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Is Investing in Cryptocurrency a Smart Move?

19 August 2017 No Comment

When thinking about investments, one of the most common ones to consider is the humble startup. With so many startup ideas circulating the internet and garnering a lot of success, it makes sense to jump on the bandwagon to try and make the most of a trend or even try to set one. But no matter how much work you pump into a startup, they have high failure rates due to the sheer number of companies that are trying to kickstart their businesses.

With so much competition, it’s become a pain to even get a unique idea out there. Not only will people not notice you, but you’ll also suffer from copycats who are ripping off your products, and it can be incredibly expensive to try and protect your product with a lawyer. In short, while a startup used to be a fantastic idea, it’s no longer such a viable investment strategy unless you are passionate about a certain industry.

So we need to look towards other forms of investment in order to make money for the future. This is where trading comes into play. More specifically, cryptocurrency such as Bitcoin.

What are Bitcoins?

Bitcoins are a type of digital currency that is created and held electronically. It’s much like any other form of money, so it can be used to purchase things and be traded in large or small quantities. The biggest difference with Bitcoin is that it isn’t controlled by any kind of institution, meaning the value of it is determined by the users. Bitcoin is created digitally by using computer power in a process called “mining”. It’s fairly easy to set up, and it has been growing in popularity so much that Bitcoins are now an accepted method of payment in some businesses.

You can buy Bitcoin with credit card at xCoins.io and there are several software packages and online tools that allow you to manage your Bitcoins. As a result, it’s extremely easy to get started with Bitcoin trading and investing, making it a popular choice among people who are just getting started with monetary investments.

Bitcoin is steadily rising

As shown in this article by cnbc.com, the price of Bitcoin could rise to about $4,000 within the next year. However, Bitcoin has had its fair share of scandals which massively impacted the cryptocurrency over the years. Bitcoin is, however, not the only type of cryptocurrency that people are using. There are many different types, but Bitcoin has remained one of the most popular varieties and sees constant price shifts.

Advantages of Bitcoin investment

As opposed to other forms of trading and investment, Bitcoin requires very little to get started. You don’t need a license and it’s considered a minimalistic form of trading. You simply purchase or sell Bitcoins and then store it in your virtual wallet. Some exchanges ask for more information, but generally, it’s incredibly simple to get started. In addition, the nature of Bitcoins means that it’s both a short and long-term investment option, so you can trade small amounts infrequently or turn it into a day job depending on your skills, experience and how much time you want to put in.

Cryptocurrency investments come with the same risks as any other investment. It can, however, be a flexible option for anyone who is looking to get started with investing.

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