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<p>[QUOTE=&quot;Prime Mover, post: 2660972, member: 38783&quot;]Ok, now I&#039;m late for work... <img src="styles/default/xenforo/clear.png" class="mceSmilieSprite mceSmilie1" alt=":)" unselectable="on" unselectable="on" /></p><p><br /></p><p>But I&#039;ll say this for now.</p><p><br /></p><p>I view Bitcoin as I view my PM&#039;s - a store of wealth.&nbsp; I actively use and trade it for services and goods, and occasionally I use it to buy PM&#039;s.&nbsp; I use it as a part of my overall monetary strategy, being well-diversified across many wealth platforms.&nbsp; I spent a LOT of time researching and understanding it, and I&#039;ve ridden it from the highs of $1300 to the lows of $150, and back now to where it is.</p><p><br /></p><p>There is no &quot;backing&quot; behind Bitcoin per se.&nbsp; There is no government, no fiat, no PM&#039;s that do that, nor do I believe there ever will be.&nbsp; It&#039;s value is given solely by the community that uses it, and the set limit of 21,000,000 Bitcoins that could ever be in &quot;circulation&quot; (of which there&#039;s roughly 15,000,000 distributed so far).&nbsp; That is one thing that should never change, but if it ever did, it would spell the end for Bitcoin I believe.&nbsp; There&#039;s a whole other discussion about that, for another thread.</p><p><br /></p><p>You can acquire it by &quot;mining&quot; it, or exchanging Fiat for it.&nbsp; Personal mining these days is very risky, and unless you have power below $.04/KWatt it&#039;s probably a losing proposition.&nbsp; I spent the better part of a year figuring this all out before I was successful.</p><p><br /></p><p>I was lucky enough to get into it at the right time, operate a successful mining operation, and come out of it on the positive side, with all my holdings no longer based on US Fiat that I put into it to get started.&nbsp; I&#039;m playing with house money, so to speak, so I can now only &quot;lose&quot; any potential gains I might have had were I to cash out.</p><p><br /></p><p>If you are a bullion &quot;collector&quot;, you will certainly find many wonderful examples of minted PM&#039;s that are used as &quot;wallets&quot; to store &quot;cold&quot; bitcoins until you want to redeem them.&nbsp; I will post some of my collection later, there truly are some nice pieces there.</p><p><br /></p><p>I&#039;m going to try to speak more of the ties between bitcoin and bullion/PM&#039;s, as the two are inter-twined very much, and there is a very active collectors&#039; community in the space, which is honestly how and why I was attracted to it in the first place.&nbsp; I will happily answer any questions about the technology of it, the history of it, the good, the bad, whatever you want.&nbsp; I enjoy the conversations.</p><p><br /></p><p>I personally believe that Bitcoin will never be used as a true currency competitor.&nbsp; The technology is more suited as a wealth store / transfer medium.&nbsp; The technology is currently too slow to be used for P.O.S. systems like going to the grocery store, etc (again, another discussion), but it is awesome for transferring money to parties around the world quickly and easily, and great for purchases that aren&#039;t immediate (i.e. ordering something online).</p><p><br /></p><p>I&#039;m not a collector of Bitcoin itself, but much more of the &quot;coins&quot; ecosystem that has sprung up around it.</p><p><br /></p><p>I will advise you that as an &quot;investment&quot;, you should stay away from it.&nbsp; If you do not understand it very well, you will most likely lose money.&nbsp; I believe Bitcoin has found a stable ground and will be around for the forseeable future, and will probably mimic the roller coaster of PM&#039;s in general.[/QUOTE]</p><p><br /></p>

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