If you have been doing some shopping lately, you may have noticed that there is a new type of payment available, and its name is BTC (bitcoin) which stands for bitcoin. This currency was around for quite a while, but it was just recently that most of the stores started to accept it, and that is probably because of its increase in value as well as popularity and demand.
What Is BTC?
Bitcoin was initially released in 2009, and it the origins of it are still vague. Nobody is sure who created it and what is the reason behind it; however, one thing is for sure, and that is that a single bitcoin today is worth thousands of dollars. But that is not how it always was because when it was released, it was pretty much worthless as it was quite easy to get, but it could not be spent anywhere at all.
Things changed a bit when the first purchase with bitcoin was made. A man decided to order some pizza, and he pursued the pizza place owner to accept payment in bitcoin. After that, the value immediately increased by 900%! After that, people started to get more interest in bitcoin, and over time it is worth as much as it is today.
Many of you may wonder how exactly one can get access to bitcoin? Since bitcoin is a cryptocurrency, a digital value, everyone can access it from multiple places. Today, you can purchase bitcoin on various sites by exchanging your local currency for it, or you can obtain it via mining which is the more popular way of getting it.
Mining for bitcoin is letting your PC figure out some algorithms until it solves them, and once it does, you will be awarded one bitcoin. This sounds a lot easier than it is, and that is because solving those problems today can take quite a while, so if you are planning to mine for bitcoin, you are better off mining another cryptocurrency and changing it into bitcoin. If you are feeling lucky of course, then you can still mine for bitcoin directly, but it is not suggested.
Hopefully, we provided you with enough information about bitcoin, and if you still do not understand, no need to worry, as time goes by it will become a part of our daily lives so you will catch up at some point.
Is Bitcoin Safe?
There are a lot of places that will allow you to use bitcoin today, but the main concern is, is it safe? This is, of course, a completely natural question as a lot of people have not heard about bitcoin or any other cryptocurrency until it overwhelmed the social media near the end of 2017 when its value has jumped from six thousand to over sixteen thousand dollars in just a few weeks.
Due to this significant increase in value, a lot of people are wondering is it legal, is it safe to invest in, is it safe to use? Well, the answer to all of those questions is yes, and here is why. First, you should keep in mind that bitcoin is being adopted by some of the most popular companies like Apple, Google, eBay, Amazon, Microsoft, and many other ones. If it were illegal, companies such as these will not give you the option to use it in their stores as that would eradicate them.
If you are wondering if bitcoin is safe to invest in, this is a bit of a tricky question. Since no one owns bitcoin, and its value is not stable, investing in it does involve some risk as it could potentially become worthless. But because of the first statement, companies would not invest and bother to use something that might die out; therefore, we think that investing in bitcoin is a good idea. It is probably the best and safest time to invest in bitcoin and cryptocurrency mining.
To the question if it is safe to use you already got an answer, however, make sure you check out the places you are using bitcoin at. While there are a lot of legal places where you can use bitcoin, there are also illegal places where you cannot use bitcoin. Some countries do not allow bitcoin, but that is only because they do not allow the use of any foreign currency in their country at all, so there’s not much to worry about it.
Keeping bitcoin in your online wallet is also very safe today as the security has improved a lot compared to what it was upon its development. But even with this in mind, it is never a bad idea to keep your bitcoin on some hardware such as a USB stick (trezor or ledger nano s) or something like that.
Should You Avoid Bitcoin?
While a lot of people are talking about investing in bitcoin, there is the other half that wonders if they should avoid it. The view on this topic can be taken from quite a lot of angles, and the answer depends on which aspect are you looking at bitcoin from.
Since bitcoin is a currency whose value is decided by the people, it can never be guaranteed if its value is going to be high or low. While it is high at the moment because the demand for it is high as well, tomorrow its value can be worth nothing if nobody wants it.
Lucky for bitcoin, the people who invested and those who plan to invest in it, the situation is looking perfect right now, and you should not avoid bitcoin. The reason why is because like it was mentioned earlier, the value is high, and the demand is high. They are high because some more prominent corporations are investing into it, increasing its value every day.
It is important to note that even if everyone can make bitcoin, there is a limit from the pool it is gathered from. The lower amount of bitcoin remains in that pool, the higher the value because it will take more time for anyone to acquire a single bitcoin. While the value is quite high today as well as the amount of time it takes to mine a single unit of bitcoin, that does not mean you should avoid it because there is still quite a lot of it left.
By the time all the bitcoin is mined out, there is undoubtedly going to be something else connected to it which will allow it to stabilize in value. If not, bitcoin is going to be some digital gold, and the value of gold today increases the rarer it gets. Of course, there are a few forms of acquiring bitcoin that you should avoid, especially if you are a newbie to the topic, and that is the stock market.
Like with most of the items on the stock market, you can never be sure if the value is going to go up and down comparing to the moment you invest in it, thus if you do not have any information, it is not worth “gambling” with your money just guessing what is going to happen to its value.
