I am constantly checking https://coinmarketcap.com for spot prices and more importantly in my opinion, the overall market cap.
As I am typing it is pushing toward $97 billion, and no doubt it will surpass that before I lay my head down on a pillow tonight. I am not in any way an expert and this is all new to me. I have been doing fairly well over the past month on the exchanges and I began to ask that burning question we all do when we speculate: is this a bubble?
Although I am completely unqualified to answer that with certainty, it is clear that exponentially people are transferring their wealth into bitcoin and other cryptocurrencies. I have a feeling this is going to be one of the biggest gold rushes in history. I think it may actually even be able to protect the value of the dollar, which I am hoping some people will chime in whether they disagree or agree.
Imagine if traditional investments commonly include alt coin, it may be your best performer, it may be your only performer, but if it is packaged with successful traditional business models, it may have a stabilizing effect to the dollar and Wall Street, which is pretty much doomed to collapse at some point. Maybe I am wrong, but I am interested in learning and would like to hear from you.
I'm amateur in this like you, but have opinion on it. Banks create money from air called credit. They just type it on your account and here it is. All cryptocurrencies are pretty much the same, but here on Steemit we create content to generate it. Bitcoin is created from nothing, but manipulators can't control it and that is their biggest problem. My question is, why bitcoin(and other) has this huge value? Is it because we just decided that gonna be that value just like that? What makes it so valuable?Don't understand much :)
As with anyone, the price is dictated by what someone is willing to pay. I think the reason is pretty clear, although this is another form of fiat, it is not saturated yet. The finite amount and value for anonymity is what people value. People want to grow their wealth, not lose 2% a year in a savings account that is at 1% when the inflation rate is 3%. We are looking for honest money. Maybe this is it, maybe it isn't. Maybe it is an elite plot, I have no clue. I think that a lot of people are going to become very rich in the coming months from this. People will pay only what they think something is worth, thats why every shred of news in the crypto world has massive effects on other coins and the overall market cap.
I don't think it's an elite plot. They would like to have control over every transaction. With cryptocurrecies they don't have it. For now 'bubble' situation is in status quo, my opinion because elite see that not to many people is using crypto, but when that number gets bigger they will try to do something with crypto.
I agree, there is no way they don't try to get their cut.
@lumlum85 Would you recommend me to buy some bitcoin? Don't have much money, but I woudn't be suprised if bitcoin reach 10k+ or more. Don't have any bitcoin, is it hard to get it?
I can tell you how I do it, but I am not certain if it is the best way, but so far it works.
I use coinbase app on my phone to convert dollars into either BTC/LTC/ETH, then I either send it to my Exodus app on my computer, or to bittrex depending on what I am planning to do with it. My first transactions were simply about acquiring BTC but soon I learned how to make money with it. I put in a few hundred dollars and it has since more than doubled, and I am getting more comfortable about my trades and how I plan them. It is different for everyone but this is how I did it. I probably don't need to add money anymore, I can pretty much move it around and grow it. Of course, adding is always helpful. I don't put all my eggs in one basket either. In fact I have used 20+ baskets so far. (different alt coins). Hope that helps.
Yes, it helps. Can I ask you when I have question about it? Are you on steemit.chat?
Please feel free to ask anything, I won't give you nonsense if I don't know something, but I will do my best to find the answer or point you to those that I have trusted through this. I will create a new temp email to get contact with you and rerouted that to my main email simply to avoid being spammed if it is picked up here.
No need for new email, just join steemit.chat
Done ;)
I personally don't see the dollar failing, however more and more money is being put into cryptos every single day. Each day coins are garnering more and more attention. Bitcoin and altcoins can help stabilize the market because of the chance at massive profits. Each coin available will become more and more valuable as time goes on.
You don't see the dollar failing as a result of cryptos or on its own merit? And you're right, the attention is spreading like wildfire on a dry, hot, windy summer day.
The main problem with cryptos is that since it is from one party directly to another party what happens if a bitcoin transaction goes wrong? Say you pay for an item and its never sent? Unless there is a proper escrow system in place that's going to be a very large problem. I imagine a system will be thought up once bitcoin is the mainstream payment but I can't see the dollar completely vanishing. Some form of it will remain if nothing else.
Its crazy that you bring this up! I was thinking the same thing when I was contemplating how craigslist could make a fortune in crypto. Imagine that they had "craigcoin" and the option was to place that in escrow with craigslist for example. Now, we meet to change the item or service, and we do a digital handshake off of our phones to release the escrow, with options to do timed drops and what not. I realize this wouldn't be perfect, and I am sure there is a genius nerd somewhere that could do way better than that, but I completely agree with you.
See now thats a very interesting concept. Craigslist could make a killing if they charged a small fee for them being the escrow moderators. We need a large company to develop a bitcoin payment system that allows it to go mainstream. I also just thought, a lot of people won't like the feeling that $3000 in bitcoin could shoot down in value at any moment. What if you went to pay for something and the BTC value shot down right before you went to pay.
They would require more BTC to make the transaction. It is volatile now, but I think eventually it will stable out, that could take years though. For now it is simply getting in on this technological boom before it becomes much more difficult to make profit off of it.
Nice post lumlum - I believe that dollars are beyond saving now - but I like the way you think for a big up-vote from me. SK.
You're probably right, it's a little piece of me hoping. I am not sure people truly understand how bad it would get socially.