After MtGox, I think Bitcoin took a knock because people realised it could vanish unlike government-backed currencies which have some security. It has taken off in areas with high inflation or other unstable currencies though. I'd treat it more an an investment than a currency. My problem has always been figuring out how it works. It looks like the wallets are secure, right up until you spend anything and then your private key is out there in the block chain publicly for anyone who wants to debit your account.
I do not know if it is the best, but it so hard to gain bitcoins. You need to have a great computer to mine your bitcoins.
There are other options to get bitcoins for free, like bitcoin faucets, which take time but allow you to build your bitcoins slowly without needing to spend more money on the high electricity bill you get for mining! The fast way to get into bitcoins is still to buy them through an exchange, but that isn't free!
Honestly saying I don't know more about bitcoins. Still whatever I know about it I can say that yes it is good one. Though I don't have many options to receive my payments in this currency. I have one or two sites which pays in bitcoins and conversation rates in the end is profitable for me in compare to others. I wish more sites offers this thing so that I can cashout using the bitcoin.
It would be better if you could elaborate why Bitcoin is the medium for exchange or currency and why is it better than any other money in circulation which is back up by a gold reserve in the bank. What is it in Bitcoin that could guarantee its stability and its acceptability? I am to admit that I don't know about this so-called bitcoin. Please convince us why is it the best.
I've read a few articles about it (indicated by some friends). I've got a lot of information, but I still don't feel safe enough to invest in it. Seems to me to be more complicated than it seems. Almost everything I read about it looks very complicated, it's almost like a minefield. For now I prefer to stay out of this "game" and just watch the players for who knows someday, I can get into the game too.
@Nakitakona I think what @naruto100 is trying to say is that Bitcoin wallet back in our country charge lesser than what other money processor like PayPal charge. I would also like to redeem through my Bitcoin wallet if that option was available in some of the sites where I contribute and pay almost 6-8% of the amount redeemed unlike people from USA. Besides rules back in our country do not allow us to spend in coming money but it goes directly to our bank accounts but it is not the case with Bitcoin wallets.
@Ray1 Exactly!! That's why I said I will prefer bitcoin. In the end even bitcoin is going to exchange with our currency. But in compare to other payment processor using bitcoin processor we surely can avoid fees and high conversation rates. So it makes sense why I want to choose bitcoin. But it is true that not all sites are accepting this so it is quite limited for now.
@naruto100 I agree with you but the way the prices of Bitcoin fluctuate that is bit alarming for me. I was almost $500+ last year during the same time which has already gone past $1240 and suppose I get paid today and goes back to under 1000 or even lower! However, I have never lost so far so I don't see it as a matter of concern. I wish I could hold my amount in my bitcoin wallet and enjoy the appreciation
@Ray1 Yes price is fluctuating too much. In fact I have seen it is increasing more and more. So the one who were holding the bitcoins for long , they may have earn well because of the same. For me, I have transfer it to bank immediately whenever I got them, if I have hold them in wallet then may be I have earned really well from it. Its like stock market. lol. I guess we can take benefit of it. I mean requesting bitcoin in lower rate and then wait for price increase.
Currently bitcoin seems to be performing lot better. And it is earning many people more amount than their day job and salaries. So you can see that earning bitcoin or any other profitable currency like say ether can be a good option. I'd recommend people to invest their time into this type of stuff. It can be good in terms of the earning. And it can be a good currency worth holding as well. So my preference goes to this type of currencies.
I feel afraid about bitcoin because there is not a regulation agency to control bitcoin. It is unpredictable to understand when bitcoin will increase or decrease. Recently, Bitcoin has increased its value quickly what influenced several people to invest in this money.
I think Bitcoin is probably alright as an investment medium, but I would be reluctant to invest too much in it. I think there is likely more potential for fraud and abuse within it, then in other currencies.
