Watching the Bitcoin prices on the various exchanges brings back memories. It was sometime in March that I first got involved in Bitcoins. At that time, I bought my very first tenth of a Bitcoin and paid just under ten dollars for it. The Bitcoin price was $90 and I thought that was pretty expensive.
Then over the next few weeks I watched the price soar all the way up to $265. Had I known the first thing about trading I might have sold off my tenth Bitcoin near the high. Then when the crash came I would have been able to purchase a half Bitcoin at the bottom. Instead, I watched my tenth Bitcoin drop all the way down to 60 dollars a Bitcoin and then bump back up.
Then I got scammed out of it and all the other Bitcoin fragments I’d added to my initial account, and I also decided that I wasn’t going to be buying and selling Bitcoins anyway.
According to Cryptocoin Charts, right now Bitcoins are trading anywhere from $218 to $253 apiece. When I happen to notice the troll box on mcxNOW, people keep saying the price is bound to come down. But then it doesn’t. The difference between this current high and the Bitcoin bubble that I initially encountered is that this rise has been a more steady and sustained increase. It is possible that the price could go down again, but it will probably be in a more controlled, stepwise manner, unlike the sudden crash where Bitcoin went from $265 to $65 in a matter of a couple days.
And there is a lot of indication that the price may continue to increase. Some people are saying Bitcoin could go up into the thousands or even higher. Those of us who get our Bitcoins from trading alt cryptos such as Devcoins are going to be in for some rough sailing ahead.
I haven’t done the math, but some have said that the price of Devcoins relative to the Dollar has not dropped too much. I tend to think of one Bitcoin as being worth a hundred dollars, and that was the case recently for at least a month or two. At that time Devcoins were selling for between 35 and 45 sat. There was a brief pump where they sold for as high as 95 sat, but that was very short lived, and the only reason I was able to take advantage of it was that I had preexisting sell orders when the pump happened. As I write this, Devcoins are selling for 19 sat on mcxNOW and 21 sat on Vircurex. If Bitcoins sell for $250, then this is roughly the equivalent of Devcoins selling for 60 sat when Bitcoins sell for $100. So, it may be that the price of Devcoins is actually taking far less of a beating than would be normally expected. If this is the case, then that’s a hopeful sign.
I still don’t want to dump my Devcoins at 20 sat and under. A huge reason for this is that I’m not interested in selling my Bitcoins either. I want to grow my Bitcoins into more Bitcoins. I’m going to be much more interested in the price of Bitcoins once I have enough of them to start cashing some out on a regular basis. But until then higher priced Bitcoins just mean it’s harder for me to acquire them. I either have to sell off around five million Devcoins to get one Bitcoin, representing the majority of my earnings for one round, or I’d have to acquire them in some other way and pay the price.
My other method for earning Bitcoins is of course to earn the small amounts that can be earned on CoinAd, BitVisitor and CoinTasker. But with the price of Bitcoin being so high, the amount that can be easily earned is far less in terms of Bitcoin. Today I was on BitVisitor and when just last week I could visit websites for 40 or 50 uBTC, and the week before, for up to 100 or more uBTC, today, the highest amount I could earn from one site was just over 10 uBTC. A few sites were only paying out between one and two uBTC. At this rate, I might be waiting a while before I even reach the minimum payout threshold.
Overall I think it’s great to have Bitcoins grow in value, and I am confident the value of Bitcoin is going to continue to trend upward, though with plenty of ups and downs and bumps along the way. The downside is that since I’m not ready to trade my Bitcoins into fiat, I’m not able to benefit directly from this increase in perceived value, and it’s much harder to accumulate more Bitcoins as both the price of alt cryptos relative to Bitcoin and the Bitcoin earning potential are depressed. For this reason while I do not want to see another crash like we saw last March following the bubble, some good dips and corrections will be welcome.
For the time being, it appears Bitcoin is headed in only one direction, up. As I finish this up, Mt. Gox shows the last price at $267.