In the last few years, Bitcoin has gone from an obscure digital currency to a word that almost everyone knows. If you have not already heard about it, there is probably a good reason for that. Most new things are either exhausting or weird when we first find out about them. At least, that’s how many of us feel about new things. They either become passé very quickly or stay niche forever. The acceptance of Bitcoin has been anything but slow; in fact, it’s one of the fastest-growing digital currencies available today. But is it worth investing? Let’s look at some of the reasons why you should consider investing in bitcoins Australia and other cryptocurrencies…
What is Bitcoin?
Bitcoin is a digital decentralized currency created in 2009. It has no central bank or government controlling its value, which is determined by supply and demand. It rose in value from less than $100 in February 2011 to $19,500 in December 2017, which is an increase of over 1,900,000%.
Pros of investing in Bitcoin
Investing in Bitcoin has huge advantages, including the fact that there is no minimum amount required to invest, the lower transaction fees compared to other investment options, and the fact that it’s not a traditional investment, so you don’t have to worry about market fluctuations. To profit from Bitcoin, all you have to do is buy, hold, and sell it when the price goes up.
Cons of investing in Bitcoin
Bitcoin’s value has fluctuated massively in the last few years, going from $100 per Bitcoin in February 2011 to a peak of $19,500 in December 2017. You can’t expect to make a profit in a day, as the price takes time to grow, and you have to factor in the transaction fees and the risk that you could lose your money if the price crashes.
Should you invest in Bitcoin?
Deciding whether or not to invest in Bitcoin depends on whether you believe it is worth it. You can earn a profit by buying when the price is low and selling when the value is high. You can use a price tracker and exchange to do this. When the value goes up, you can sell it again and make a profit. But remember: you can also lose money if the price goes down! If you want to get started with Bitcoin, you will first have to open a cryptocurrency wallet. There are plenty of options out there, so you will have no problem finding one that suits your needs. After that, you can use your wallet to buy bitcoin Adelaide or sell Bitcoin. You can use the same wallet to store your other cryptocurrencies as well. And if you want to expand your portfolio in the future, you can read our article about other cryptocurrencies worth investing in.
Final words: Is investing in Bitcoin worth it?
Investing in Bitcoin is worth it, but it is not a short-term investment. The value takes time to grow, but it can be very profitable.