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Bitcoin-Leave It To The Expert Insiders.

It is quite astonishing how much publicity Bitcoin has been getting recently.

Just in case you don't know what Bitcoin is,I will recite the Wikipedia definition."Bitcoin is a peer-to-peer payment system and digital currency.It is a cryptocurrency,so-called because it uses cryptography to control the creation and transfer of money".

So now you know!

Since Bitcoin was created in 2009,the value of a bitcoin has moved erratically from as little as 30cents in 2011 to as much as $1100 in 2013.This has resulted from massive activity by speculators.This in turn undermines the usefulness of bitcoins as a store of value.

As a method of payment, as opposed to a store of value, bitcoins have largely been used by those seeking the anonymity available when cryptography is utilised.Some commentators suggest that the majority of transactions involving bitcoins have involved gambling,pornography or illegal trading in drugs.

So why all the publicity,including massive activity in social media and extensive exposure on BBC television?

I believe the media coverage has been orchestrated by the professionals overseeing the Bitcoin Network. They stand to make $Billions.They are unlikely to give up on their quest for such wealth any time soon.

My advice is to leave Bitcoin to those expert insiders who are so carefully managing and massaging its image.Amateurs who dabble are likely to get an empty feeling,especially in their wallets.

Monday, 27th January 2014

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