Bitcoin

What is Bitcoin?

You’d have to be in a cave if you have’t heard of Bitcoin (BTC) yet. Everyone is talking about it and everyone seems to be an expert. But what is it exactly?

Bitcoin is a digital currency at its most basic level. The blockchain technology behind it is the best part of it. Because there are no centralized computers with the currency, it almost impossible to hack, and just as difficult to regulate.

The value of bitcoin is similar to the stock market in the fact that it will increase in value as long as people are actively trying to obtain it. Since it has a limited amount, it is best thought of as a commodity. There can never be any more – ever. When demand is high, price will continue to soar. If everyone forgot about it tomorrow, it would be worthless in a few months.

My First (and only) Experience with Bitcoin

Several years back, I had just done a small website for a guy and he owed me $500 for the work. I agreed to payment of $400 and $100 worth of Bitcoin which, at the time, was trading for about 8-9 cents per BTC. So, for my work, I received a little over 1000 of them.

Give or take, about a year later (or maybe it was 2 years), the price flew up to $30/BTC and I went to sell mine. There was an error and my bank would not accept the transfer so my BTC remained. The price plummeted to $2. When it got back up to $3, I went ahead and sold my shares. I received a little over $3,000 on my $100 “investment”.

Here we are a few years later and, had I not sold then, my BTC would be worth over $16,000,000 At time of post, trading at almost $16k/BTC). Kinda makes ya stick to the stomach, huh?

Should you Buy/Sell Bitcoin?

This is the million-dollar question, isn’t it? Or, I guess in my case, the sixteen million dollar question. I am no expert. I know a few people who are, but I am not. At the end of the day, Bitcoin value will be based on its perception and people buying it. It can be shorted just like stocks, and people could lose lots of money on it.

Some say that values of Bitcoin could go as high as $50k. Others say not.

If you truly are interested in learning more about it, how to make money with it, or even the blockchain technology it is built on (my favorite part – the technology has a lot of potential uses), check out some of these resources, made by people that know more about it than I do.

Crypto Currency/Bitcoin Education 

I hope this was informational for you and, if you choose to buy and sell bitcoin for investment, I hope you do well.