Bitcoin Forum

Hey everyone,

Bitcoin is at $141 right now, 2013-04-03. I remember back when my laptop pumped out a few blocks every week. Like everyone else, I wish I really got on the bandwagon earlier, but it's  been a hard one to realize and predict.

Anyways, Bitcoin growth has been explosive. My grandpa saw it on CNBC yesterday. It's being talked about in Forbes. Big investors are talking about it.

But, those are all investors. Not users. There's a big difference. Bitcoin is, ultimately, still undervalued. The problem we have right now is that most usage is for day trading. Which doesn't do the Bitcoin economy itself any good. It raises the value and commotion, but doesn't directly make a Craigslist and Ebay out of Bitcoin.

So right now, while at least certainly in the future, Bitcoin is still undervalued immensely, we still have a problem. Our Bitcoin economic growth is not high enough. While it is unbelievably fast and I've been so impressed with everyone launching businesses, websites, selling goods, etc, we have to do more to make Bitcoin a success for every day users, and not just quick money for a hedge fund.

Here's what I humbly suggest:

Everything you have for sale, list it for Bitcoin. Maybe even taking a 30% cut. It'll grow back that 30% and thensome, and it gives users more of an incentive to pay in Bitcoin. It's worth taking fiat and converting back to Bitcoin from a financial standpoint if you have the means to do so.

Start more websites taking Bitcoin. We want to make Bitcoin the next IPv6. It's a chicken/egg problem, and we have to make as many chickens as possible. When the end user, non-investor, sees that they can pay for their coffee with Bitcoin for less money (and more conveniently) than fiat, they will do so.

Write more code for Bitcoin. Whether it's mining pool software, phone clients, web frontends, or most anything, we need to make it as streamlined and bug free as possible.

And lastly, though Bitcoin is possibly the highest yielding investment in history, realize it is a means of commerce, not just an investment to play money wars over. I mean, invest by all means, but use it like it's the only thing in your wallet.

So there may be a bubble. It may pop down to $50. I don't know. Just treat Bitcoin as a means of currency and do everything you can to promote it. One day, Bitcoin might indirectly help end the Fed, or make it irrelevant. And not just the Fed, but banks in general. That will be a glorious day.

And I end with this: http://www.youtube.com/watch?v=tGk5ioEXlIM

Sincerely,
Teran