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These past days, I have done a lot of thinking about bitcoin that ended up with me investing all of the money I had saved and all that I can borrow into the currency. In two posts now, I have considered the effects of bitcoin on society.
A lot of more thinking has been done than has been described in writing, and it has resulted in me putting all my savings into this currency.
Short version of what bitcoin is: it is a currency, but an entirely new kind of currency that can’t be seized or frozen by governments, one which is integrated with its transaction system where transaction fees are optional, and where you can transfer any amount anywhere instantly without any authority knowing or interfering.
I challenge you to find one other commodity with this pace of appreciation.
And there’s no indication it’s slowing down or saturating. It was only yesterday that the first article in mainstream media in Sweden was posted.
(It sounded a bit like when the Internet was first presented: “thousands of people and shops are turning to a new digital currency…”) Now, past performance is no guarantee of future performance. Bitcoin looks pretty much like any other computer program.
If it could be construed as something else that would make Falkvinge liable, then it is not that, either. Let’s look at these three considered factors one at a time.
Normal currencies vary by a few percent over the course of a year. On March 30 of last year, somebody asked for $50 for 10,000 BTC (bitcoin) in the trading and wasn’t taken up on the offer. Still, somebody claimed in the thread that the going rate was about USD 6,50 per thousand bitcoin. So while there are conflicting numbers between $2,50 and $6,50 as the rate for 1,000 BTC, let’s be conservative and go with the higher $6,50 per thousand BTC and compare it to today.
As of midnight UTC on May 29, 2011, the rate is USD 8,30 per bitcoin. In the past three months, the value has hundredfolded.
In the past fourteen months, the value has more than thousandfolded. If you had changed 2,500 euros into bitcoin last spring, they would be worth more than two point five million euros today.
Here are the three key reasons I bet on bitcoin: Past performance: the currency has increased in value one-thousandfold against the US dollar in fourteen months. Read that again: one-thousandfold, fourteen months. There is currently no indication it would stop or has saturated; quite the opposite.
Use case: the key advantage for bitcoin is that it does away with all bureaucracy, all transaction fees, and perhaps foremost, all transaction delays and gatekeepers in the financial system.