04 Aug

Bitcoin has become a massive currency these days, gaining lots of investors who are wishing to take part in a thriving business. In March 2017, the Bitcoin to US Dollar exchange has already reached $15,000 but it has increased tenfold in almost a year and has reached $16,000. With its massive growth, more people are hoping to get more income through a Bitcoin investment.

But is it worth it? Is a currency that does not have any physical form a safe investment?

What is Bitcoin?

In order to understand Bitcoin, we first have to dive into the world of cryptocurrency.

Cryptocurrency is a virtual or digital currency that was made as a medium of exchange that most happen on the internet. They use cryptography to verify and secure transactions. They also use this to create new units of a certain cryptocurrency.

To make it even simpler, cryptocurrency is basically virtual money.

Bitcoin was one of these cryptocurrencies. It was created in 2009 by an anonymous person that only went by the alias “Satoshi Nakamoto”. Since then, Bitcoin has been widely used and can now buy a lot of normal, everyday items such as booking a hotel or purchasing an item in an online marketplace.

However, it is also the main currency that is used on the Deep Web, where you can buy anything - both legal and illegal. It’s a popular choice as transactions are made without any middlemen - banks. That means transactions are often untraceable.

Nonetheless, many are more interested in trading Bitcoins, seeing as they are able to gain more income through this method, especially when its value increases such as it did in 2017.

How to Get Bitcoins

There are four main places where you can get your first bitcoins.

  1. Cryptocurrency exchange - You can exchange “regular” coins to Bitcoins. There are various sites where you can do this such as BitBargain or Coinsquare.
  2. Bitcoin ATM - You can also exchange your real coins here or you can exchange one cryptocurrency to another.
  3. Classified services - With this, you’ll find a seller that will aid you in trading coins for Bitcoins.
  4. Selling a product/service - You can visit sites such as Purse wherein you can sell a product or a service in exchange for Bitcoins.

Are Bitcoins safe?

Bitcoins, as a whole, are rather safe. However, it is the people that use them that you need to be careful with. Many potential investors have been scammed by traders or sellers. That is where it got its bad reputation.

Should you invest in it?

It’s not really a bad idea, but you need to be extra careful, not only with scammers but also with the movement of its market. Bitcoin has increased tenfold in a year and such movement is unreliable. What could greatly increase could also greatly decrease in a short amount of time, and Bitcoin is a prime example of that.

Apart from that, the growing trend for cryptocurrency means that more of these will be made. The demand will remain the same while the supply grows. Ultimately, it will lose its huge value which drew people in the first place - so be very cautious. Never invest more than you are willing to lose.

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