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By (user no longer on site)
over a year ago
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It depends what you want them for? Do you want to buy BTC as an investment or for use as a currency to facilitate online transactions? If buying as an investment, now is a good time to look at other crypto currencies apart from btc. Investors have turned bitcoin very expensive, today 1btc=4276£. So as a currency it is near useless as it is far too expensive. As a store of value(investment), it depends if you think the price will continue to rise...... I will not give my opinion on this. You will have to do some reading and research before spending thousands on BTC. There are many other crypto currencies. Some will go nowhere, others are seeing gains. Again, I will not advise you which are good investments. |
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"Investors have turned bitcoin very expensive, today 1btc=4276£. So as a currency it is near useless as it is far too expensive."
Bitcoin can be broken into a "Satoshi", like a pound can be broken into a penny.
1 bit coin = 100,000,000 satoshis. It can technically be broken smaller but thats not needed.
That means you only need 0.00004 pence to get into bit coin, ie its actually cheap to get into. Its very handy for making tiny micropayments. For example fabswinger could take a half pence from everyone on the site etc.
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The reason most companies wont support Bitcoin is because they have two choices.
1 - they price the object in Sterling and Bitcoin. This is what microsoft did.
1 pound, 100 satoshi (the conversion for example).
Now lets say bitcoin fell in value, everyone would buy the bitcoin to get the product cheaper, and if the bitcoin rose everyone would buy the pound to get the product cheaper. This meant people were always using the cheaper option and microsoft were always losing money so stopped using bitcoin.
2) - You can tie the bitcoin price of your product to live market value of the coin. So when viewing the page the item might be 100 satoshi, then on checkout 95, or 105. This is bad for your customers and your site.
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If you're into investing then you have to just buy one and wait for its value to get better and sell it. Its that simple. |
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By (user no longer on site)
over a year ago
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I still think investing in Bitcoin is a hokey decision. Yes, dont get me wrong, I remember pretty well when it was $400 per coin about 18 months ago but it still seems like the volatility is way to high to make anything resembling a stable investment. Its definitely something that you can consider for a diversification of some assets but I wouldnt be looking at Bitcoin as some kind of goose to lay golden eggs....unless you're looking at a long term investment. The same goes for Ethereum too.
In terms of practical use? Still yet to see any use for Bitcoin beyond buying drugs or on the darknet. Maybe that will change, but I still think mainstream opinions toward adoption are tepid at best. |
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