It was as if gold was taking a lesson from Bitcoin the day before, and for once you couldn’t blame North Korea.
On Thursday, the electronic currency plummeted to about $50 after hitting a Wednesday high of about $260.
“What did they think?” chuckled someone at a business news meeting I attended. “Bitcoins have no real value. They are just an imaginary currency.”
Fast forward to Friday. Gold plummets $30 before North American markets open and another $30 by mid-morning, bumping along around $1,500. That is a 21-month low and well off the $1,700 level it hit last October. Read More…
My family who live in the U.S. are big Fox News viewers and they are always trying to get me into buying into Gold and i have resisted for the very same reasons that this article points out — its useless and the value of it will drop to it’s real value in time.
I was reading the other day that people who got into bitcoin early became millionaires. But that was when it was sitting at $200 a few days back. Now its down at $87. Yikes! It’s too volatile for me!
@Charles, its really quite simple. BitCoin is just another way of trading. Think of it as a virtual currency; as the Canadian dollar is a paper currency for buying stuff BitCoin is a virtual (internte) currency for buying stuff online (and offline). People have even gone far to make paper/coin versions of bitcoin (as u see in the image above but those are merely just keep-sake souvenirs.
All i hear in the news is BitCoin this and BitCoin that. What is BitCoin? I still don’t understand.
Gold is still the most secure investment out there since most other countries use it too. It goes beyond government controlled currencies. Bit Coin is too new and still needs to work out its bugs like DDoS attacks.
I remember mining for bitcoins several years back on my PC and now to do the same would be impossible. I lost the wallet to the account so i feel bad now since the amount i had would have been able to pay rent for the month 🙂
So why don’t we go back to the barter system then?
This seems to be a sign that future transactions will be fully digital via our cellphones. We still have a lot of work to do and many opportunities to get rich for those who are ambitious enough to work out the kinks.