I am personally holding off on this until a sound financial institution puts their name behind Bitcoin trading. As it stands, all value could be lost in a matter of hours just by people losing confidence in the system. But once there is a clear infrastructure behind it and major players put their hat in the ring, that is when it will really take off and wont be such a volatile asset to hold. And when I say a sound institution, I don't mean another trading house like mtgox, I mean someone already established in the financial world - either a legitimate exchange like the LSE, or a bank using it as an accepted method of payment, or a government (might sound crazy, but government use of cryptocurrencies is being floated in some places).
Exactly loving this since I got into bitcoin. It's so reliable that it's going to be unreliable that it's profitable, lol. The whole reason I love crypto is that its instability is its stability, prices are going to fall, theyre going to rise again and its going to be significant, but it always wants to find its equilibrium.
Bit coins are gaining currency around the world partly due to investor confidence. Many companies are now using bitcoins. Even in East Africa, bitcoin variants are gaining popularity with a franchise codenamed Bitpesa gaining acceptance. There are hundreds of retail chains across the world accepting bitcoins. In Iran, Persian shoes is a retail chain that deals with Bitcoins. Not to mention Microsoft and Dell. No malware or technological breach has so far managed to to penetrate bitcoin encryption defences.
It is not controlled currency and that's why its fluctuates all the time. It is not a safe investment at all since the value can go down like 5% in a single day. Although it would have been a good investment in the beginning when the value was something like 10$.
