"Make it your mission to understand & invest wisely. Everyone has the potential to succeed in their search for true wealth & happiness & everyone can be successful in their pursuit of financial freedom." Contrarian Invest

Thursday, 11 April 2013

Bitcoin, Hype or Reality?

Is virtual currency THE currency of the future?

Virtual Currency has been the question on my mind of late. A few years ago a virtual currency called Bitcoin emerged. No surprise to me as currency in today's day and age is mostly just electronic ones and zeros. 

There's been alot of hype lately about the virtual currency called Bitcoin.  The past few days has seen the price of a single Bitcoin more than double and as speculators triggered a wave of inflated expectations, the price of Bitcoins soared at one point to a high of $266 each. Then yesterday it crashed from its peak & hit a low of $105! Is it just hype like the dotcom of the day? or is a further crash just looming around the corner? 

Is the value of Bitcoins just mere speculation?
My personal investing view is "If I don't understand the investment or how to value it, then I simply wont invest in it. Its just that simple. I don't follow the lemmings..."

So what is Bitcoin all about? If you’re new to Bitcoin, you’ve probably got a lot of questions. How does it work? Who controls it? Where do I buy Bitcoins? Is it safe?
Ive uploaded a short 3.5 minute video to explain all that. While the video doesn’t go into much detail on how to create Bitcoins through “mining” or how to store Bitcoins in a digital wallet, it at least offers a handy overview.

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