by Alex Y · Published · Updated
The same question appeared back ter 2015 and 2016. I bet another person will ask the same next year. Since I am asked by one of the readers whether is it too late to invest te Bitcoin te 2018, my brief reaction to this is No. “Can I still make money with Bitcoin?”, Certainly.
Disclaimer: The content below should not be taken and viewed spil investment advice, but only information and opinions. This article is for information and illustrative purposes only.
Albeit there are many other cryptocurrencies such spil Ethereum, Litecoin, Siacoin, and Stratis, Bitcoin still remains one of the most observed and speculated currencies of all time. Bitcoin has bot one of the most amazing currencies to witness te the history of mankind.
Not only that, if you look at fiat currencies, Bitcoin has outperformed the US dollar by almost 50 procent, Bitcoin surpassed the growth of the Mexican Peso, Silver, Gold and Russian Ruble to become the best performing currency so far ter 2018.
There are several factors why it is not too late to invest ter Bitcoin ter 2018.
#1 Bitcoin could klapper $100,000 ter Ten years, says the analyst who correctly called its $Two,000 price
Back ter 2016, a report from Saxo Canap claims the price of Bitcoin could kasstuk more than $Two,000 ter 2018. When the report wasgoed published, Bitcoin wasgoed trading at $750 and it succesnummer $Two,000 ter May 2018.
Ter May 2018, the same analyst predicted that Bitcoin could kasstuk $100,000 te Ten years time. Of course, the prediction wasgoed made based on a rough estimation. However, wij all know that cryptocurrencies are going to sustain for a very long time, especially Bitcoin.
You can read this article on CNBC here.
#Two Bitcoin’s acceptance by governments
The Philippines and Japan legalized Bitcoin and its businesses te their respective regions. Japan passed to accept Bitcoin spil a legal payment method and two major Japanese retailers partnered with Japanese Bitcoin exchanges to embark accepting the digital currency for payments.
Some of Japan’s largest retail giants including Bic Camera, which hold a massive influence overheen the Japanese technology and consumer markets, began to accept Bitcoin payments at their locations. Total article here.
Furthermore, the Indian government announced the likelihood of a regulatory framework for Bitcoin being implemented by 2018. On June 20, CNBC India announced that the Indian government committee has ruled te favor of regulating Bitcoin and is presently establishing a task force to create various regulatory frameworks with the aim of fully legalizing Bitcoin te the short-term.
Let’s look at the U.S, The US dollar presently makes up for 46% of Bitcoin exchange volume by currency, far greater than any other currency. On September 17, 2015, the Commodity Futures Trading Commission (CFTC) classified Bitcoin spil a commodity. Utter article here.
Bitcoin has a capped supply of the Bitcoin that can actually be released into the network. Mining today is certainly lighter than it will be tomorrow and then so forward. If Request is more tomorrow than it is today, the value shall be higher for supply is consistent.
The current trend is suggesting that more people, government, companies are adopting Bitcoin today than yesterday. That simply means the request is rising overheen time.
#Three Bitcoin is going to be part of our lives
Bitcoin or BTC is the very first content type on the Bitcoin blockchain. Think of it like the Internet. Email, spil good spil it has bot, is only one type of content that the Internet can carry.
People were very first very skeptical about the Internet and didn’t believe at all that Commerce and business will shift from offices and malls to networks and modems, an instant catalog shopping–just point and click for fine deals, and buying air tickets overheen the network.
See what’s going with our lives now. The Internet wasgoed the very first, and the most instantaneously useful, and still used to this day. Most importantly, most people can’t live without it.
Similarly to Bitcoin, it will not be stopped. Governments can’t zekering it, institutions can’t zekering it, even if the encryption gets compromised, a fresh algorithm will be waterput into effect to nullify that attack.
People who invest do not invest ter what Bitcoin is now but invests ter what it can turn into overheen te next 5-6 years. Bitcoin is not just an investment – It’s a Movement! A movement to the worldwide financial freedom.
Ter March 2018, The price of one Bitcoin surpassed the price of an ounce of gold for the very first time ter history.
Gold is uncommon, Bitcoin is much zonderling because there is a limited amount of it that can come into existence. The number of bitcoins te existence will never exceed 21 million.
By vormgeving, a total of 21 million Bitcoins will be created overheen 100 years according to a logarithmic release function. At the time of writing, just overheen 13 million bitcoins are te circulation, meaning that an extra 8 million bitcoins will be mined overheen the next 95 years.
With enhanced usage and broader adoption of Bitcoin, the request for Bitcoins is always enlargening. This is crucial to understand because whenever supply is restricted, and request is high, the price goes up.
#Five Bitcoin is the most practical payment method available
Bitcoin is a digital currency that can be used to send and receive money. The transaction can be finished regardless of where the parties involved are located, and it is done almost instantaneously.
Bijzonder from that, sending and receiving money using Bitcoin is both cheap and safe – the network makes the middleman obsolete, which te turn lowers the cost of the transaction, and there is practically no chance for the sender to turn out to be a counterfeiter.
Bitcoin is likely no different than accepting payment te other forms, such spil contant, or gold, or scrip, or bounty cards or foreign currency.
When you pay a cheque from another handelsbank into your handelsbank, the handelsbank will often hold that money for several days, because it can’t trust that the funds are truly available. Similarly, international wire transfers can take a relatively long time. Bitcoin transactions, however, are generally far swifter.
