Bitcoin – A Secure Investment for the Future
Bitcoin is an online digital currency, similar to a dollar or a pound but with some exceptions. Introduced by Satoshi Nakamoto in 2009, Bitcoin engages in a peer-to-peer payment system where no intermediaries exist and goods can be securely transferred between any two people in the world. It is associated with a heavy network associated with computers and the unit of foreign currency for the Bitcoin system (appropriately known as Bitcoin) can be simply acquired by joining the vast network. Bitcoin provides a fast cheap and secure transaction alternative but few are willing to take the jump for it. So the one million dollar question still lingers, is definitely Bitcoin a secure investment?
Bitcoin is only a few years old, an interesting creation that has awed many and for the particular record, has attained a title in the top financial charts. Its popularity has spanned and it has directed some of the top businesses like Virgin mobile Galactic to consider it as an acceptable source of payment. Bitcoin prices increase at rates of up to 10% and continue to dominate as the alpha of the market and this has made many interested in investing in it.
Another special function of Bitcoin is that it does not have a central bank and neither really does a central government control it. It’s a global currency and its development and existence lies behind a complex and geeky mathematical formula that enables it to shadow authorities related mishaps. Cases of politics instability and government absurdities that will plunge the economy down to pity and lead years of investments in the currency down the drain do not occur in the crypto-currency system. This creates a secure and friendly investment opportunity with low inflation risks.
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With the ever-amazing upside, crypto-currency also has the downs. As mentioned, this thing is still taking baby steps; and with that comes great uncertainties. Bitcoin costs are volatile; currently increasing sharply and can fluctuate at 30% in order to 40% in a month. The world continues to be surprised at its emergence plus there exists very few Bitcoin holders plus Bitcoin. This leads to unanswered questions plus cold fear among people since investing in a new unpredictable ‘gold mine’ can yield devastating effects. The newness brings forth lack of rules and scares off potential investors.
The enigma surrounding the Bitcoin system is a major factor to be considered. Anything can happen and everyone taking part in the Bitcoin market is on a high alert. China in December 2013 eliminated the use of Bitcoin and this led to a drastic drop to its worth from $1240 to $576 in just three weeks. Programmers also determine the functionality of this global currency and lots of question the thought of risking their financial situation for some group of geeks. This helps prevent many from venturing into the program and increases the risk of Bitcoin investment ever so highly.