At this stage investing in bitcoin is kind of like throwing your money in the air and hoping more falls down from the sky.
Either you are going to invest in bitcoin hoping to make money from it or you are going to regret not investing in the future hoping to never hear the word bitcoin again…
Is it really the age of cryptocurrencies having a mainstream monetary value?
The cryptocurrency market has been growing at an exceptional rate making a lot of people multi-millionaires…
Some analysts predict a possibility that crypto will be floated on the Nasdaq which would further add credibility to cryptocurrencies as an alternative to conventional currencies.
Cryptocurrencies are basically online digital currencies that only exist online they are just a figure of online digital worth and don’t exist as a real-life coin or paper product
as of yet?
Bitcoin is arguably the most popular cryptocurrency and has gained value like a trojan horse since it was invented in 2008 by Satoshi Nakamoto and became available as an open-source in 2009 since then numerous types of cryptocurrencies have become available.
rypto Mining is a process of creating transaction records to Bitcoins public ledger basically storing information and logging the transaction
Bitcoin miners use a mining rig which is a computer system that
The ledger of past transactions is called a blockchain
It is a chain of blocks that store the information and transactions made so people can’t make attempts to reuse coins that have been spent already and spend elsewhere.
Mining was made intentionally so that a number of blocks can be mined each day and the blocks mined remains at a steady pace
Individual blocks must contain a proof of mining to be considered valid where the proof of work is verified by other Bitcoin nodes every time they receive a block for mining.
Bitcoin uses the hash cash proof of work function.
The primary aim of mining is to store and monitor the history of transactions and verify each blockchain
Mining is also the process of creating new Bitcoins into the system
Miners are paid transaction fees and a subsidy of newly created coins, which is a motivating incentive for the miner and also providing the information and security needed for the system to operate.
Bitcoins price Peaked in 2017 when it soared to $17,000 per Bitcoin and then in spectacular fashion dropped 80% of its value within the space of 12 months since then Bitcoin has been up and down and currently sits at under $9000 it shows just how unstable the market is and how volatile the digital asset can be.
Investing in Bitcoin
Investing in bitcoin is obviously a gamble but a gamble that could see large profits or large losses depending on the perspective.
Investing in bitcoin is like putting all of your eggs in one basket and hoping that they all don’t break
We recommend investing in multiple cryptocurrencies and as we just stated not putting all your eggs in one basket
Having a portfolio of different cryptocurrencies lessons the risk if one company/industry crashes your losses are reduced because you didn’t have too much invested in one
with the unreliability and volatility makes cryptocurrencies an unreliable asset where you could see large gains in your investment you could also see large losses also…
You can never count your chickens before they hatch
One thing is true more companies discover uses for cryptocurrencies and more people accept them they will remain at the centre of conversation and speculation, it could become used in a variety of situations from buying a coffee on the way to work on a Monday morning to mainstream banking and making large scale transactions
If the technology further establishes itself into mainstream society one thing is clear
Only the future will tell
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