Why would I invest in bitcoin? All sorts of reasons ranging from pure curiosity to love of new technology to investment diversification. Bitcoin is used as currency to buy things and as a store of value, i.e., a place to house your savings with hopes of value appreciation or hedging against the depreciation of stocks or savings held in fiat currency. One example often used is that of Cyprus. Are you familiar with the country of Cyprus and it's severe monetary crisis from a few years back? It was so bad that the Cyprus government controlled how much money their citizens could take out of their banks. Think about that. That government telling you that you can't access your very own money! How scary is that? Bitcoin offers an alternative. No government (currently) can seize control of your bitcoin, this represents safety and security.
What's the difference between bitcoin and dollars? Bitcoin isn't regulated by any government. It isn't created "out of thin air" as fiat currency is. There will only ever be a finite amount of bitcoin, which controls it's value. Once all bitcoin is mined there will be 21 million in existence, that's it. No one can ever create more (as is done every year with fiat currency). When fiat currency is created by central banks they reduce the value of the existing currency in the market, which results in inflation of prices. This is why the price of every day things (that haven't changed in 50 years, like groceries or utilities) have gone up in price over time. There's a lot of other differences, but it's better for you to read up on them.
Why would I gamble with bitcoin? I don't, but if you want to you can gamble for significantly smaller portions of money (like cents as opposed to dollars or tens of dollars). And you can do it from the convenience of your computer.
Because there are not many reasons why you would want to use Bitcoins instead of Dollars. If you're perfectly happy with using Dollars and don't care about anonymity or centralization, using Bitcoins will only take away from your overall buying/selling/shopping experience because transaction times are rarely as fast as say paying with card or PayPal. There are a few things however that Bitcoin can do better than existing money transfer systems like for example having no country restrictions and no sending/receiving limits. But you can only really appreciate these features if you have a use for them.
Perhaps the most common reason people invest in Bitcoins is because it's more a commodity than a currency which makes it great for speculation. ***
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well, your bring a good question.
I feel Bitcoin is outdated technologically speaking, it is seized and owned mostly by communist china and lately seized by communist Venezuela...
STEEM is quite the opposite, it is hyper-modern, ultra-fast and has all these fantastic ins and outs being made for all kinds of APP-use... and it is CHEAP :)
I do not think many individuals will buy Bitcoin at this price, it is too high, went up in value too quickly and most of them are no longer in circulation thanks to China for the most part.
Most of the markets I play in has dried up incredible since Bitcoin went above $1000, so people are not using it anymore like before.
Anyways... I noticed this is your first article, so welcome to Steemit. If you wanna chat, I am at http://steemspeak.com chat & voice-chat. Be great seeing you there.
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Thanks Mate, i am new in steemit and this is my first article. sure i will see you there :) .
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I disagree. Bitcoin, while 'outdated' is actually a great mechanism for global transctional transfer for large units of wealth, and as such, bitcoin will end up as a global reserve currency in the hands of large banks, governments and institutions. You want to be involved in this transition. This is where the money is. China is far less important to bitcoin than people think, and it will explode here when the economy collapses (summer). Bitcoin is a once in a lifetime investment, and worth buying and holding until the institutions buy you out at massive profit.
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This post has been ranked within the top 10 most undervalued posts in the first half of Mar 06. We estimate that this post is undervalued by $16.84 as compared to a scenario in which every voter had an equal say.
See the full rankings and details in The Daily Tribune: Mar 06 - Part I. You can also read about some of our methodology, data analysis and technical details in our initial post.
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Welcome! Thanks for sharing your thoughts.
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Thanks Mate, :))
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Excellent first post. Welcome to Steemit > Upvoted and followed
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