The start of another week, the week after Bitcoin news and stories reached mass media (predicted on this blog) outlets. The best story, well the one people in my social circles was “Did you hear about the guy who lost his hard drive with £4.5 Million of Bitcoin?” It made me smile, great story, the lesson from that story whether bitcoin or not, back up your hard drive! now! 🙂
Of course the other big story was Bitcoin reaching $1200 per coin. Lots of people now feel Bitcoin is out of their reach. It’s not, you can buy tiny bits of Gold as well as a whole nugget. I bought 1 BTC this week at $1014, I’m in for the long term. What does “long term” mean ? For me, more than five years. If you do buy now, don’t watch the price everyday, forget about it, just like your premium bonds or endowment policy.
I made another “call” this weekend. Dr Sue Black asked on saturday night, why UK political leaders were in China. My answer was “the RMB” China’s currency. If you heard the 6pm News on BBC Radio 4 tonight, you will also know, I called it right. The Chinese want us (the world) to buy and invest into their currency, sometime soon. That’s massive news for the world and Bitcoin. After all, the biggest buyers of Bitcoin last week were the Chinese.
For me, this is another global political event that further strengthens the likelihood of Bitcoin rising in value long term. This is my current rationale to buy (and spend) Bitcoin.
If I bring you back to today before saying once again ” You will have a digital wallet by 202″ that will not involve your bank”. If you are NatWest you are not buying anything online right now (at time of writing). That’s poor isn’t it? You can’t shop on #CyberMonday because your banks online operations have melted.
Finally while talking about Banks. They are the next hurdle for Bitcoin. The UK banks are blocking our ability to buy and exchange Bitcoin in the UK. They are basically tied down by anti money laundering rules. Did you know if you pay more than £1000 cash into your bank account, you are reported to a database that legal institutions can search, the theory is you could be a drug dealer or terrorist because you have more than £1,000 cash to pay in. I don’t know about you, but I find that quite sad because I don’t think the world is that polluted by criminals. I love the feel of cash in my pocket.
Tomorrow, there will be a guest post on Litecoin and how to buy them.
If you think about Bitcoin as Gold, Litecoin is Silver, easier, cheaper to mine and worth a lot less, but still very useful and tradable. I hope you come back to read it.
- BTC China in Discussion With Regulators Over Bitcoin Recognition (coindesk.com)
- Malware Alert: “Direct Debiting Seminar Invite” from NatWest (news.softpedia.com)
- ‘Fraudsters stole £240k but NatWest wouldn’t help’: Fears over Bankline cyber attacks (thisismoney.co.uk)
- NatWest in technology meltdown on ‘Cyber Monday’ (telegraph.co.uk)