The Value of Bitcoin. What To Do If You Haven’t Already Invested (Damn!)
If you’re a fan of cryptocurrencies but never really took the initiative to actually invest in it, then you’re probably sick upon hearing the sudden hype about Bitcoins. As of right now at the time of this article posting, the current value of Bitcoin has surpassed an astounding $2000. Which has a current market value of exactly $2348.16 and growing. In other words, the value of bitcoin, or the bitcoin exchange rate is equal to 1 single unit of Bitcoin for $2,348.16 (US Dollars) “btc to usd”. “Shoulda Woulda Coulda” is a disheartening understatement, to say the least.
There was a time many years back when I was obsessed with cryptocurrencies and learning more about how they may potentially wipe away the American dollar. We already heard about the age old “Amero” conspiracy floating around, which was a currency that was supposed to be enforced for the North American regions. But who would have thought a Cryptocurrency such as Bitcoin would be worth SO MUCH? I recently read on article on Fortune.com that stated,
Now if we build a time machine to go back to the year 2010, this would have been easier said than done. There was a small, optimistic populous of people who undoubtedly invested in Bitcoin, not even having the slightest clue of its success less than a decade later. However, what I find the most baffling is how most of the world let this currency fly completely over their heads for so long. Or just cryptocurrencies in general. I myself included. People are just now grasping the concept of how digital coins work and how they can be used effectively for selling and purchasing power. Unfortunately (and fortunately for some) at this time, this currency isn’t just a few dollars per unit like it used to be. This is why investing is a skill and hobby that I feel more and more people should learn and adopt into their life to help improve their finances. Just like the fortune.com article state, a few dollars invested in Bitcoin 7 years ago would grant you the millionaire status overnight. Thanks to Chris Dunn of chrisdunn.com, I owe it to him for teaching me the art and science of investing for a millennial such as myself.
Now’s A Good Time To Start Looking Into CryptoCurrency Investments
At this very moment, I’m positive that you have millions of people searching terms in Google like, “where to buy bitcoin” or “best cryptocurrencies to invest in“. The world is catching on to this wave and no one wants to get left behind. In my experience, I’ve always had the strange notion to focus and pay more attention to ‘the underdog’ of everything. For example, if I know right now that the Bitcoin is the #1 highest selling cryptocurrency right now, I’m going to obviously keep my eye on the Bitcoin, but pay more attention to ‘alternative cryptocurrencies‘ or ‘alt-coins’. Why? Because there may be a sudden and unexpected SURGE of the alternatives in a time when Cryptocurrencies could rise to a peak. If Bitcoin is performing as well as it is right now, who’s to say that an alternative like ‘LITECOIN’ or ‘ETHEREUM’ won’t do the same? Maybe this could be the perfect time to start investing in these other cryptocurrencies while they are still cheap, whatever the outcome??
Here are two interesting facts about Bitcoin that I came across in an article from howtomakemoneywithbitcoins.com :
“Bitcoins work as a payment solution like Paypal, Payza or those types of sites. It eliminates the need for the typical banking transaction fees associated with large volume transfers of money. With Bitcoin, any two parties can do business without borders, and without fees. The general public still doesn’t understand this fact.”
“Bitcoin is now processing more transactions than Paypal and is less than 1/10th of its age.”
Bitcoin Miners: How They Generate GOBS of Cash Per Day. (Hundreds If Not THOUSANDS)
According to the Wikipedia, Bitcoin Mining is the process of adding transaction records to Bitcoin’s public ledger of past transactions. This ledger of past transactions is called the block chain as it is a chain of blocks. The block chain serves to confirm transactions to the rest of the network as having taken place. Bitcoin nodes use the block chain to distinguish legitimate Bitcoin transactions from attempts to re-spend coins that have already been spent elsewhere.
To quickly understand how this works, I recommend viewing this short, 10-minute documentary where MotherboardTV gained access to a massive, secretive Bitcoin mine housed within a repurposed factory in the Liaoning Province in rural northeast China.
The Future of BitCoin and Other Alt-Coins
It is no surprise that virtual currencies of all kinds will be taking the planet by storm. There’s already an increasingly high demand for Bitcoin in countries like Japan and China. Japan’s Peach Aviation is even accepting payments in all forms of digital currency, primarily Bitcoin. Now the real question is, will digital currency completely replace paper currency and if so, can we stamp a timeframe on this? To make better sense of it all, a book that I purchased just recently titled,
helped me understand the alarming phenomenon of how digial currencies are challenging the failing fiat currency that we make use of today. In fact, this book provided me with a mindblowing perspective that helped me apprehend the secret connection between digital currency and AI (artificial intelligence)- which is a topic that I already had a keen interest and pre-existing knowledge of. What is to come in these next few years, of what seems to already be manifested, cannot possibly be concieved in a book or blog article. It is beyond me, but I do know that technology is improving at such a rapid rate, that what we once thought was impossible, is slowly becoming the norm. Throw in digital currencies like Bitcoins and you now have a world where basic monetary transactions will be heading in a strange yet highly convienient new direction.