Bitcoin: What’s It All About?
Two years ago, the price of one bitcoin was 30 cents. Had you spent $1,000 dollars and bought it at that time, you’d have one million dollars in cash today.
So, what is this bitcoin all about? People have compared it to what the internet was 20 or so years ago. A new and transformative piece of technology that will change the world where the early adopters will make money and those that refuse to embrace it early on will just become mere users.
Online companies like Overstock.com are now beginning to accept bitcoins as payment and there’s talk about Amazon.com doing the same.
What is the attraction? I think if you don’t have a lot of money and are willing to spend some time learning about it, you could potentially make a windfall. So, the attraction is that it doesn’t cost much (for now) and therefore, why not take a risk and invest in it and try to help yourself get out of debt or out of your financial malaise?
Marc Andressen’s brilliant and I mean, absolutely brilliant article on Why Bitcoin Matters and what it means for the future of money transactions. A must read.
Use this calculator to figure out how much cash you would have had, had you bought bitcoin 3 years ago when it was just 30 cents!