Everyone’s always saying they have a new, foolproof way of making money, and people are often quick to reject ideas thinking that there must be some kind of catch. But sometimes, every once in a while the advisors turn out to be right. Only a few short years ago, a small number of believers were professing the benefits of investing in bitcoin. One man who had faith in the cryptocurrency even managed to get hold of 10,000 bitcoins in exchange for two pizzas back in 2010. That amount is now worth over $20 million. But have would-be investors in the e-currency missed the boat, or is there still potential for successful investment in bitcoin?
Although it’s probably too late now to buy bitcoin in the hope of turning into a millionaire four years down the line, the value of the digital currency conceived by the mysterious Satoshi Nakamoto is still on the rise. In June this year, bitcoin hit an all-time high of $3000, highlighting how it has the potential to continue surprising people. In fact, it seems that every year economists are saying it is bitcoin’s best year yet. In 2016 the price hit record highs after the US presidential election as well, and it became clear that investors were turning to it as a safe haven asset like gold.
Bitcoin has also reached the point where it’s considered as reliable and usable as any other currency, as more huge corporations such as Dell and WordPress have started to take it seriously. This means that it can now be traded like other currencies, and some would argue that this is a better way to take advantage of the growing payment method rather than actually owning bitcoins. According to ForexBonus, the best way to trade bitcoin is to use Contracts for Difference, which are otherwise known as CFDs. You can use CFDs to bet on whether the price of bitcoin will go up or down, without having to actually own it. This way, you’re not vulnerable to fluctuations in its price.
Despite the fact that the price of bitcoin has been subject to peaks and troughs at certain times, over the eight years since its inception it has continued to rise in value. Well-known businesses like Starbucks and Subway have helped spread the word about using bitcoin as an alternative form of payment, and people are starting to realise the benefits of holding the e-currency over traditional forms of payment. Indeed, when paying for things in the famous outlets, customers will receive a discount. There are now even bitcoin ATMs around so that people can top up their bitcoin wallets while out and about, something which would be particularly useful on holiday in a foreign country.
Bitcoin has proven to be a safe, secure, and swift method of payment, and something that could easily negate the need for individual countries to have their own currencies in the future. Although it’s probably not a major investment opportunity that can turn people into overnight millionaires anymore, it is still worth having some of your funds tied up in the e-currency as it continues to rise in value.
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