I am not buying Bitcoin

Funny to watch [https://medium.com/the-sf-vlog/i-bought-5-000-bitcoin-yesterday-18ede2707977](John Saddington’s) videos explaining why he buys Bitcoins

### A new technology
Before blockchain technologies, the only way to secure a transaction was to have a third party, a bank for example with “books” in which transactions are recorded.

I probably oversimplify but for me what’s new with these currency is the way you can secure a transaction between two people without 3rd party.

To learn more about Bitcoins on Investopedia.

Bitcoin has been the first crypto currency but there are many others around, Ethereum, Zcash, etc. I have never used them as probably most of the people I know. Nobody knows which currency will really become mainstream.

Sky is the limit?

I remember a few years ago Bitcoin was trading at $900 and today it is over $2800. In theory, there is a limited amount of bitcoins, with a limited supply and unlimited demand value should fly to the moon.

John McAfee, who is well known for his provocations is convinced that Bitcoins are going to trade over $500,000 before 3 years.


If he is right, we should all sell everything we own to buy Bitcoins.

Is it an investment?

For me that is the problem, I know more people who buy Bitcoins because they believe its value will always grow than I know people who actually use it.

Chart of Bitcoin in US Dollars from 0 to 2000 (from xe.com)

People will probably use cryptocurrencies one day but will they use Bitcoin? I do not know and that’s why I see it as speculation.

I am still not buying bitcoins and i will not eat any part of my body on any television. If you insist to buy Bitcoins, be wise and don’t sell your house.

Update: this reminds me the well-known story of the tulip bulbs bubble.