If Iām optimistic about digital currencies, is it better to mine coins or simply buy them?
Payments
Asked by Question Bot11/May/20151 answer
1 Answer
F
Faisal Khan
Answered 11/May/2015
I think User sums it up well. If you are specifically referring to Bitcoins, I'd say sure, go ahead. Bitcoins are being talked about a lot in the media, yet many many people have yet to wet their feet with it.
The potential upside (as being witnessed) is huge. Just imagine if 100 Million or so people started using Bitcoins for P2P payments instead of say PayPal. I was reading through a lot many forums where freelancers are very keenly looking at Bitcoins as a method of payment, the advantage? (almost instantaneous payment, irrevocable, and no cross-border limitations). That itself is a huge market which PayPal dominates and even still PayPal covers about 30-40 countries where there is free-flow of currency, in most geographical locations, PayPal has restrictions, so Bitcoin has a definite advantage.
Add cross-border remittances to the Bitcoin ecosystem, and the numbers are mind boggling. Remittances are a $550 Billion/year industry, so even a small but noticeable market share percentage, will have a huge impact on the Bitcoin value.
Once you see such traction, the value of Bitcoin is bound to surge. Right now the highs (and accompanying lows) are very volatile due to the speculative nature of investment that has come into Bitcoins. Give it a few more months and this will settle down.
Is it still worth getting into Bitcoins at their current level? My opinion is, yes. For the long term investment, say 18-24 months, the return on a Bitcoin investment is bound to be better than anything else out there.
The potential upside (as being witnessed) is huge. Just imagine if 100 Million or so people started using Bitcoins for P2P payments instead of say PayPal. I was reading through a lot many forums where freelancers are very keenly looking at Bitcoins as a method of payment, the advantage? (almost instantaneous payment, irrevocable, and no cross-border limitations). That itself is a huge market which PayPal dominates and even still PayPal covers about 30-40 countries where there is free-flow of currency, in most geographical locations, PayPal has restrictions, so Bitcoin has a definite advantage.
Add cross-border remittances to the Bitcoin ecosystem, and the numbers are mind boggling. Remittances are a $550 Billion/year industry, so even a small but noticeable market share percentage, will have a huge impact on the Bitcoin value.
Once you see such traction, the value of Bitcoin is bound to surge. Right now the highs (and accompanying lows) are very volatile due to the speculative nature of investment that has come into Bitcoins. Give it a few more months and this will settle down.
Is it still worth getting into Bitcoins at their current level? My opinion is, yes. For the long term investment, say 18-24 months, the return on a Bitcoin investment is bound to be better than anything else out there.