If you’re wondering about this exciting digital currency and if Bitcoin investing is a good idea then you’ve come to the right place. Bitcoin is more than digital gold. Bitcoin is the start of a new digital and technological evolution. Bitcoin is the answer to the financial crisis, and hope for something better.
In this review of Bitcoin you will learn:
- About Bitcoin investing – BTC
- Fun trivia about Bitcoin
- How and where to buy Bitcoin
- Why Bitcoin is worth investing in:
“[Bitcoin] is a remarkable cryptographic achievement… The ability to create something which is not duplicable in the digital world has enormous value”Eric Schmidt ex Executive Chairman of Google
Everyone in the cryptocurrency community knows about Bitcoin, and the infamous mysterious person or group behind Bitcoin known as Satoshi Nakamoto. And slowly the world outside of this still fairly small bubble is learning more and more about what Bitcoin is, and what it can do for us all. Because that is the core of Bitcoin. It’s suppose to be more than ‘just a’ peer to peer digital currency. It holds a technological value, it holds an intrinsic value, but it also holds an emotional value and a purpose that’s greater than just ones and zeros.
We are borrowing some bits we wrote about Bitcoin investing in another piece How to invest in Bitcoin the beginner guide: Since Bitcoin was created in 2009 by Satoshi Nakamoto it has had its ups and downs throughout time. But it’s still standing here today showing the enormous potential and value it brings. You might think it’s too late to invest in Bitcoin? Is Bitcoin a good investment? That questions has been asked by so many people since the beginning of Bitcoin. It was asked when Bitcoin was valued at $1 dollar. Next at $10 dollars, later at $200 dollars, then $1000, etc. No Bitcoin investing is still a one of a kind opportunity, lets explore why.
So yes it is one of the most volatile investments that you can get into. And since its all time highs of about $20,000 USD it fell to 2018s lows of around $3100 USD. It has recently seen a surge in price to around $5800 USD and the overall sentiment around Bitcoin and the cryptocurrency market is much more positive.
A technological revolution
Bitcoin is more than just a digital currency, it is also the birth of the currently most talked about technology (tied with AI?), namely Blockchain. A shared distributed ledger which keeps an immutable history might not sound that amazing at first thought, but it is taking pretty much every industry by storm. The entire financial world and supply chain industry will be affected in one way or another by blockchain technology. Which is incredible since the technology is just over 10 years old, and the first part of those 10 years it was cursed, fought and only used by criminals (or so everyone said). Find out more about blockchain here below.
So investing in Bitcoin or Bitcoin Cash, or Bitcoin Gold, etc – what’s the difference?
On the 1st of August 2017 Bitcoin went through a hard fork that resulted in another copy being born, Bitcoin Cash. The history behind this probably has a lot more reasons tied to it than we could quickly share here, or even fully know about. But it can easily be broken down into technological issues and questions around it scalability potential. As in how can Bitcoin withstand a growing need from it and make it possible for people around the globe sending BTCs to each other without having to wait hours, or even days until the transactions have been confirmed. Which was a common issue during the bull run of 2017.
There are lots of groupings standing behind different Bitcoin projects. With well known figures like early investors Roger Ver and Craig (faketoshi) Wright, to Jihan Wu (Bitmain’s founder) all involved in online fights, hash wars and heated Twitter discussions about the future of it all. That means we saw not only the birth of Bitcoin Cash in recent years but also Bitcoin Cash SV and Bitcoin Cash ABC. Yep very confusing, and also rather unhealthy. Those are also some of the reasons for why there 74 copies of Bitcoin existing today.
But we recommend that you keep your main focus on the original when you’re exploring the idea of investing in Bitcoin.
- In May 2010 someone paid 10,000 BTC for a pizza (this would today be worth about $57 million dollars)
- There are currently 74 Bitcoin forks existing. You might see more than just Bitcoin Cash or Gold at exchanges, because there 74 different copies of Bitcoin existing. Neither really proving to be more useful or valuable than the original though we must say to beginners (find all forks here)
- The unknown founder of Bitcoin says to hold about 1 million coins, with an approximated value estimated at around $5.8 billion dollars.
- There will only ever be 21 million Bitcoins mined, so don’t get left out! It’s impossible for everyone in the world to invest in Bitcoin and own 1 whole BTC!
