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Short version of what bitcoin is: it is a currency, but an entirely new kind of currency that can’t be seized or frozen by governments, one which is integrated with its transaction system where transaction fees are optional, and where you can transfer any amount anywhere instantly without any authority knowing or interfering.

As of midnight UTC on May 29, 2011, the rate is USD 8,30 per bitcoin. In the past three months, the value has hundredfolded.In the past fourteen months, the value has more than thousandfolded. If you had changed 2,500 euros into bitcoin last spring, they would be worth more than two point five million euros today.I challenge you to find one other commodity with this pace of appreciation.Key uptake drivers: doing the math, I predict that it has at least another thousandfold increase to go in the coming few years, and that’s counting conservatively.If calling this article “financial advice” could make Falkvinge legally liable in your jurisdiction, then this is not financial advice.

If it could be construed as something else that would make Falkvinge liable, then it is not that, either. Let’s look at these three considered factors one at a time.

Normal currencies vary by a few percent over the course of a year. On March 30 of last year, somebody asked for for 10,000 BTC (bitcoin) in the trading and wasn’t taken up on the offer. Still, somebody claimed in the thread that the going rate was about USD 6,50 per thousand bitcoin. So while there are conflicting numbers between ,50 and ,50 as the rate for 1,000 BTC, let’s be conservative and go with the higher ,50 per thousand BTC and compare it to today.

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These past days, I have done a lot of thinking about bitcoin that ended up with me investing all of the money I had saved and all that I can borrow into the currency. In two posts now, I have considered the effects of bitcoin on society.

A lot of more thinking has been done than has been described in writing, and it has resulted in me putting all my savings into this currency.