#6 Bitcoin has advantages overheen other digital currencies
When you look at the list of cryptocurrencies that are presently available te the market right now, it is a long list of them. Some say Ethereum and Ripple to surpass Bitcoin te term of its market capitalization. If they are going to surpass the market cap, that doesn’t indeed mean anything.
The trading of Bitcoin is very elementary. Buying requires a credit or debit or Paypal or a handelsbank account. It is that plain. Thesis are facilitating platforms that permit for lightly buying Bitcoins such spil Bitquick, Blockchain etc. Transferring thesis Bitcoins to other users is also effortless. But care has to be given during such transfer. This is because spil highlighted ter the succeeding reason the transfer is irreversible.
Bitcoin has gained too much popularity and there is no comparison with other digital currencies. That is why the difference inbetween the value of a Bitcoin and any other currency is very high. Major difference that has given Bitcoin an edge overheen all other digital currencies is the fact that Bitcoin is decentralized (e.g. Ripple is centralized).
There is no agency or government controlling Bitcoins. All other digital currencies are associated with some holder or group. Decentralization of Bitcoins makes possessors of Bitcoins feel safe and sound. They don’t have to be dependent on any third party or agency while transferring their Bitcoins. Strafgevangenis do they have to pay large transaction fees. They are also protected against Bankgebouw Insolvency.
It is because of decentralization of Bitcoin, that no country can say it is their currency, no matter where the Bitcoins have bot mined. Spil such Bitcoin is called global currency since it doesn’t belong to any one country. So if you invest ter Bitcoins, you are not investing te any foreign currency.
#7 Bitcoin is almost unhackable
SHA256 is a special type of mathematical function which is indeed effortless to solve ter one direction but is very hard to solve te switch roles. At least the only known way to solve SHA256 is switch sides is very hard. It’s enormously expensive to conduct a hack on the network spil the computing resources required to do so are immense.
Ter 2010, an entrepreneur, Wences Casares wasgoed very skeptical about Bitcoin and hired a team to hack the system but failed. Since then, he became a big fan of Bitcoin and he is presently the CEO of the Bitcoin wallet Xapo.
#8 Bitcoin is still not known to majority of people
Albeit Bitcoin wasgoed introduced ter 2009, only a petite percentage of the world trade ter Bitcoin. Based on a Coin Center Examine, 65% of Americans didn’t know what Bitcoin is.
Considering all the advantages of trading ter Bitcoin, wij are still at the beginning era of cryptocurrency. Spil you can see, there is a fat potential ahead of us.
More countries are yet to be exposed to Bitcoin awareness, Trillions of consumers across the globe are yet to commence purchasing Bitcoins and using them. The statistics voorstelling that all this is going on te a positive direction which itself means a clear BUY for this digital currency spil a long-term investment.
A prediction made by Jeremy Liew and Peter Smith (the very first investor ter Snapchat and the co-founder and CEO of Blockchain) states that the Bitcoin network will grow 61-fold from now until 2030 (around 400 million total users). With a meaty increase te electronic money transfers, which have almost doubled worldwide overheen the past 15 years. It’s a big and growing market for Bitcoin. Both expect the major catalyst for growth will be greater Bitcoin awareness, along with the growing overall market.
Of all the reasons above, it is not entirely late to buy Bitcoin today at all.
Can I Make Money With Bitcoin?
There are many ways to make money with Bitcoin.
NOTE: I would like to emphasize here that there are many high-yield investment programs (Ponzi) on the Internet that attempts to steal your hard-earned money by promising you a lucrative come back on BTC.
Very first of all, you need to have a project. Be it a day-trading, attempting to pay off student loans or attempting to retire, you need to know what you want from Bitcoin.
Since the price of Bitcoin can fluctuate so much depending on market request, setting a clear purpose with tangible values will help investors determine when to stay ter the spel and when to contant out.
For myself, the best treatment ter cryptocurrency investment is Systematic Investment Project (Teleurgesteld).
Verdrietig is basically a strategy that you invest a regular sum of money at a regular interval without worrying about the actual price of the digital asset. So instead of spending $1,000 upfront you basically determine some amount say $50 or $100 and invest this amount every month te buying Bitcoin.
Ter brief, you buy Bitcoin, keep them for a long time, don’t do daily trade, and overlook the news.
Spil I am not a professional trader and I don’t stare at my screen 24/7, I don’t daily trade with Bitcoin spil the commissions are high and I am lightly emotionally influenced by news or analysis I read every now and then.
How to Store Your Bitcoin Securely?
Albeit you get a free wallet from most Bitcoin exchanges, it is not the safest place to keep your Bitcoin because they are still a centralized exchange and store all the private keys ter their database. This makes them vulnerable to hackers, especially since they have millions stored ter their wallets.
If you are long enough ter the world of cryptocurrency, you might have heard about the incident of Mt.Gox hack. They were treating more than 70% of all the Bitcoin transactions worldwide. Te February 2014, Mt. Gox suspended trading, closed its webstek and exchange service. Worst of all, they filed for bankruptcy protection from creditors. They allegedly lost $350 million ter Bitcoin (7444,400 BTC).
That simply means when you had a balance at Mt. Gox, you didn’t truly have Bitcoin because you didn’t actually own the private key. However, you were promised that Bitcoin would be delivered when a withdrawal wasgoed executed.
Te brief, if you don’t own the private keys, you don’t own the Bitcoin.
Hence, if you own a loterijlot of Bitcoin with cryptocurrency exchanges, you are better off investing te a hardware wallet such spil Ledger Nano S.