Have you heard about Bitcoin? Should you invest in Bitcoin? Take a journey with me to decide. Bitcoin is the widest accepted type of cryptocurrency. Cryptocurrency you may ask, what is that? In the simplest yet non-technical terms cryptocurrency is digital money. Let’s Decide if you should invest in Bitcoin.
Let me clarify. Before you invest in anything you should consult a professional financial advisor. This information is meant to inform you of the opportunity of investing in Bitcoin, yet this information is not professional financial advice. Also you need to find a source of Bitcoin live prices before you begin to invest or trade in them.
Bitcoin can be exchanged for other types of currencies. There is no entity governing over the protection of Bitcoin. One example is your dollars and cents are placed in a bank and insured by FDIC. Bitcoin has no such protector. However if you have invested in anything beyond the basics, you will discover that the riskier the object that you are trading or investing in, the higher the potential for return.
At one point we could order Pizza Hut and Papa Johns pizza with Bitcoin. Bitcoin holders quickly discovered that buying pizza with Bitcoin was like paying for pizza with gold. It was not that Bitcoin is so widely used, it is the rapid increase in value and the rare way in which Bitcoin is obtained.
Bitcoin is extremely popular among its enthusiast and among newbies as well. Bitcoin transactions can be completed in seconds instead of waiting days or weeks for a traditional wire transfer.
The single most valuable fact about Bitcoin is that 21 million Bitcoin is the limit. Once 21 million Bitcoins are produced, the system will be locked and the holders of the existing Bitcoin will watch the value of what they have obtained grow like wildfire.
There are apps that will allow you to be paid in Bitcoin. There are traditional ways to obtain Bitcoin as well involving powerful computers. Bitcoin puts an end to inflation due to its limited supply. With 21 million being the cap, some say that Bitcoin will be able to sustain itself against other currencies.
What is your decision? Do you think investing in Bitcoin is worth it for you?