Bitcoin: Geek Lottery Tickets?

Bitcoin is a hot topic at the moment, I’ve been seeing it trickling into the mainstream media on CNBC and other business sources, but most people haven’t heard of it. Bitcoin is a crypto-currency, or digital currency. It’s a strange concept, but it’s based off of computing power. Basically, you set your computer up to run scrypt or script and it uses the GPU or your graphics cards to ‘mine’ for coins. Bitcoin is one of many of these crypto currencies, but it’s the most widely known. It’s like the gold, while Litecoin is silver. There’s approximately 1.5-2 billion dollars worth of bitcoin in the marketplace right now and if it is used for 1% of worldwide commerce, each coin could be worth $100,000. I bought a physical bitcoin for $96 two months ago and it’s already made a 300% return. We also mined 20 lightcoins to ‘diversify our portfolio’ with two Gigabyte Radeon HD 7950 graphics cards (which are total junk, don’t buy them. We traded them out for Sapphire instead). If you’re interested in hedging your bets on metals, you might look into physical bitcoins on eBay. Physical bitcoins cost 2-3 times more  than spot price but have more collectible value than the digital ones.

~ by accordingtoleanne on June 11, 2013.

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