Bitcoin is an online digital currency, similar to a dollar or a pound but with a couple of 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 on the planet. It is associated with a heavy network associated with computers and the unit of currency for the Bitcoin system (appropriately known as Bitcoin) can be simply acquired simply by joining the vast network. Bitcoin provides a fast cheap and protected transaction alternative but few are willing to take the jump for it. So the a single million dollar question still lingers, is Bitcoin a secure investment?
Bitcoin is only a few years old, an interesting development that has awed many and for the record, has attained a title in the top financial charts. The popularity has spanned and it has directed some of the top businesses like Virgin Galactic to consider it as an appropriate source of payment.
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Bitcoin prices enhance at rates of up to 10% plus continue to dominate as the alpha from the market and this has made many thinking about investing in it.
Another special function of Bitcoin is that it does not have the central bank and neither really does a central government control this. It’s a global currency and its creation and existence lies behind the complex and geeky mathematical protocol 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 within a currency down the drain do not occur within the crypto-currency system. This creates a secure and friendly investment opportunity along with low inflation risks.
Having an ever-amazing upside, crypto-currency also has its downs. As mentioned, this thing continues to be 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 and there exists very few Bitcoin holders plus Bitcoin. This leads to unanswered questions and cold fear among people because 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 regarded as. Anything can happen and everyone taking part in the Bitcoin market is on the high alert. China in December 2013 eliminated the use of Bitcoin and this led to a drastic drop to its value from $1240 to $576 in only three weeks. Programmers also determine the functionality of this global currency and a lot of question the thought of risking their finances for some group of geeks. This prevents many from venturing into the system and increases the risk of Bitcoin investment ever so highly.