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Thread: BitCoins (and other crypocurrencies)...

  1. #1

    BitCoins (and other crypocurrencies)...

    I searched for a BitCoins thread and nothing came up, so I'll open one.

    I am intrigued by it but skeptical.

    Does anybody on naturalbushcraft use it? Do you think it is a fake currency? Do you think it will crash, or can its value go to $5,000, 10,000 - or higher, per coin? What are your thoughts on it?

  2. #2
    Natural Born Bushcrafter Woody's Avatar
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    Bitcoin will not crash and burn.
    Google ventures is now one of the main investors together with many more big investment names.
    Some of the cryptocurrencies will be short lived , some will increase in value and others will be worthless...
    But bitcoin is here to stay.
    If you were lucky enough to buy bitcoin a few years ago , you would have paid less than 30 each ...
    The ones that did and kept them are now very very happy they did so.
    Nowhere in the history of currency or comodity exchange has something increased in value exponentially as fast as bitcoin .
    Is it a good investment now?
    Probably a bit late for that boat , but I reckon each will be worth around 16k in the next 5 years...

    But don't listen to me ,
    Try "we use coins" and "coinbase " for accurate up-to-date information and for related articles and forums.



    Sent from my XT1032 using Tapatalk
    Last edited by Woody; 18-08-2017 at 06:11 PM.

  3. #3
    Woodsman rik_uk3's Avatar
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    Last month BC dropped 38% from its all time high so...yes it can fall.
    Richard
    South Wales UK

  4. #4
    Samuel Hearne Bernie's Avatar
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    Quote Originally Posted by rik_uk3 View Post
    Last month BC dropped 38% from its all time high so...yes it can fall.
    Yup, and there are many more currencies now alongside Bitcoin. (See other crypto-currencies and their movements here: https://coinmarketcap.com/currencies/)

    Bitcoin will have to switch from a "Proof of Work" to a "Proof of Stake" model (in my opinion) because enormous amounts of energy are now required to process every BTC chain transaction. (See Proof of Work vs Proof of Stake: Basic Mining Guide)

    The current estimated annual electricity consumption is 14.68 TWh meaning it has a huge negative impact on our climate. So I'm not supporting it - yet.
    The best time to plant a tree was 20 years ago. The second best time is now. - Chinese Proverb

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