Is It Late To Invest Bitcoin?
Investing in bitcoin is a debate a lot of households have today. If you were browsing the internet to check if it worth investing, just like you found this article, you probably saw plenty of other ones, as well as various videos going deep into the subject only to leave you without an answer. Well, we are going to give you an honest opinion about it, and you are probably going to like it.
When it comes to investing in bitcoin, we think that right now, it is not too late to invest in it. It is probably the best time to invest in it as the “bitcoin train” just started heating up for a long journey of value.
Last year, bitcoin was in a good place, but it was not that safe to invest in it because it was not that accepted on the global market. You could purchase it in quite a lot of places, both with other cryptocurrencies as well as real money. However, the problem was that you could not spend bitcoin anywhere but a few places, and if you could, it was not worth it since the payment rates were terrible compared to its determined value.
Today, things are a lot different as you can use bitcoin in quite a lot of places, both online and in physical form. As more and more corporations and stores are accepting bitcoin as a type of payment because it gives them potential to sell more goods, the value of bitcoin is going to increase, and so is the number of places you can use it at.
One thing you have to worry about investing in bitcoin is that if you are planning to invest in bitcoin, you should probably do it right now, especially if you are planning to mine it. That is because mining components are getting quite expensive, and it is not because they are more expensive to make, but because they are getting sold out quite fast, and the manufacturers cannot keep up with the demand. If you happen to get a chance to invest into a mining rig with some of the money you saved on the side, our honest opinion is that you should go for it, because in the worst-case scenario, you will reset your investment by selling the gear or keeping it for something else.
Did Bitcoin Stabilize?
In December of 2017, Bitcoin has plummeted in value, and everyone has been talking about it. One of the biggest debates about Bitcoin is, did it stabilize, or will it change its value majorly once again? Even if that question is quite simple, the answer is not as simple as you think.
When it comes to regular currencies such as USD, its value is determined by the demand of the currency from a particular treasury and a couple of other economic factors. However, nobody controls it when it comes to Bitcoin; thus, its value is never really secure. Of course, today, the value is undoubtedly going to increase, and that is because it is harder to obtain Bitcoin today than it is in the past.
Even if there are more people in the Bitcoin “game,” the reason why it is harder to obtain is that cryptocurrencies like Bitcoin are obtained by mining rigs solving various algorithm problems. Those problems today are quite tricky to solve, and since it takes more time to solve them, it is only natural that the value of the reward is more significant. There is a reason why the quote “Time is money” became so famous.
If you check out the value of Bitcoins history today, you may notice a pattern. At first, Bitcoin was worth nothing, but over time as it became more and more popular and higher in demand, it became worth a couple of hundred dollars. Back then, people thought that was it, and they started to get rid of their Bitcoin as they were sure it would fall. However, even if this made the value fall for a while, not long after that, people got interested in Bitcoin again; hence its value increased.
When it comes to the stability of Bitcoin or any other currency, there is no guarantee that its value will ever stabilize. It is like the system that the value of currencies goes up and down; otherwise, pretty much everything would have the same value, which would not make sense. For now, we can surely say that the value of Bitcoin is quite high, and it will probably go higher, and that is because it is becoming more accepted across the globe every day. But once it does, will people get bored with it and find it useless? Well, that is something that we’ll have to wait and see.
Should You Invest In Bitcoin?
If this is not a question thousands of people are wondering about every day, then we don’t know what it is. Because recent bitcoin has tremendously increased in value, a lot of people have asked if they should invest in it. Well, the answer to that question is not very clear, because anything can happen to bitcoin.
Even if it is worth thousands today, it can potentially be worth absolutely nothing the next day, but it could also be worth millions instead. While it is not sure what is going to happen to bitcoin, a lot of investors advise that it is a good idea to invest, at least it is at the moment.
It is worth investing because there is still a lot of bitcoin left to be mined out, and it just started to rise to global popularity, which means that it will stay around long enough for everyone to make a profit a little one if nothing else. Even if the bitcoin does drop in value due to all the doubt, it will increase in value once again in some time.
The main reason behind bitcoin being worth an investment is because it was picked up by some of the most popular online brands such as Amazon, eBay, Apple Store, Google Store, and many other ones. Because all these big corporations are backing up bitcoin and accepting it as a currency, it is tough to say that bitcoin is going to go down as fast as some people say. It might drop in value a bit to stabilize itself like other currencies that we are used to, but that is not definite.
However, if you are planning to invest in bitcoin before you do that, you must do a little research. Find out what it is, where it comes from, and, most importantly, what is the most efficient way to get it since you can get it in more than a few ideas today. Out direct advice, if you are planning to invest, is to put some of your savings for the side, just in case. Even if bitcoin is in a good place right now and seems to be in a better place every day, it is never a bad idea to be careful.