If you Buy Bitcoin?
October 14, 2020 Business
Because the world’s current front runner in the Crypto Currency market, Bitcoin have already been making some serious headlines, and some serious fluctuations within the last 6 months. Just about everyone has heard of them, and everyone has an opinion. Some can’t fathom the proven fact that a currency with any value can be created from nothing, whilst some love the proven fact that something without Government control can be traded as a valuable entity in a unique right.
Where you sit on the “Should I Buy Bitcoin?” fence probably ultimately boils down to at least one question: Can I Make Money from Bitcoin?
Can You Make Money from Bitcoin?
In only the last 6 months, we’ve seen the purchase price go from $20 a coin in February, around $260 a coin in April, back off to $60 in March, and back around $130 in May. The cost has now settled to around $100 a Bitcoin, but what goes on next is anyone’s guess.
Bitcoin’s future ultimately rests on two major variables: its adoption as a currency by way of a wide audience, and the absence of prohibitive Government intervention.
The Bitcoin community is growing rapidly, fascination with the Crypto currency has spread dramatically online, and new services are accepting Bitcoin payments increasingly. Blogging giant, WordPress, accepts Bitcoin payments, and African based mobile application provider, Kipochi, have developed a Bitcoin wallet which will allow Bitcoin payments on mobile phones in developing nations.
We have already seen people make millions on the currency. We are seeing increasing variety of people tinkering with living only on Bitcoin for months on end, whilst recording the ability for documentary viewing.
You can buy a takeaway in Boston, coffee in London, and even a few cars on Craigslist using Bitcoin. Searches for Bitcoin have rocketed in 2013, with April’s hike and subsequent fall in the Bitcoin price. Last week the very first large acquisition of a Bitcoin company was made for SatoshiDice, an online gambling site, for 126,315 BTC (about $11.47 million), by an undisclosed buyer.
This rapid growth in awareness and uptake looks set to carry on, if trust in the currency remains strong. Which leads to the next dependency. Government regulation.
Although specifically designed to work independently from Government control, Bitcoin will inevitably be affected by Governments in certain way. This ought to be the case for two reasons.
Firstly, to achieve high levels of adoption, Bitcoin must be accessible to many people, and which means spreading beyond the realms of hidden transactions to normalcy everyday transactions for individuals and businesses. Secondly Buy bitcoin instantly, these Bitcoin transactions could turn into a trackable element of people’s taxable wealth, to be declared and regulated alongside any sort of wealth.
The European Union has recently declared that Bitcoin isn’t classed as a Fiat currency, or as money, and as a result, will not be regulated in a unique right. In the US, the 50 state system and quantity of bureaucratic bodies involved has inevitably made decisions more difficult, without consensus reached thus far. Bitcoin isn’t regarded as being money as a result, but it is considered to do something like money.
A thriving Bitcoin market in the US has a more uncertain future for the present time, and any conclusive legislation in the US could either possess a positive, or a very negative impact on the continuing future of Bitcoin.
So, Should You Buy Bitcoin?
The clear answer depends mostly how risk averse you are. Bitcoin certainly isn’t going to be always a smooth investment, but the potential of this currency is huge.