Several years ago some banks in my country suggested to take out a loan denominated in Swiss francs or Japanese Yen instead of our own currency – however at some point the exchange rate of those currencies didn’t perform as expected and many people were supposed to repay a real lot of money.
Just like people borrowed a foreign currency in those years – while they’re actually using a different type of currency – some people bought a lot of Bitcoins expecting to make a lot of money without contributing in terms of products or services.
Some technical issues of Bitcoin exchanges were just the trigger for a large correction, but of course there’s a lesson to be learned: Live your investment!
There are some people who are doing this for quite a while – like Gavin Andresen – who is not only getting paid in Bitcoin, but also uses them to purchase the things he wants. Another good example is Patrick M. Bryne – the CEO of Overstock – who is invested in Bitcoin and is offering the products of his company for Bitcoin.
February 14, 2014 at 06:37PM
