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A piece of vacant land won't produce anything, of course, but you can build an apartment complex and produce income by charging rent. While bitcoin is intended to be a digital currency, its actual use as a payment system remains extremely limited.
Buffett believes bitcoin is valuable only because the person buying it thinks they'll be able to sell it for even more than what they paid at some point. Buffett has said Berkshire's favorite holding period is "forever. Bitcoin isn't exactly a buy-and-hold investment. Ultimately, Buffett is fine with it if you want to buy yourself some bitcoin. Just don't call it investing. Just how much illegal activity does bitcoin facilitate?
That's a matter of widespread dispute. But its role in darknet drug marketplace Silk Road, its use for money laundering and trafficking stolen goods, and recent reports that it's been used to finance terror plots haven't exactly been great for bitcoin's image.
Buffett has made it clear that he'll never tolerate anything that would jeopardize Berkshire Hathaway's reputation. A frequently quoted Buffett-ism: "Lose money for the firm, and I will be understanding. Lose a shred of reputation for the firm, and I will be ruthless. Buffett has taken past jabs at bitcoin's reputation for financing criminal activities.
He told CNBC in that its only economic contribution may be to cut the demand for suitcases — because rather than lugging around money-stuffed suitcases, criminals can just use bitcoin. One of Buffett's best investment lessons : Never invest in something you don't understand.
The mechanics of bitcoin, how you mine it, and how its deregulated network functions are extraordinarily confusing, even for the tech-savvy. So it isn't surprising that Buffett takes a hard pass here. Buffett has said repeatedly that he believes cryptocurrencies will end badly. The problem is, he has no clue when. Keeping with his rule of investing in what he knows, Buffett will never bet money by shorting cryptocurrencies, either. Investing Best Accounts. Stock Market Basics.
Stock Market. Industries to Invest In. Getting Started. That's because of some basic differences between Bitcoin and a conventional currency such as dollars or Euros. Like other files, Bitcoin wallets can be stored locally, say on a hard drive stuffed under a mattress, or in the cloud.
And like dollars, Bitcoin can be lost or stolen. Payne won't say how much Bitcoin DataTech Labs has recovered for customers, but he says he has helped quite a few people recover their digital money from the abyss.
Hard-drive crashes aren't the only threat facing a Bitcoin investor—hacking can be a problem, too. Bitcoin exchanges are online services that lets people buy and sell Bitcoin and similar cryptocurrencies using a website or mobile app. They are primary gateway through which most consumers buy and sell Bitcoin.
And, just like other online companies, they can be hacked. Just this week, a prominent South Korean exchange was forced to shut down after being raided by hackers. And longtime Bitcoin watchers can hardly forget the spectacular implosion of Mt. Gox, the first high-profile Bitcoin exchange, which ceased operation in after allegedly being hit by hackers.
Coinbase started way back in when Bitcoin was frequently used on black market sites such as the Silk Road while Gemini was started by Cameron and Tyler Winklevoss—the twins who are perhaps best known for suing Mark Zuckerberg over the creation of Facebook. The Winklevoss brothers are now Bitcoin billionaires. Both exchanges take measures to protect Bitcoin deposits.
For instance, they claim to store only small percentage of cryptocurrencies online at any one time, with the vast majority being held in offline cold storage, out of reach of any potential hacker. Nevertheless, some industry insiders say that, while exchanges are useful for buying and selling Bitcoin, they may not be a great place to store them. John Biggs, a former editor at TechCrunch who lauched a Bitcoin company several years ago, says that Bitcoin should be treated more like a physical asset than a conventional currency.
Both Galligan and Biggs recommend that Bitcoin owners use something called a hardware wallet. A recovery process is also available in case you physically misplace the wallet. If your Bitcoin is in a physical wallet, they can't go up in smoke if the exchange is compromised. But, of course, none of these measures can save you if Bitcoin values suddenly plummet. Because even the most secure hardware isn't bubble-proof. Sign In. Become a Member. Remember Me.