- John McAfee will eat his d*** if the price doesn’t get to 1 million by 2020. He first predicted a mere $500,000 USD by 2020 but his ‘models’ were underestimating the rise of Bitcoin.
It’s been knocked down but continues to stand strong
“It’s a fraud, it will blow up. It’s just not a real thing, eventually it will be closed”.Jamie Dimon, the CEO of JPMorgan Chase
“(Bitcoin is) probably rat poison squared”Warren Buffet CEO of Berkshire Hathaway,
Two of the most well known quotes from the old guard talking about this new digital gold. It seems at times it is a you either hate or love it kinda situation with Bitcoin. But since then Jamie Dimon’s Morgan Chase have launched their own cryptocurrency and in general quiet down a bit.
But Warren Buffet who has praised blockchain technology in the past is still not giving out any love to Bitcoin. As he still just as recently as one day ago once again bashing it.
“It’s a gambling device… there’s been a lot of frauds connected with it. There’s been disappearances, so there’s a lot lost on it. Bitcoin hasn’t produced anything” – CCN article
Only invest in Bitcoin what you’re willing to lose and be patient
The point made here is that Bitcoin and cryptocurrencies are so different to traditional investments that we have put our hard earned savings into. Sure there are more than a few similarities with stocks in the early days. But this new emerging space is very unregulated and volatile so if you as an investor are not ready for that then this exciting new digital currency might not be the right investment for you. As with any investment that poses a greater risk should present a greater reward potential.
Our greatest recommendation for you who’s looking to invest in Bitcoin is to be sure of yourself. If you decide to invest in Bitcoin for reasons that you believe in then go on ahead, try it out. But if you invest in it, or anything for that matter because a guy at work told you about it then it might be better to wait until you’re more ready. Otherwise you’ll blame that poor guy forever if you don’t have the patience to deal with its volatile price movements.
If you want to buy some Bitcoin for an investment or other reasons then we will talk you through the steps. And provide some recommendations for how to invest in Bitcoin.
This is what you need to get started now:
- Find an exchange where you can buy Bitcoins (which shouldn’t be too hard since pretty much every cryptocurrency exchange trades Bitcoin – use our exchange guide to find the right one for you)
- Find a wallet where you can store you Bitcoins (use our wallet guide to find the right pick for you)
- It is still the most used and known cryptocurrency in the world and it’s hard to predict a world without it
- The famous first move advantage has put Bitcoin in such a frontrunner place where it is used, bought and backed by so many people with power to see it continue to rise
- History teaches us that no matter how hard certain traditional bankers wants to bring it down it continues to stand strong
- Is investing in Bitcoin still a good idea? Yes it have proven to be one of the best investments you could have made in the last 10 years. Going from a few cents to today’s worth of $5800 USD makes it an incredible historical money machine. As with any investment predicting the future is a bit harder than reading charts from the past, but it’s hard to see Bitcoin crashing down to zero and then staying there.
Bitcoin price tools section
Follow live prices and tools for converting Bitcoin prices to USD, GBP, EUR and more here below.
Check out our Bitcoin Guides section
You can also find several other Bitcoin guides in the section below. If you want a specific guide on a Bitcoin or cryptocurrency topic please let us know!
Bitcoin is still the number 1 cryptocurrency in the world. And we can’t see a future without it being a top coin, and still a symbol for much of what this market and technology is all about. Now valid questions are being asked about how well it can handle the increased transaction volumes. There are other forks of Bitcoin that have emerged, willing to seek the answer to those questions. But the problem there is thinking that the only answer to what this new digital gold is all about the tech. Maybe we have to accept that the role it plays now is so different to the beginning, and becoming a daily currency used globally by the masses is out of the picture. But we believe that in the picture it will always be!
Recommended exchanges to buy Bitcoin at:
If you live in a country where you can register to an online exchange then we highly recommend you get started using that method. Here below we have collected our favourite exchanges where you can register and how to invest in Bitcoin using the best cryptocurrency exchanges.
Other cryptocurrency guides:
Per Englund – Founder of Go CryptoWise a cryptocurrency and tech fan that wants to see better and smarter products and services that makes our lives better and easier