Bitcoin is a Plain ponzi scheme. Please do not engage in it. Let me ask one simple question: How liquid is bitcoin? If today 1 Million shilling worth of it – can I liquidate it to cash? Or it just like I suspect some make-belief nonsense where everyone is punting hoping to win and leave someone else without his shirt.
The Bitcoin bubble is bursting/will burst because of speculation. This is quite separate from Bitcoin itself. Bitcoin is being treated as a commodity instead of a medium. Because of this, the volatility dissuades its acceptance as an exchange.
I’ll give you a broad, general opinion: bitcoin has never really been a “medium of exchange as opposed to commodity”; there have never real prospects that it might ever be; and there are no prospects that it will ever be.
What is happening with bitcoin right now is actually the best that ever could happen: All sorts of greedy types jumping in, hoping (if they understand what is going on) that they will unload on other suckers before the gravy-train crashes. I too have considered jumping in for the “free and easy money”. But this lemming rush? Yes, some people will get rich, but how many will end up crying?