Why are people buying bitcoin and cryptocurrency? We also have the world debt problem. The ATMs let you exchange bitcoin for cash, or vice versa by scanning a QR code from the digital wallet application on your phone. In the current system, intermediaries charge hefty fees to exchange the money or wire the fund. Every week! Earlier this month, one college friend casually told me over drinks he’d made tens of thousands of dollars investing in another cryptocurrency. And when the value of your bitcoin doubles in a week, as it did for me, it’s easy to think you’re a genius.
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But first, there are two things you should know about me: I tend to be almost as afraid of losing money investing as I am of flying. On some level, I figured one fear might cancel out the. So last Thursday, while waiting for a flight to Nashville, I pulled up a popular application called Coinbase that can be used to buy and sell bitcoin. News of bitcoin’s rapid rise was everywhere, including on CNN. Related: What is bitcoin? For 15 minutes at the airport, I refreshed the price of bitcoin over and over, watching as it gained and lost hundreds of dollars in a matter of minutes. I called out the price fluctuations breathlessly to my wife, who gently encouraged me not to be an idiot, before returning to her magazine.
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By using our site, you acknowledge that you have read and understand our Cookie Policy , Privacy Policy , and our Terms of Service. Been keeping track of BTC for a while and have always had these nagging questions about its feasibility as the «future» of currency. I like all the not tracked, no third party involvement, etc i. However, in economic terms I have always had a hard time getting my head around how it would feasibly work as the prime currency of a country to keep it simple. I guess the closest analogy there exists of such a system is the gold standard right way back when. However, and please correct me if I’m wrong, the issues with the gold standard, principally that when theres no more new gold, theres no more growth, doesn’t apply to bitcoin.
Some people kill time at the airport by browsing duty-free shops. I decided to shop for bitcoin.
Oscar W Oct Or, if not, they fear using it for payment as the value consistently fluctuates. Low stock to flow ratio makes gold an excellent investment, but unlike Bitcoin, there is actually a pile of gold waiting to be released. These are not actually true. Blockchain Enthusiast. I have not even mentioned other cryptocurrencies like Etheurem and Zcash that are committed to providing utilities in their cases.
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