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Are Bitcoins Good

author
Ellen Grant
• Wednesday, 25 November, 2020
• 7 min read

It’s hard to predict whether this cryptocurrency will eventually prove to be a great investment or just a passing storm. That thrill of riches or ruin leaves some investors wary, but others want to chase the chance for profits from a bitcoin investment.

bitcoins investment
(Source: www.pinterest.com)

Contents

Similar to any speculative investment, buying bitcoin carries some well-known risks: The price could drop precipitously and a single online hacking or crashed hard drive incident can wipe out your stash of bitcoin with no recourse. Bitcoin has seen dramatic run-ups in price followed by some painful crashes but has consistently retained a significant portion of its previous gains every time it plummets.

Since its inception, Bitcoin was the 1st digital asset to beget the current ecosystem of cryptos. For quite a while, it grew an underground following of investors who saw its future as a possible replacement to the physical monetary system.

Bitcoin (BTC) Ethereum (ETH) Bitcoin Cash (BCH) Ripple (ARP) Dash (DASH) Litecoin (LTC) Ethereum Classic (ETC) Mariano (ADA) IOTA (IOTA) Stellar Lumens (XML) EOS (EOS) NEO (NEO) TRON coin (TAX) Cash (DEC) Bezos (ATZ) Coinbase makes it safe and simple for you to buy, sell and hold bitcoin.

Pay for purchases conveniently using your debit card or by connecting your bank account. Owning bitcoin on this brokerage is as simple as creating an account, verifying your identity and buying your cryptos.

The brokerage allows you to hold onto your bitcoin, convert it into another crypto, spend it on expenses and transfer it to anyone, anywhere in the world. Account Minimum Bitcoin IRA’s proprietary platform enables you to self-trade crypto anytime, so you can take action right when the market moves.

bitcoin blockchain cryptocurrency saw week
(Source: kambria.io)

Fund your account, access live pricing and learn more with a knowledge base. Trade digital assets inside your self-directed retirement account using our proprietary platform.

Bitcoin is arguably 1 of the most liquid investment assets due to the worldwide establishment of trading platforms, exchanges and online brokerages. You can easily trade bitcoin for cash or assets like gold instantly with incredibly low fees.

The high liquidity associated with bitcoin makes it a great investment vessel if you’re looking for short-term profit. Digital currencies may also be a long-term investment due to their high market demand.

Bitcoin may be the future of monetary exchange, but it is equally important that you are aware of the concerns surrounding cryptocurrency investing. Bitcoin exchanges let you buy and sell your cryptos using a mobile app or website.

Many companies don’t also recognize bitcoin as a legitimate exchange, making it an unfeasible investment vessel. If your hard drive crashes or virus corrupts your wallet file, you lose your bitcoins.

buzz bitcoin
(Source: www.slideshare.net)

However, it isn’t hard to sell or buy, and you can make a limited amount of purchases. Understand that bitcoin is a relatively new technology, and even futurists aren’t sure about its fate.

It includes 19 video with practical tutorials and tips that total nearly 3 hours. You’ll learn how to buy bitcoin anywhere in the world and how to set up a crypto wallet, as well as how to avoid common mistakes.

The course is offered by Lark Davis, cryptocurrency expert and host of New Zealand’s No. Gemini builds crypto products to help you buy, sell, and store your bitcoin and cryptocurrency.

Gemini Crypto Platform offers excellent account management options. We've witnessed the quickest bear market decline of at least 30% in history, as well as the most ferocious comeback of all time, with the benchmark S&P 500 taking less than five months to reach new highs.

But one investment that hasn't been phased by the coronavirus pandemic or heightened volatility is the cryptocurrency bitcoin. This could prove somewhat accurate with the pandemic highlighting the potential for physical cash to be a carrier of harmful germs.

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(Source: idviking.com)

With the rise of peer-to-peer payment platforms, bitcoin looks to become the superior digital currency. It was the first digital token to catch on with investors, and happens to be the largest on a market-cap basis by a significant amount (it's five times the size of Ethereum, the second-largest cryptocurrency by market cap).

Today, bitcoin serves as the intermediary asset on a number of crypto investment platforms if you want to purchase a less-common token (i.e., anything not named Ethereum or Ripple). It's not out of the question that programmers, with overwhelming community support, could choose to increase bitcoin's token limit at some point in the future.

To date, only 18.51 million bitcoin tokens are in circulation, with an estimated 40% of these held by small group of investors. Bitcoin may enjoy first-mover advantage at the moment, but the barrier to entry in the cryptocurrency space is especially low.

For instance, if you want to buy shares of a publicly traded company, you can scour income statements, its balance sheet, read about industry wide catalysts, and listen to management commentary from recent conference calls and presentations. There's transaction settlement times and total circulating token supply, but neither of these figures tells us anything about the value or utility of bitcoin.

A sixth issue is that blockchain is still years away from gaining real relevance. Specifically, no businesses are willing to make the costly and time-consuming switch to blockchain without the technology being broadly tested -- yet companies aren't willing to make this initial leap to test the technology and prove its scalability.

ross ulbricht silk road founder prison bitcoin sentenced birthday 10th letter trafficking laundering drug money case
(Source: wccftech.com)

By no means are cryptocurrencies the only asset to be hacked by thieves, but there are serious fraud and theft concerns that accompany bitcoin. For instance, novice bitcoin investors may not understand the need to store their tokens in a digital wallet, thereby leaving them susceptible to theft by hackers.

Additionally, it's been hypothesized by numerous blogs and publications that North Korea has turned to bitcoin mining and theft to funnel money into its isolated economy. Though this lack of regulation is actually a selling point for today's crypto investors given that it provides some degree of anonymity, it's bad news if something ever goes wrong.

Since the majority of cryptocurrency trading and transactions occur outside the borders of the United States, the Securities and Exchange Commission is very limited in what it can do if your digital tokens are ever stolen. Extreme volatility is a given with digital currencies like bitcoin, and history would suggest that significant downside from its current price is a near certainty as well.

But when it comes to privacy, the real concern is having the freedom to buy without facing scrutiny from outsiders. The key to keeping your purchases private is the fact that no one actually knows who holds the bitcoin address.

Bitcoins are essentially decentralized, meaning there’s no middleman through which ownership can be traced. That means no bank can hold your money or worse freeze accounts.

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(Source: idviking.com)

Which definitely is a step up from having a bank hold on to precious currency at the expense of fees and penalties. What makes bitcoins so unique and good to own is scarcity.

While capped at 21 million available units, the cryptocurrency is essentially free from inflation. This is usually because a government decides to print more of that currency in times of economic crisis, causing a rise in inflation.

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We are a team of over forty individuals all working as a collective whole to produce around the clock daily news, reviews and insights regarding all major coin updates, token announcements and new releases. Make sure to read our editorial policies and follow us on Twitter, Join us in Telegram.

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