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Is bitcoin going to hit critical mass and end up going mainstream? Is it possible that bitcoin goes up another 10-fold or more if all these bitcoin investment business get approval?
I see bitcoin on the front page of Marketwatch a lot lately and there’s a lot of debate about bitcoin on our Scutify BitCoin page. But most all the comments and debates are skeptical and dubious about there being any value in bitcoin. $BITCOIN
As I noted in this week’s Revolution Investing, I’ve had bitcoin in my portfolio since earlier this year, but I don’t know anybody but me and maybe a couple of my TradingWithCody.com subscribers who own any bitcoin. I don’t know anybody else who’s even considering buying bitcoin right now or ever.
Even if you’ve been a bitcoin skeptic so far, what would it take for you to change your mind? I’ve written about bitcoin quite a bit in the past year here on Marketwatch’s The Cody Word, and you can see my evolution from skeptic to buyer. Maybe I’m nuts, but if you’d moved like I did to put 1% of your portfolio into bitcoin when I first suggested doing so, you’d already have more than a triple on your hands. I’ve been slowly but surely buying more bitcoin when it crashed and I have been accepting bitcoin as payment at TradingWithCody.com to build up even more. Obviously, I think there’s still more upside and potential for bitcoin in years to come and I’m investing time and energy in the digital currency too.
Indeed, I think we have built up the single best BitCoin page on the Internet as we’ve spent a lot of time building up the Scutify bitcoin page, to include all the latest bitcoin news, tweets and prices and it’s quickly becoming one of our site’s most popular pages, as interest climbs.
We’ve also been working on the different methods of buying bitcoin, and let me tell you first and foremost — it’s not easy to buy bitcoin yet. It might get harder before it gets easier too, as regulations and systems are created in coming months and quarters. Like I said though, I actually could picture bitcoin going up another 10-fold versus the dollar if all those bitcoin investment businesses and systems get approval and go mainstream. If not, there’s certainly downside potential in bitcoin versus the dollar so let’s not speculate very aggressively no matter what. Currency speculation is risky, always. Certainly this bitcoin stuff is extra risky while it remains so cutting edge.
To buy bitcoin , we’ve used several different platforms, but Coinbase.com will allow you to buy them directly from your bank account and that was probably the easiest route we found so far. Even so, it will take up to four business days for the bitcoin to be available in your Coinbase account. We’ve also used Blockchain.info and MtGox.com and even others, but they are all just as difficult to set up.
I have no relationship with any of the bitcoin markets, although I obviously am deeply involved with both TradingWithCody.com and Scutify. And as I have made clear, I am long bitcoin and I feel a bit nutty even admitting that much. On the other hand, it makes me sad that I know lots of middle-class folks here in my hometown who speculated on Iraqi dinars but NOBODY here has caught this huge move from $BITCOIN speculation. Sigh.
Source:http://blogs.marketwatch.com/cody/2013/11/12/everything-you-need-to-know-about-bitcoin/
