Had you have invested $49 into Bitcoin back in 2010, you would be as rich as Lady Gaga – $275 million to be precise
Bitcoin has seen huge growth in 2017, it has made hundreds of millionaires recently and there are expectations to see further growth.
Especially with the widening acceptance across the world, including the launch of the bitcoin futures contract.
Entrepreneurial giants like Bill Gates have weighed in claiming that “Bitcoin is the answer”. There are now services whereby you can trade bitcoin without actually being at your computer, there are algorithms that will do it for you!
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The financial world has never seen anything like bitcoin before. Not only is it becoming more valuable than whole indexes but it has begun to get the large institutions worried. The underlying technology is being developed by top banks including UBS because they see the value of what bitcoin represents.
Bitcoin took a little bit of time to generate traction with the masses. When it was first launched by Satoshi Nakamoto, no one other than the small blockchain community had heard of bitcoin, let alone knew what it was.
Now, it is all over some of the worlds leading news publishers, Bloomberg and Reuters in the financial sector now seem to have at least one article a day on bitcoin or another cryptocurrency.
Bitcoin certainly has led the way and continues to dominate market capitalisation league table.
However, we are beginning to see lots of other cryptocurrencies come to the forefront of peoples attention. Ethereum being the one to mention, this is because 2017 has raised nearly $3.5 billion in initial coin offerings. And the ethereum platform appears to be the platform of choice for new and upcoming tech companies to launch their coin on.
So, why have these cryptocurrencies caught on so much?
There are various reasons, however, one of the main advantages is that it is decentralised, which means that no government, central bank or commercial bank for that matter can control it. It is controlled by a network or users, which makes the network very secure.
There have also been similarities made with gold. This is because both need mining, although in different conditions. Mining means people must work to get to the bitcoin, these people are then rewarded with bitcoin. The other similarity to gold is that there is a cap. With a limited supply, the demand will go up and ultimately followed by the price. Supply and demand will be a force on the price.
Why are people investing in bitcoin?
The bitcoin network is secure, which is a fundamental reason lots of people are flocking to the digital currency. Once a transaction has been made, it is stored on the blockchain and this cannot be removed. Therefore if you have the transaction ID, you can check every transaction.
This blockchain is ultimately one of the biggest reasons people are buying bitcoin. This technology is revolutionary, as we highlighted many of the worlds leading banks are beginning to develop their own version. Simply put, blockchains are here to stay because their reach is huge. It is not pigeonholed to just financial systems but because it is a ledger of data, anyone who stores data can use it. From the barbers in your local town to transport companies to track each journey. The scope is huge, no wonder the price is going up to quickly!
Options to buy bitcoin
There are plenty of ways you can invest in bitcoin. You can buy it directly, you can buy it as a CFD or you can invest using binary options. Below is an example of a service that will help you profit from bitcoins fluctuations through binary options.