I am not too familiar with how they work specifically, but I know that they are a popular online currency these days. I just read a brief article that was dissing how the trade value of the bitcoin was decreasing. Does this concern anyone a lot?
Nope. Most of us aren't trading in Bitcoin, and most people have been smart enough to offload their BTC in favor of actual currencies. The strengthening dollar has impact the BitCoin in a big way, and that's not going to stop anytime soon. I don't think we'll see BTC above $300 again any time soon, if ever. It would take a lot of instability in the world markets to boost Bitcoin's profile again.
It doesn't concern me that much, the only BTC and other cryptocurrency I have is that which I have got for free from faucets. The value does appear to be on permanent decline though, which makes me wonder if any more companies will bother to accept it as a method of payment.
Bitcoin's price is subject to fluctuate based on public perception of it presumed value. Bitcoin are actually more like gold or some other precious metal than they are like currency or a shares of stock. There will only ever be, but oh so much Bitcoin ever mined. Once the last Bitcoin is mined that's it. As long as price is based on supply and demand we can expect the price of Bitcoin to appreciate from that moment on.
Bitcoin is a risky investment. Good thing is that those who thought bitcoin "was the future" as they aptly put it, have got the wake up call they needed. Instead of investing in something as volatile as bitcoin it's better to buy gold or some other precious metal. Something whose value won't drop in half overnight. I was considering wading into the mining game but now I don't see the point [of doing it].
I had massive high hopes in this regard...i guess even the flawless are really flawed after all, too bad, i really wanted to invest in Bitcoin, looks like i'll have to close the page on this...just sad ...another prediction comes true!
Bitcoin coin has always been booming and crashing since people starting investing. Bitcoin may rebound again in the near future, or it may not. It still always has its place in the illegal underground markets so I don't think it will go away completely any time soon.
Basically the best answer here is the one where people say they don't know. Personally, I follow Buffet where he says "invest in what you know" -- he admitted himself he doesn't quite understand bitcoin. I'm on the same ship, I don't really know much about it either.
I do not think the value of the Bitcoin would go back up to $600. It was just amazing how the Bitcoin had a good start and then just went downhill after a while. This year is just not that great for the Bitcoin.
It doesn't concern me specifically because I don't dabble in cryptocurrencies but I know someone that lost a lot of money this December because it went down in value by a lot. Checking it now, google is telling me it's down to $214.06 which is down a lot considering it was about $280+ (if I recall correctly) at the start of January. I don't know the reason since I don't really follow it, but it's always been such a volatile market. It capped at $1000 late 2013 or early 2014 I think? So it made a lot of people rich but probably made a lot of people bankrupt too. It will probably go lower and then recover and then go down again. It's the most popular cryptocurrency right now so I think a lot of people flock to it even if they'd rather it be more stable.
