Matt V2.0
Registered: Apr 2002 Posts: 17728 - Threads: 847 Location: Surrey
2016 | Honourable Mention Party Animal
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Quote:
| Teach wrote on 08-12-2017 06:02 AM
Every day the value of bitcoins rises, it's almost unbelievable is this the currency of the future or a bubble waiting to burst?
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I think it has to be a bubble waiting to burst.
Initially I thought of Bitcoin as a new currency, a replacement for cash which would be good for paying small sums without the 60p credit/debit card transaction fee.
Then came Silk Road and the black markets, a way of paying for things anonymously which increased its popularity. But (I'm told ) it was still possible to buy the right amount of bitcoin for a deal, without finding you needed more or had some left over as the price had changed between the 2 transactions.
Now it's behaving more like an investment vehicle, like gold in 2011/2, but on steroids. Gold went up to around $2000 but dropped back over 40% and settled at its current level of $1250. Gold is an investment, typically favoured when there's global uncertainty and low returns from traditional vehicles, as we've seen in recent years.
Bitcoin has taken on a life of its own, buoyed up by fervent interest but like the early plastic £5 and £10 notes, I can't see the mad pricing lasting for much longer.
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