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I Was Wrong About Bitcoin. Here’s Why.

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Several years ago, tech enthusiasts in San Francisco began buzzing about a new and mysterious thing called Bitcoin. There were rumors that the virtual money, invented by a pseudonymous math genius named Satoshi Nakamoto, would revolutionize modern finance and render government-backed currency obsolete. Or maybe it was just a passing fad.

I wanted to understand the phenomenon for myself. So in 2013, I bought a single Bitcoin, a clunky and labor-intensive process that involved going to a CVS and using MoneyGram to wire the dollar value of a Bitcoin — which was around $140 at the time — to a cryptocurrency exchange. I sold my Bitcoin a week later for a small loss, thoroughly unimpressed with the experience and pessimistic about the virtual money’s prospects.

“The Bitcoin dream is all but dead,” I wrote.

Hoo boy, did I blow it. Today, the Bitcoin I sold for about $140 would be worth more than $15,000, and cryptomania has seized the entire world. As of this week, Bitcoin futures are trading on the Chicago Board Options Exchange, and Coinbase, the largest consumer trading platform for Bitcoin, briefly crashed last week because of a huge influx of traffic. And while experts are warning that the exuberance around Bitcoin is a classic sign of a bubble, few think it will disappear altogether even in the event of a crash.

What happened? Why did so many people — myself included — get Bitcoin so spectacularly wrong? After a couple of weeks of thinking about it, I can point to at least five bad assumptions I made.

I assumed that Bitcoin’s future depended on its everyday use.

High-School Dropout Who Invested In Bitcoin At $12 Is Now A Millionaire At 18 | CNBC


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Bitcoin hit a record high on Thursday, skyrocketing to a value of $19,340 on the popular exchange platform Coinbase before falling back down to $15,198.63.
On average, bitcoin hit a record high of over $17,000 on Thursday before plummeting down 18 percent to as low as $14,095, according to industry site CoinDesk.
Any investment is risky, but many experts see bitcoin as particularly volatile. Its value can fluctuate wildly from day to day, as Thursday's results show, and, as with the stock market in general, past performance cannot predict future results.
But if you're interested in buying a stake in the controversial currency and willing to take the chance, it's still possible to invest. Here's how.