Good news temporary for Bitcoin miners. BTC price risen to all time high closer to $500 than ever, and people have good feeling it will reach $500 by 2013 end or even higher.
I was watching the news yesterday, one of the retailer only except Bitcoin, and they’re keeping and saving up the Bitcoin instead of cashing it. So basically whatever Bitcoin they have pocketed they will keep, will never sell or cash it. So I wonder how they get money to operate the business, doesn’t make much sense there, misleading, need to research more.
Realistically for the folks that mine bitcoins and have been keeping them as long investments, they’re getting a big paid off now, or a very large amount of cash that they can trade in for cash, however that’s the problem trading for cash. It’s not that easy said than done, trading a large amount of Bitcoin to cash could linked to money laundering and tax issue, so be careful, maybe it’s better to cash it once you earn $3000 or less to be safe 🙂
There were also talk about, Bitcoin can be controlled, manipulated by large pool operators or whoever get the most hashing rates. Which is true, since whoever get the highest rates of hashing the chances of hitting Bitcoin is greater such as BTCGuild.