Why I’m Passing on the Whole Bitcoin Thing

Some people love Bitcoin, but I’m just not buying. There may come a day when I do, but right now, I’m out. My main reason:¬†The price is waaay too volatile.

How is Bitcoin supposed to become some big-time, widely-accepted currency if the price is $15 one year and $250+ the next? Please. Sounds like the currency of a country with some serious problems. And that tells me that the underlying logic for Bitcoin is not sound enough for it to act as a currency.

Sounds more like purchasing things with stock certificates to me.

I would personally not accept Bitcoins for payment because who knows what it will be worth when I actually use it. Sure, the US dollar fluctuates too, but has it ever, EVER fluctuated from $15 to $250+ in one year? No.

BitCoins Fluctuating Market price

(image from: http://blockchain.info/charts/market-price)

You can see some other Bitcoin charts here.

Or how about an illustrated history of Bitcoin crashes.

Sorry Bitcoin, until you get your act together and¬†stabilize, I’m out. (Yeah, I know Bitcoin doesn’t need me anyway.)

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