BITCOIN as an alternative to regular currency

Long, short, Bitcoin, forex - Plenty of alternate market disuccsion.
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marksmeets302
Posts: 525
Joined: Thu Dec 10, 2009 4:37 pm

gazuty wrote:
Sun Mar 21, 2021 11:12 am
My issues with Bitcoin:

1 seems difficult to hold - where to obtain? is it safe from hacking? All of the middle service providers seem dodgy or like cfd providers?
2 seems difficult to use as a medium of exchange
3 still restricted to a very small community

.....

I’ve been gradually buying gold (via pmgold on asx which gives right to hold physical)

In comparison to bitcoin

1 easy to purchase on asx. Well regulated. Perth Mint is guaranteed by the western Australian government.
2 difficult as medium of exchange (have to sell on asx and convert back to fiat currency) cannot buy a coffee.
3 gold has a broader community than Bitcoin (that could of course change) and thousands of years of human history as a store of value.

......

So for me I’ll just keep buying gold for the foreseeable future, try to get up to 10% in gold. At moment got 4% in gold.
From the abstract of a paper called "Bitcoin is not the New Gold – A comparison of volatility, correlation, and portfolio performance" (https://www.sciencedirect.com/science/a ... 191830187X): "Gold plays an important role in financial markets with flight-to-quality in times of market distress. Our results show that Bitcoin behaves as the exact opposite and it positively correlates with downward market".
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jimibt
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Joined: Mon Nov 30, 2015 6:42 pm

have just been reviewing the binance api for my son. found that it's actually pretty decent and a lot could be done to automate this bitcoin stuff...

interesting read for those with a programming bent: https://github.com/binance/binance-spot ... est-api.md
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jimibt
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Joined: Mon Nov 30, 2015 6:42 pm

Euler wrote:
Mon Dec 02, 2013 6:43 pm
When I was on my travels recently I learnt a friend of mine was accepting payment in BitCoin's as a gimmick. Remarkably he collected over 1000 so he is now a BitCoin millionaire. I've told him to sell them, but as we all know emotion often overrules common sense so it's not entirely impossible that he will hold them until such time as he losses it all again!
sorry for the necro-post -but how did your friend fare on his/her collection/retention gambit??
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