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Does anyone in Shetland work with bitcoin? if so what are your opinions of it? is it a total scam or legit? I have never worked with bitcoin so just looking for opinions on it. Some sites on the internet claim people are making thousands of pounds and in some cases becoming millionaires. Other sites say it's a total scam and to avoid at all costs.

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As George alludes to, it's akin to gambling so it depends on your 'risk appetite'. There's winners and losers, but you tend to hear more about the winners.

On the whole, the trend has been for the value of BitCoin to be on an upward trajectory, but it's a currency so isn't underpinned by anything 'tangible' (such as the value of a company or a commodity) so the value is based on perception.

The bigger financial institutions are now trading in crypto currencies, and it's coming under increasing regulation, so I expect the heady days of early adopters getting-rich-quick are gone. It is, however, still quite volatile so can swing up and down in value dramatically, so there's still significant returns (and losses) to be made.

From my understanding, you need to be either be lucky or invest a lot of time and effort into following the markets if you want to make a return on your investment.

There's loads of misinformation, hype and 'info-mercials' re: cryptocurrencies on the internet, so it's best to proceed with an element of suspicion and cynicism!

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Trying to buy their money back, I guess...

To me, the worrying thing about all these fancy virtual currencies is that they are just that, "virtual" in so much as they do not really exist as anything more than a "concept".  If the power goes off, you're broke....

In fairness, most other currencies are the same.  Just promises on bits of paper.  Where is the "real" wealth, I wonder.

Edited by Colin
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