Bitcoin: The Future of Currency?

7 Jun

In a nutshell, Bitcoin is purely digital currency. It is held in digital wallets stored on the user’s computer. These Bitcoins can then be transferred between wallets. Bitcoins are generated by computers calculating very complicated algorithms, which allows new Bitcoins to be introduced at a steady pace without destroying the value. I believe Bitcoin is just the start of a digital currency revolution.

Investing in Bitcoin could be VERY lucrative. It has nearly quadrupled in the last week which means if I invested $5,000 USD, I’d have nearly $20,000 USD. But as they say, no risk… no reward. This definitely taught me to incorporate some risk in my decision making. You don’t have to risk the clothes off your back. Find the right mixture of risk and reason, and it’ll make you a better entrepreneur.

I’d recommend staying up to date with Bitcoin. You can join the IRC channel #bitcoin-market on freenode, which is a live feed of the current market prices. The best place to buy and sell Bitcoins is at MTGOX, which is one of the largest Bitcoin trading markets. MtGox also shows trending data on the pricing of Bitcoin so you can try and predict the best time to buy and sell.

If you’d like to help me on my journey my Bitcoin address is 1cqQ9RUi27vmmKF2uyP8LXprUrVrvanof

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