disappointment to my ears, but I knew that it could go up in value by $100 dollar easy because it has done that before.

I'd rather trade options on Bitcoin and not have to worry about owning any of the,.

 

How good a currency is doesn't depend just on its value because values can be manipulated easy.

1 kilogram of silver has the cost of 1 BTC. However, if all currencies in the world fail.. the price of kilogram will rise.

Another thing that indicated BTC is not a very good currency is the fact that it's unstable. One day it can cost $200, the other week it may cost $600. This may be a good thing if the prices go up. It is a disaster if they fall and since there is no central bank to manage the circulation of the currency and due to its tech background, once world runs out of new BTC being mined, there will be a huge issue. A central bank could simply print more money. You can't create more BTC than there actually is. Hence the mining difficulty.

Bitcoin isn't the best currency and it never will. However, it is quite important currency since it's affected by the rise and fall of other real currencies like USD, EUR and GBP.

 

Bitcoin is interesting as a currency but it has a long way to go before it is generally accepted as a currency. Some sites pay in Bitcoins, but there is a lot of misinformation about it, and not everyone who uses it is honest. Some of the major vendors like Amazon accept Bitcoin but only after it has been exchanged by other currencies.

 

I don't think you should invest all of your savings into Bitcoin. Sure you might want to invest under a thousand just to test out the market. I am too leery to invest more than that because it is possible for hackers to steal your Bitcoin wallet and the money is not FDIC insured.

 

I think bitcoins are a good long term investment. I bought 5 BTC when it was worth $35/BTC and forgot about it. Then 1-2 years later I sold them for $400 a piece. I don't think I could've gotten a better return on investment anywhere else. Bitcoin kinda reminds me of the fluctuations you see in gold prices.

 

I think once people start using it as a means of payment and not just a form of investment it's true value will be realised. The transfer costs are a tiny tiny almost insignificant amount when compared to ANY alternative way of transferring money bar walking over and giving it the person yourself!

 

I am just dipping my toe in the water of Bitcoin now. I think that it may be a viable way to use and exchange currency in the future. I have noticed certain apps like Slidejoy for instance, are using Bitcoin as a form of payment so it is certainly something that is making its way into conventional payment methods. It will be interesting to see where it leads.

 

I haven't delved into the Bitcoin market yet. I am interested, but want to know more about it before investing any money. I don't have money to invest anyway, which is why I haven't done much in the way of investigating, but I would consider having one of my various ways of earning money online pay in Bitcoin, so that I could slowly work my way into that sector. Are there particular sites to go to where a person can exchange Bitcoin for various other currencies? If so, do the sites all value the Bitcoin the same, or do some have better exchange rates?

 

I'd be wary of thinking of investing, it's pretty high at the moment so wonder how high it can go again. Definitely do consider it more as possible way of receiving and sending money to anywhere in the world at the lowest rates you'll ever see, think its just a fraction one percent.
The main exchanges are all usually within few cents of each other, there are people selling it on eBay and such for really high prices so keep away from them if possible. Not aware of many sites that let you switch between different currencies but most big exchanges will let you pay in major currencies then pay you in that currency when you cash out.

 

I believe bitcoin is the best currency. You have 10 USD on your paypal, it will remain just $10, however, if you have $10 on your BTC wallet, it could be $10 or $12 after sometime because Bitcoin rates are always increasing. You can make money just by holding bitcoins, you can make more money by trading bitcoin.

 

It's just worth more but it definitely isn't the best. If you want to purchase items on normal sites, you need normal money which you can't do with bitcoin. Sure you can go to other sites and purchase with bitcoin but many don't know how because it's a bit too complex for newer folks. Where I live, the value of the dollar has risen significantly. Also, the whole system of bitcoin seems unstable.

 

I wouldn't say Bitcoin is the best currency for commoners the way it fluctuates. It could be one of the good options for traders who can afford to lose big expecting a big gain but for most it is only a medium of payment from specific sources at a cheaper rate. I have a Bitcoin wallet but have done nothing for last couple of months. I regret having sold my Bitcoin when the rate was $580 though.

 

I have read widely about bitcoin and yet I am reluctant to try it out. The fact that you have to be real vigilant about its prices and security makes it less palatable to me.

While it is difficult to gather bitcoins some people have earned big in it. However, I still don't see it as the best currency.