Despite reading numerous articles and watching TV shows by those "in the know" I could never wrap my old mind around the bitcoin mechanics. Illogical per Mr. Spock. Add in the price volatility, liquidity and the thefts of bitcoin wallets, and it's definitely not for me.
Just like you don't need to understand how a combustion engine works to drive a car, you don't need to understand "bitcoin mechanics" to use bitcoin. You can use it like you use cash, you use it peer-to-peer without the need of a third party. And it's modelled after gold, it becomes progressively more and more difficult to mint new currency. Only, unlike cash you can back it up, and unlike gold it's just information opposed to physical matter. The latter is awesome, because it allows you to send it via Internet.
Appreciate the feedback. I was referring to mechanics as where to buy, bank and convert et al. To me illogical and not worth the effort to run up the learning curve. Different strokes, cash works for me unless I need some kind of travel reservations. But that's me.
Okay. You can buy easily buy bitcoin at Exchanges: Bitfinex Bitstamp Kraken ItBit Coinbase ANX Brokers Circle Coinbase Bitonic Peer-to-peer Localbitcoins Paxful Or at a bitcoin ATM near you. Whether it's worth the effort depends how much money you can save with it.
I haven't invested in BitCoin but I have heard a lot of talk about it. I don't think I'll ever invest in BitCoin I don't think it's trustworthy.
Currencies are not a very good investment, they offer little long term growth. Bitcoin is a currency. If you are smart and savvy you can make money of bitcoin the same as forex, but it's not like a stock where you can buy and hold. If you are interested in BTC, look for ways to earn it, there are lots!
I don't think Bitcoin would make for a good investment. The variables producing its value are too unpredictable. Bitcoin in my eyes will stay around due to the lack of need for bank involvement in transactions. For this very reason hackers can clean out accounts to a Paypal, purchase as many Bitcoin as possible, and then transfer the Bitcoin to their real Bitcoin wallet without leaving a paper trail. This discretion is why I believe Bitcoin will be here to linger. Purchasing Bitcoin as an investment would seem too risky for me without a reasonable hedge.
I don't plan to invest in Bitcoin. However, I accept payments in Bitcoin for my freelancing services. Although I exchange 75% of my earnings on kraken.com, I have a relatively small amount of Bitcoin left in one of my wallets, that I plan to sell once it reaches $300.
I just am not really sure Bitcoin is on the level, although I know Amazon will issue digital gift cards based on Bitcoin and some places will accept them as payment. I just know that the owner of the Bitcoin exchange was arrested for artificially inflating currency, so I really don't think it can be trusted as safe and legit currency. It is not backed by the federal govt either.
Bitcoin is becoming a part of our financial future one way or the other. Major financial institutions are using the blockchain technology which is the backbone of Bitcoin to create new channels of financial distribution. Bitcoin ATM's are being installed in various countries. You can even buy physical gold with Bitcoin currency. This is not just a fad but a fork in the road to an alternative way to buy and sell goods or services.