Time To Buy My Own Bitcoins

By: ispeculatornew
Date posted: 07.31.2014 (3:52 am) | Write a Comment  (0 Comments)

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$BTCAhhh, I guess it’s a bit strange for me to make this move right? I have been focused mainly on passive income so owning stuff like physical gold does not really fit into that criteria. I do also have my shorter term long & short stocks that have done well.

Buying Bitcoins Fits None of My Investing Strategies

I guess you could say that it’s either:
a) A wild gamble
b) A “fun” bet
There’s probably a bit of both but I’m also incredibly interested in the technology and know a lot of different people that are believing in it increasingly and making bigger bets. Just take a look at the industries that is starting to form around bitcoins:

What is Bitcoin?

In case you have not heard, Bitcoin is a “digital” currency. Find out more at Bitcoin.com
One of the massive benefits of such a currency is that in theory (and in practice), there are no fees involved in sending money in BTC, no matter where you’re sending it, etc. There are fees when converting BTC to other currencies, but you could get paid in BTC for work done, use part of it to send to friends in another country, buy a computer from Dell and more, all without either party having to pay any fees. That bypasses many intermediates from the financial industry that would normally charge fees in each step.
There are also other reasons why a currency that does not rely on a government could make sense. Just look at countries where inflation is high or will eventually become high or where exchange rates are manipulated. Just yesterday, we more or less got confirmation that Argentina will default on
There is a great video that discusses Bitcoin, its use, flaws and benefits that was posted by Fred Wilson:

What’s Next?

Unfortunately, buying and holding Bitcoins is not exactly simple at this point. There are many types of wallets, many ways to buy the Bitcoins, etc. I’m currently looking into all of those and hope to do my first trade at some point in August.
I don’t intend on buying a big amount but will simply be buying a small amount every month and will see how that goes.
I’d be curious to know if any of you have purchased Bitcoins?
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