Are bitcoins a good investment?

Question

Every week or so I check the price of bitcoins, when I first heard of them about a year ago it was around 1 bitcoin for £2.50, three weeks ago it was 1 bitcoin for £30 or so, now it's 1 bitcoin for £45

Now I WISH at some point last year I had bought say 10,000 bitcoins for £25,000 (though I don't have this kinda money) as now that'd be worth £450,000 (in theory) however I don't see how it could be that simple.

Essentially this question is broken down into two:

1) If I'd invested a year ago would I be rich now? Or does the bitcoin system (or silkroad where as far as I'm aware is the main place they've been spent) have a system in place so that they're worth the same now as they ever were, so people who had say 10 left over in their account from months ago don't now have the equivalent of say 100

2) Are they going to be releasing more of them? I'm not entirely sure how the system works but from what I've read it seems there was a limited number of them created in the beginning and have since become more and more scarce. I won't mention what it is I may be looking to buy, but it's got to the point where some vendors are selling their product for 0.1 of a Bitcoin. This in itself is stupid but what happens when they devalue to the point of 0.001, which seems to be what's happening, the entire system will collapse and unless something is done hours and hours of code will have to be written to fix it all.

Anyway if you could answer my question(s) I'd be incredibly grateful!

Thanks

Anonymous · Accepted Answer

yes they are but sell them before they loose their value or crash.
Check the link below:
http://www.zdnet.com/blog/security/bitcoin-market-flash-crash-and-database-leak-from-mt-gox/8811

it is not money though some accept it as one.
Why Bitcoin is not money?
Is just an example:
If a carpenter works on a furniture he gets abt $10/hr
If another carpenter works on a furniture next day even he has to get paid $10/hr

But its not same with bitcoins,one who mines it early gets more coins for using less cpu-hashing power
The person who mines the very next day gets one fewer coins for the same hashing as the person before him.
Its not fair.atleast i think that.
Why is that?
There is a limit of 21million BTC as it reaches limit,it gets harder and harder to mine it and uses more cpu power,more electricity.

Conclusion:Investing in BTC is good but only if you know when to pull out.but BTC mining is foolishness.
Watch this youtube & decide for yourself:
https://www.youtube.com/watch?feature=fvwp&NR=1&v=4riycB18-Tg

Also its value will never go to 1BTC=$1mil as max kaiser said. Bcoz since its not controlled by any govt or organisation, there can be any number of fiat online currencies like BTC, hell you can create Cybercoins or E-coins if you knew the algorithm.

Anonymous · Answer

It depends! Just like stocks, if you buy low, and sell high, you make money! But the problem is that nobody knows what prices are lows. Now one BitCoin is traded at about $700. The price could be $70,000 in the future, or $0.07 one year from now. But nobody can tell now.

Anonymous · Answer

I was confused about the process as well so I just made a website that makes buying bitcoins extremely simple. COINOUTPOST.COM

Use coupon code 901BTC for a $9 .01BTC

In short just go to COINOUTPOST.COM

Trending News

Are bitcoins a good investment?

3 Answers