Do you know what Bitcoin is and if it is worthy of investment? Back in the year 2010, the value of one Bitcoin was just 5 cents. If you fast forward it to 2017, the value of bitcoin touched $20,000. Later, the price dropped to $8,000 within the next 24 hours, hence causing a big loss to the currency holders.
If you are trying to learn more about Bitcoin and Cryptocurrency, this post can help you for sure. According to the stats, more than 24 percent of the Americans know about Bitcoin. Nevertheless, this currency still has a worth of more than $152 billion. This is one of the most common reasons that lead to the popularity of it. What people are concerned about is if they should invest in it or not.
Learn more About Bitcoin
Bitcoin, in simple terms, is one of the several digital currencies. Digital currency is also called as the cryptocurrency. The terminology was invented by an anonymous individual during the financial crisis of 2008.
A digital currency account works as your checking account that you can have access to over the Web. In other words, it is a digital currency that can only be viewed but cannot be touched. Considering Bitcoin, you do not have any physical representation either. All of your money exists in digital form only. There is no particular service that helps regulate this form of currency. In the same way, the entire network is not management by any entity and the tokens are exchanged between dealers through a complex software system. The entire process is very much decentralized and is run on a network of computers.
It is imperative to consider that you cannot make use of these tokens as the key ‘mode of payment’ for things that you want to buy. In point of fact, you can only use it to buy from specific stores or sellers online. However, the currency can be sold for traditional currency. Nevertheless, more and more businesses today have started to accept Bitcoin along with other cryptocurrencies as a ‘mode of payment’.
Should You Invest in Bitcoin?
Before you consider investing in Bitcoin or other cryptocurrencies, ensure you completely understand the risks associated with it. Volatility is one of the major risks. It indicates that the value of the currency can fluctuate significantly within 24 hours time. The rise/fall of the currency can be as much as 30 percent.
To be on the safe side, ensure to invest small that you can afford to lose. To get started, it is vital to read through Bitcoin & crypto news to ensure you have the latest information and updates about the industry.