Bitcoins and Litecoins – Real estate

I look at Bitcoin like it's the latest "hot stock".

The fact that it has hit the mainstream potentially means that the rich people have already made their money in it.

Bit coin is a very interested currency and hard to predict what global demand for it will be unless you know a lot about it.

Truthfully, if you want to learn about Bitcoin in detail and become a savvy bitcoin investor then I think it makes sense to sell your property for Bitcoins. But if you don't understand the currency then I think it would be better to sell for cash and focus on making money the way you know how.

There are so many 'get rich quick' stories at the moment about people who's bit coins are worth millions. If it sounds too good to be true it probably is.

Early days yet and it's currently taking a beating. While I wouldn't right it off the problem is in converting FIAT to BC and back again. The authorities can control that and do. While some (govts) are in favor of BC others aren't.

For me it's a speculative day trading paradigm at the moment.

MAJOR BITCOIN UPDATE!

Yesterday Bitcoin HALVED in value due to the fact that China put major restrictions on the purchase and exchange of bit coins using Chinese currency.

It is a very speculative market. Many are calling it a bubble like the internet bubble of 1999

Also to do a transaction you are required to download the log of every single transaction ever done using bit coin. In a year or two this is expected to be 1TB!

Imaging having to download 1TB of data every time you want to send someone some money.

So be very careful!

A very interesting read…

December 2013 Update… Connecting the Dots between Microsoft Backdoors, NSA Corruption and the Bitcoin Ponzi Scheme

It is clear that the NSA has the digital keys to break Bitcoin any time it wants. If and when Bitcoin finally crashes, look for the NSA to be the “man behind the curtain.”

Bitcoin is a decentralised currency. Meaning you don't have to go through a bank or organisation to use it. 

Bitcoin is also designed to become harder and harder to 'mine' as new bitcoins are mined. Therefore it gets exponentially harder to access new bitcoins.

Because it is decentralised whenever you do a transaction you are required to download the ENTIRE log (called a blockchain) of every single bitcoin transaction that has ever occurred.

Bitcoin is less than 5 years old so in the beginning the size of this blockchain was never an issue. Currently it sits at over 12GB!

Can you imagine having to download a 12GB blockchain every time you do a transaction? Wait until this gets up to 1,000GB in a couple of years.

To fix this they will either have to centralise the blockchain (companies could do this for a fee) or change bitcoin completely.

Even the people behind Bitcoin say they haven't decided on a solution yet.

I would be very careful unless you are a super tech nerd and know the ins and outs of this digital currency

This wasn't an issue to begin with but now that Bitcoin has hit the main stream the log is