I'm huge in to cryptocurrencies. I've done most of my investing in crypto's. I wouldn't exactly recommend them because they vary so much, and unless you really do your homework they are dangerous. I traded a great number of crypto's as they were getting popular and made decent money because lots of people want to try them out, and in turn I took advantage of people who didn't fully understand. Overall trading from one crypto to another can be profitable if done correctly. Overall I wouldn't really recommend dealing with cryptocurrencies.
As others have already said, this kind of investment can be very risky, and I'm not sure it's something that I would be lookiing to invest in any time soon. Crypto currencies are very new and as far as i'm aware they're unregulated, so if you do lose money through no fault of your own, you won't have any way of getting it back.
Cryptocurrency seems to have no end of problems. Personally, I would not involve myself with trading a form of currency, which some are calling a form of payment rather than currency, that cannot be tracked. I like to know exactly where my money is coming from and where it is going. That being said, there is always risk involved in trading. If there is no corruption going on the part of the founders, then it really is just a high risk field, and people should treat it as such. If it's being thought of as a get-rich-quick scheme, then obviously there can be no long-term or steady success.
I don't at the present nor have any plans to invest in them. They may turn out to be the next big thing in human currencies or nothing more than a stupid fad. I suspect they'll remains somewhere between those points for the foreseeable future. Right now there is too much volatility, risk of draconian laws impacting them, and other factors that just make them too risky to bother with.
From the patterns that are showing up, it seems like cryptocurrency was a blink-and-you-missed-it opportunity to make some money. It is now an extremely overly saturated market that is completely void of value.
Agreed with all that. There was a window of opportunity with Bitcoin, though I think it has past. Some of the other cryptocurrencies are limping along or are de facto dead. In my humble opinion there is so much risk, it is more gambling than investing.
The only reason I know any of this is because I tried working with some cryptocurrencies recently and the results were complete and utter crap. There is too much risk and there is little to no benefit whatsoever.
Use of bitcoins is growing contrary to popular perception. There is a website called CoinMap.org that offers a visual way to locate bitcoin stores in any part of the world. Microsoft has added bitcoin as a payment option for a variety of digital content across its platforms. Dell has not been left behind. Retail giants like Newegg and Overstock are accepting bitcoins. Overstock is accepting them from over 100 countries. Hundreds of small retailers like Persian Shoes from Iran are also accepting them. They sell exquisite handmade shoes. Bitcoins can also be exchanged for gift cards as well as getting discounts on Amazon.
I agree that Bitcoin is getting more popular and that's why I want to know more about it. But as per @petesede said as quoted in the first post of this thread, it is like Paypal or a payment method like a credit card. But if so then it is based on a currency. I then wonder why Bitcoin has its own value in relation to the US dollar.That really boggles my mind, sorry for the expression. I have posted in some forums about this question on Bitcoin - who declares the value against the USD and who controls the currency itself?
