'Bitcoin': The five keys that you need to get started

1.- What steps have to give a layman to buy bitcoins. Example. Register in any page, fill out a form,...

From our point of view, in OroyFinanzas.com most people now want to gain criptomonedas (Bitcoin, Litecoin, Peer-to-Peer Coin, etc) to speculate. I would like to recommend to all over the world who will report on the functioning of the Bitcoin network before you buy. At this time, the Bitcoin transactional demand is very low and the most important is the speculative demand. The problem for many is that form and takes a long time and are not willing to wait.

I recommend to anyone who wants to explore Bitcoin that download the Electrum wallet because it is simpler than Bitcoin-qt (the wallet journal). Bitcoin-qt download all the transaction database to the computer, and can take several days to do it.

To buy there are two options: to participate in the Bitcoin mining process or buy them at a site of exchange. The most popular sharing sites right now are Bitstamp.net, Mt.Gox, BTC-e and BTCChina.

Many people are looking for the next ball of investment, as we have lived with the real estate sector, variable income, investment gold (but don't think that the physical gold is a bubble) and now Bitcoin and other criptomonedas. Personally led to follow closely the gold market over six years, and after the fall in the price of gold that occurred this year in April, many people have become disillusioned with an asset that serves as a life insurance, but many were in reality to speculate. The same thing happens with Bitcoin, but much stronger, when there is a significant drop there will be enough disillusionment with the Bitcoin and perhaps have a more peaceful phase again.

The most important thing of Bitcoin is the technology and the benefits it can provide to its users as money and as a network of exchange of goods as it is expected that work with technologies such as ColoredCoins, MasterCoin or Open Transactions.

2.- What is the greater risk than there is if you buy bitcoins. For example. Is it too little? Do you run the risk of wanting to sell and not be able to do this?

On the exchange markets (Bitcoin Exchange) there is always liquidity to buy and sell bitcoins. The price takes several weeks up aggressively and has just reached record highs in several exchange sites. If there were again significant problems of DDoS attacks (denial-of-service attack, in english distributeddenial-of-service) or a prohibition in a key market as the Chinese, the price could collapse easily.

The exchange sites when they are saturated may be very difficult to access if there is a DDoS attack siendomuy, difficult to buy or sell in those times. However, many of the initial investors of Bitcoin or other long-term criptomonedas invested and keep losbitcoins in their own purses (Bitcoin-qt, Electrum or other). It is not advisable to leave too many bitcoins in a site of exchange, as you assume the same risk as when you leave with a bank, see the Cypriot banks.

3.- Why Bitcoin rises and the gold floor when, apparently, are active very similar?

Bitcoin and the physical gold are alike in that their users and buyers often have a similar vision of the international monetary and financial system. Both groups rely strongly on the assets in the who are saving or investing.

How assets have important similarities and differences. Within these similarities, it can be noted that both the characteristics of the money (small, durable, homogeneous, divisible, transportable, storable ydificil to falsify).

The most important differences are that the physical gold has been an active monetary from thousands of years ago and Bitcoin is a payment system and currency at the same time that has five years of life with an ecosystem that is still being developed. The value of the physical gold rise from its acceptance in almost all parts of the world as a means of payment to be a finite. The value of the Bitcoin derives from its conceptual structure and technological network of users and potential to revolutionize the payment system.
4.- Is there a bubble with the bitcoin?

The challenge right now is that we are in the midst of a speculative bubble and most people know little or do not want to know about the functioning of Bitcoin or other criptomonedas. This is going to continue to be a high volatility in the future.

The gold market futures and options such as the Comex in New York, mark the price for the physical gold market. By now the speculation (or what some call market manipulation of gold) has led to the strong demand for physical gold in Asia make the price of gold paper (COMEX) and the price of physical gold are moving away. This trend appears to be to strengthen in the coming years.

In our book, 'The avalanche of debt' published in November of 2013 we explained our vision about the origin of the economic crisis and how to prepare to protect our purchasing power. We recommend its reading to take the reins of our finances and savings

5.- Auguras success to bitcoin?

Wish success to the criptomonedas. I don't know if it will be Bitcoin or other criptomoneda that is going to have a mass adoption by part of the population, but there are cases of success as the M-PESA in Kenya.

In Kenya, the use of virtual payment systems" is already a reality, to be managed through M-PESA the 31 per cent of GDP, and is spreading to other countries in Africa and Asia. The leap to Bitcoin in these regions (where a virtual currency offers obvious advantages in front of the money from "legal tender") it would not be illogical, since the psychological barrier for the mass adoption is already saved with M-Pesa.