Is Bitcoin a good investment? Down 90% from about a year ago, you can buy one for $6,300. Scroll down to see how people around America voted.
Do you accept cryptocurrency? How many times have you heard that one? Probably not as often. Cryptocurrency is a digital or virtual currency that uses cryptography for security. It is difficult to counterfeit because of this security feature. The term “crypto” in cryptocurrencies refers to complicated cryptography, which allows a particular digital token to be generated, stored and transacted securely, and typically anonymously, according to Investopedia.
Cryptocurrencies are designed to be free from government manipulation and control. Some cryptocurrencies have journeyed off course from the online universe and entered the physical world with credit cards or other projects. Cryptocurrencies have become highly popular and have given birth to many digital currencies like Litecoin, Ripple, Ethereum, and many more. The most popular of all being Bitcoin, which has gained a legion of followers.
Finding merchants who accept cryptocurrency used to be difficult and nearly impossible, but things have changed. More merchants – both online and offline – are accepting Bitcoin as a form of payment. Apple has jumped on board and has gone on to authorize 10 different cryptocurrencies as available forms of payment on the App store. In today’s market, cryptocurrencies, such as Bitcoin, are recognized as a virtual currency, which is the same as accepting cash, gold or gift cards. Payments are accepted using hardware terminals, touch screen apps or simple wallet addresses through QR code, according to CoinTelegraph.
The changing success has people believing that cryptocurrency is the hottest investment opportunity currently available. In November 2017, the price of Bitcoin exceeded to $7,000. There are even stories going around about people becoming millionaires through Bitcoin investments.
How accurate can this be? Cryptocurrencies are high-risk investments, because the market value fluctuates like no other. Not to mention the risk that comes with it – it is partly unregulated, has a risk of being hacked, and a risk of getting outlawed.
Many risk-takers threw their savings into cryptocurrencies when prices were significantly rising last winter. One of them was Pete Roberts of Nottingham England, who invested $23,000 in several digital tokens, he shared in an interview with the New York Times. Now, his investment is worth $4,000.
“I got too caught up in the fear of missing out and trying to make a quick buck,” he said. “The losses have pretty much left me financially ruined,” he said.
Cryptocurrency is a market and we all know markets fluctuate, so the question is, is it a good investment? The software promises made by cryptocurrency companies have not been successfully delivered. As a result, it has left tokens useless and some have been exposed as outright scams, according to Charles Herman, a 29-year-old small business owner.
Indeed, it’s a new digital way to make online transactions, but clearly it still needs work. Many groups raised money last year to build products to stand by those promises made and have enlisted serious engineers, who want to be a part of such an innovative thing.
Will it take over our society in due time? Too soon to say, but it will take innovators and investors to make this new technology successful. Many who have invested can’t stomach the feeling of how much they have lost, and the investment has hurt their bank account significantly. Some risk-takers took out loans, for a shot at making money instantly. Others who have invested are still holding on to their tokens, in case the market turns around.
There’s no saying what will happen, and like any investment, it is definitely a risk. Read the full story on the New York Post here.
Here’s how people on the Zip app are weighing in on this all over the country!
Is Bitcoin a good investment? Down 90% from about a year ago, you can buy one for $6,300.
Yes- now’s the time
Nope- it’s a farce