Bitcoin was unknown to almost every one of us until 2017. After a little research on the internet, I figured out that it has been in existence since 2009 by a group of individuals.
What kept me thinking is why do we know more about this crypto now than before. The reason is simple, increased demand. People may ask a lot about is it boon or bane, but here I would like just to explain what it is and will leave it to you to decide.
Some people are righting in complete favor of this investment type while others are in full opposition. With all the junctions, I am here, trying to bring forward all the aspects of it.
Here are a few things that are a must for us to know before investing in this system.
- One of the things I like about Bitcoin is that the purchases are not taxed. We have got to agree to pay even a penny more than the commodities worth irritates us, but if dealing in Bitcoin, you can save yourself some bucks.
- Payments are easy to make as everything is done at your fingertips.
- No regulatory body is running Bitcoin. When investing in this market, you are completely on your own. Click here to see some best short-term investments.
- With all the wallets available, this investment is subject to cyber-attack. Now, we know that money is safe but apparently, technology has no limits, we were not aware that one day cash will change into plastic money and now digital. Who knows what is next?
- As we do not have a regulatory body and the investment is all on the internet. We do not know who we are dealing with; it can be an industrialist or a felon.
- With the increased demand, merchants are now starting to deal in this currency but for how long is the question at hand.
- For now, people are investing in this market, even the retailer. But the thing is that we do not know when can the emotions of a retailer changes. And the chances are that it may change soon and by seeing the declining interest of people, the market may fall, and the merchant may also fall back.
- I always suggest to people that invest in a market with which you are fully aware, but most of the people are investing in Bitcoin just because of its hipe and nothing else.
- We do not know a lot about this market. Analysts around the world are unable to analyze this market because of the unclear ecosystem.
Bitcoin is a must before involving yourself in it because being a part of a herd is not just enough. I have seen people flourishing in one business and others failing in the same one just because of the lack of knowledge. Try to ask people who have been dealing with bitcoin and have been successful in their journey or else the internet is still one of the best sources to gain the knowledge you want.
With the things listed above, I leave you to decide for yourself that is it worth investing in Bitcoin or not.
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About the Author:
Sarah Smith has been a personal finance author for the last five years. She is also independent and very passionate finance and investment advisor. She regularly posts at PersonalIncome.org.