The top 5 Things You Need to Know about Bitcoins.

bigd555 Member

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I wrote this for my current website. I thought that since more places are accepting them as a payment method (like overstock.com and soon amazon.com) the price is going to be going up a around 500-600usd more within the year and more people will get into them.

I hope you like my post!

The top 5 Things You Need to Know about Bitcoins.

Unless you have been living under a rock, you most likely have heard of “Bitcoin”. But like most people you probably still don’t know exactly what it is. Bitcoin is finding its way into a lot of peoples everyday lives, from news reports to maybe our wallets too. So you may be asking yourself, “What is Bitcoin?” “How do Bitcoins work?” “How do you get Bitcoins” “Should I be using Bitcoins?” and finally “Are Bitcoins a viable option for investing?” Well I am going to give you 5 things that you need to know about Bitcoins.

Bitcoins are both a type of currency and a payment network: Businesses like Overstock.com, Amazon (soon), and tens of thousands of others accept Bitcoins as a payment method. Every day there are hundreds of new companies jumping on the Bitcoin payment bandwagon and accepting them. Bitcoin payments are distributed throughout the globe and they are extremely resistant to hacking and other malicious activity (when your Bitcoin wallet is secured properly). This means that Bitcoin has gone from a “currency used only by drug dealers” to an acceptable payment method currently watched by economists around the globe.

Bitcoin is really the first currency made with the internet in mind: Bitcoin was not designed and made by any governments, any company, or any central bank. Bitcoin was created to be “open source” (which means that anyone can look at the code that makes up Bitcoin and the Bitcoin network and recommend improvements to the network). These reasons is what gives Bitcoins something that no other currency has, decentralization. Anyone can send coins to anyone else, nearly instantly and for a few pennies per transaction, a fraction of what banks or other providers charge. It’s like sending an email, but that email can be directly turned into your currency of choice.

To most people, as an investment Bitcoins seem very volatile (but to those in the know, Bitcoins have the potential to be a sound investment): In January of 2013 Bitcoins were going for about $13.00 each, and by December they were hovering around 900 (with the high being 1200). Some people (especially those in the know) made a lot of money on their Bitcoins. The reason for this price hike was simple: overstock.com and amazon.com announced that they would be implementing Bitcoins as a payment method. The price going up that much just because 2 companies were accepting Bitcoins was astounding, think about how much they will go up when a few other select companies start accepting them? But remember one thing: no investment is 100% sound, and they always come with some risks. Bitcoins have been known to fluctuate as much as 20% or more over the course of a day

Many venture capitalists are looking to invest in Bitcoin startups: Just like the Dot Com boom of the 90’s, investers are looking to invest in startups that involve Bitcoin. A lot of money is going to be made from Bitcoins. But unlike the dot com bust that followed the boom, Bitcoins are here to stay (the final block will be mined somewhere around the year 2140).

Most of the uses for Bitcoins have not even been thought of, or implemented yet: Some of the most exciting things to happen to Bitcoins will happen within the next 1-2 years. As more people learn about Bitcoins, as more places accept them, more things will come that will make Bitcoins an exciting opportunity and there will be companies built around Bitcoins. The golden year for Bitcoin has not come and gone, it hasn’t even happened yet (unless you consider it the year Bitcoins were created as the most exciting year. But they were useless until companies started to accept them as a payment method.

Still confused? Remember know when to sell your coins if you’re looking to invest. Do your research. Find as much as you can about sites that might soon accept them or programs to mine coins and Bitcoin mining solutions and such. I will be posting a lot of information about Bitcoins and Bitcoin speculation here at (my website isn't open to the public yet).
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bigd555, Feb 7, 2014 IP

JoeSpirit Well-Known Member

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#2

I have a couple Bitcoin accounts. I use them to make payments and I accept them as payments. I find Bitcoin convenient in international transactions.

As far as the investment side I recommend that you keep an eye on the SEC if you're in the US. I'm not seeing positive news from that direction.

JoeSpirit, Sep 5, 2017 IP

kellyrose Active Member

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#3

So much buzz is going on the web about bit coin, black chain, concept of virtual currency. I think this is going to be crazy, even giant banks are involved in this upcoming technology. Can anyone share some interesting things about Bitcoins?

kellyrose, Sep 6, 2017 IP

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The top 5 Things You Need to Know about Bitcoins.

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