Is it worth it to mine Bitcoins?
To start I’m not a big fan of Bitcoins I should also point out that I’m not a fan of a gold backed currency however if asked I would say no it’s not worth it mine Bitcoins. That being said if you like the concept of Bitcoins and you want to mine Bitcoins go right ahead. Before money became a fiat currency it was backed by Gold, One of the reasons Money was taken off the gold standard was because of something called “money speculators” Bitcoin is susceptible to similar influences.
Bitcoins, Gold Silver and Fiat Money
In today’s world of fiat currency people can use their fiat currencies and purchase physical gold or silver which in times of complete economic collapse can be used trade as a form of barter. Bitcoins on the other hand is a decentralized digital currency based on an open-source, peer-to-peer Internet protocol if you watch their video you can get a better understanding for yourself. The only real benefit I see to Bitcoin is they have lower fees!
However in a world where fiat currency is the global name of the game Bitcoin suffers from similar problems that Gold has which is if you don’t have a lot of it you won’t realize the savings or much of the profits; something else you must consider is insurance from losses. One of the reasons we use fiat money is because of insurance from losses entire countries can better monitor their money and make needed corrections in a fiat monetary system, under a gold backed monetary system common unforeseen events or circumstances such as theft, war or natural disasters could in actuality leave entire countries in very compromised positions.
Bitcoins and money speculators!
Gold reached all-time highs in past months since then the price of gold has been in decline Bitcoin will more than likely have the same fluctuations in its value. So the time you exert in to mine Bitcoins might realize a profit but it also might realize losses.
That being said I’m sure many of us myself included have wasted time without the hope of a profit so if the concept of Bitcoins excites you it would be worth your time to mine for Bitcoins. Personally I’m not a fan of Bitcoin (BTC) but in the interest of fairness I’m not a fan of paying high fiat currency fees either!