Social Question

PhiNotPi's avatar

Is it worth my time to invest in Bitcoin?

Asked by PhiNotPi (12644points) November 11th, 2013

Background: Bitcoin is a type of virtual currency. Computers connect to a distributed network, and each computer helps to keep track of where the money is located. I recently set up a wallet* for Bitcoin, because I thought it was interesting enough to get involved with, but I haven’t spent any actual money on it.

Has anyone on here invested in Bitcoin?

Do you consider it a good investment?

Do you think that the price is way too unstable?

Do you ever use Bitcoin as an actual currency?

*I’m currently accepting monetary donations at 1BVBs9ZEP8YY4EpV868nxi2R23YfL7hdMq

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4 Answers

drdoombot's avatar

I looked into this recently and decided: no, I missed the boat. The currency is valued pretty highly right now, so you’re not likely to make money by waiting for it to gain value. Mining is a waste of time because people with more resources than you have set up high-powered networks of computers which are much more likely to complete the necessary algorithms than even your high-end desktop.

It could be fun to dabble in it, but I think the money that was there to be made has already been made by others (look up the guy who bought $27 in bitcoins 4 years ago and realized recently that he is a millionaire).

ragingloli's avatar

I do not know anything about bitcoin, but in general, I would advise against putting real money in a virtual currency, or anything that is not backed by anything.
The same reason why you should stay away from twitter/fecesbook shares. House of Cards.

flo's avatar

“You give me the real thing in exchange I’ll give you the fake thing”? Yes to that? I don’t get it.

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