[VIDEO] Bitcoin is what is referred to as a cryptocurrency and you see podcaster Ben Shapiro who actually discussed this on his podcast recently explain the pros and cons of this in this video from March. I do occasionally like to share financial related this on this blog and this is one emerging issue that worth sharing with you all.
Currently a lot of people are investing in this and in some cases making money on this. Currently bitcoin is $47,196.31. That's the price of one bitcoin which can be divided into smaller units called satoshis worth 0.00000001 bitcoin. I just made the connection the smaller satoshis references the identity of the developer of bitcoin, Satoshi Nakamoto.
What I'd be concerned about is whether or not I could keep my own bitcoin secure. It's not something you can hold in your hands like gold or silver or even the cash and coin you keep in your pocket. Bitcoin is kept in a digital wallet which could be hacked into unless of course you keep a secure password for your digital wallet.
So for me I'd rather in a time of inflation invest my funds in physical gold or silver which depending upon who you might follow in the media you might have seen advertisements for it. Certain YouTube personalities I follow will advertise for companies who offer investments in those precious metals.
However, one appeal I do see with bitcoin is the ability to transfer funds to another party without having to go through a bank. However, gov'ts want to ban it.
We're hearing about this because of the issues with inflation right now prices for the goods you buy at your store are going up. Bitcoin could be the alternative to the dollar it could be considered an alternate store-hold of wealth. With inflation that generally means for a variety of factors the value of the dollar starts to go down and thus the price of goods at your local retailer starts to rise.
How many of you out there have put any money in bitcoin? What do you typically use bitcoin for?
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