Hello guys,
To me, it seems pretty strange that people actually continues buying btc now...
I understood why they wanted to invest in btc before, after the Chyprus crisis, and all the articles in the media. But now?
I don't get it.
Bitcoin is useless, and will most likely never be used as a currency. I spent hours trying to get my first bitcoins (satoshi actually), and after working for ages, I only got 0.002 btc, which does not even allow me to proceed to a transaction (the fees are higherthan that amount
). When you compare it with CC or paypal, it seems that they are free to use in comparison! Not to mention the time required to actually proceed to a transaction which can be anything between 1 minute and ... 1 year (or more?).
The only possible reason I see people are buying btc is that they (truly) believe that the price will increase, and want to make more profit. I think that 99.99 % of the bitcoins exchanged are never withdrawn from the exchangers, and the people are only waiting to make some profits. What makes them believe that the price will rise? Because the amount of bitcoins is limited? Because lost coins can never be recovered? I have no clue.
An other problem is the "mining" part. Soon, the difficulty will increase, CPU and GPU mining will be useless. People will stop mining bitcoins and try LTC or something easy to get... The interest in btc will decrease.
Other issues:
- security. Not a single company was able to provide a "professional" service. Bitcoin-24 has a serious problem (
https://bitcointalksearch.org/topic/bitcoin-24com-matching-engine-seems-broken-site-down-174600 ). Even mtgox was critized for the lags, problems with missing coins, money, delay, and so on ... The hacks are countless (you can see new topics about that every day ...).
I can't see anything positive about btc, and still can't get why people are buying it. Can any captain obvious explains? Thanks.
You can see that the price of bitcoins in the past few days has been steadily rising and the price of altcoin is constantly decreasing, suggesting that the capital from altcoin is being poured into bitcoin. Investors are concerned about bitcoin as bitcoin is dominating the crypto market, with only a slight correction of the bitcoin price that could cause the market to fluctuate sharply. So I believe that at this point you should absolutely invest in bitcoin.