So, you seem quite interested in the “new money”! Ideas must be boggling up your mind inside thinking – can I make money with Bitcoin? When a currency value raises to $19,000, people should get attracted. Since 2009, bitcoin has been making wonders, repeating the common people wonder again and again – is Bitcoin the future money?
But common people make another mistake, they confuse Bitcoin with cryptocurrency. It’s like that annoying line from the textbooks – All Bitcoin are cryptocurrencies but not all cryptocurrencies are Bitcoins! Geez, it always sounds confusing!
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Do Your Homework: Learn Before You Invest in Bitcoins
Let’s say – Bitcoin is a type of cryptocurrency. It’s based on the Bitcoin blockchain and a peer-to-peer online money system and it doesn’t have a governing body like a federal bank.
There is a horde of cryptocurrencies out there. Just think about Ethereum. Its value jumped 10,000% whereas Bitcoin’s raise went up 1,000%. Moreover, the drastic price fall after last year December, makes general people go weary.
As of May 2018, the Bitcoin has a value of $7,300. So, you see, Bitcoin is extremely volatile. But still, it is the highest valued cryptocurrency. So, the big question comes to our mind – can we still invest in Bitcoins in 2018 considering current Bitcoin difficulty?
The answer is yes and no at the very same time. The number one problem about Bitcoin is it’s volatile. You cannot say when it will hike up breaking all the records or when will it lose value like an avalanche. Grab a pen and a paper, you will need it to make the pros-cons list before you take any decisions.
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The Brighter Side: Why Should You Invest in Bitcoins?
The Market Leader
Bitcoin is the first ever cryptocurrency the world has ever known. The road had smaller ups and downs along the journey but if you see the bigger picture, you will see it growing. You will hear lots of advice about buying other cryptocurrencies. Yes, that’s a good advice but hey, Bitcoin is the highest valued currency in the world now and it has held the champion title since the beginning of cryptocurrencies.
Hey Haters! Where is that Bubble-Burst?
The stereotypes have always mocked Bitcoins saying that a volatile currency can hit the ground anytime. For the past few years, many people in a fortune-tellers voice told us, it’s gonna burst any moment. Every time Bitcoin has slammed their faces with a knockout punch. For example, the price dropped drastically in late 2013 and yet Bitcoin has returned again as the king.
Real World Purchases – Checked!
You can buy yourself the perfect little casa with this virtual money now. It’s not any “Fugazi” that people thought it is in the early days. People are accepting and adopting the new money.
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Wait! Even the Moon Has Scars!
There could a number of reasons for you to invest elsewhere. Quite a few other cryptocurrencies are way smarter than Bitcoin. Here’s why you should think twice before spending your hard earned money –
The Battle’s Tougher Now
You are not living in 2010 anymore. A simple home PC cannot make you Bitcoins anymore. Things are tougher out there and you should get yourself an efficient mining tool or invest in Bitcoin mining company. So, you see generating Bitcoin is not a child’s anymore and you cannot become a millionaire within months now. Free cloud mining sites cannot be a solution to this. The market is simply too tough now.
Speculation is the Fuel
So, why has the price of Bitcoin risen that much? Simple, people are buying it. They believe Bitcoin soon will become the “GOLD” of the information age. But the scenario can change anytime. Volatility is fear here. The market is too much unstable. So, if you really wanna invest, think of losing it completely. It cannot be your only income source.
The Rivals Are Chasing Faster
New technologies will always devour the older ones. Bitcoin has its fair share of flaws – none can deny that. Newer cryptocurrencies are fresher and they don’t have the flaws that Bitcoin has. After the massive growth of Ethereum and Litecoin, a lot of investors think that newer ones are better and have better growth rate.
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So, the decision is totally up to you whether you should invest in Bitcoins or not. But whatever you do, make sure you are ready and prepared for the worst as the crypto world is still growing and volatile.
*Disclaimer: The article should not be taken as, and is not intended to provide any investment advice. Claims made in this article do not constitute investment advice and should not be taken as such. 101 Blockchains shall not be responsible for any loss sustained by any person who relies on this article. Do your own research!