To Bitcoin Or Not To Bitcoin

The Bitcoin was the first cryptocurrency created in October 2008 by Satoshi Nakamoto. The Bitcoin’s main purpose was eliminating the larger fees that banks use and introducing a peer-to-peer system so a transaction between two users would take place directly, without an intermediary. On 2 March 2017, 1 Bitcoin surpassed the price of an ounce of gold for the first time in history.

Right now, Bitcoin is sitting on the first position on the cryptocurrency market with over 23 billion dollars market cap. Its price reached an all-time high of $1449.51 on 2 May 2017. With this price, a lot of people are wondering if investing in Bitcoin is a good idea anymore.

At the beginning, there was a lot of people who invested in the Bitcoin without the desire to get rich, only to create a system that allows anonymous transaction. These people earned Bitcoins easily then and they probably did not think that Bitcoin would be such a success. (I remember the Bitcoin trading at $1 when I knew nothing about it at the time).  Some people got very rich overnight when the Bitcoin price reached $1000 in November 2013.  Few months later, the Bitcoin price dropped to $430 and a lot of people were asking themselves if they should keep the Bitcoin or to sell it or buy more.

 A lot of things happened since then, Bitcoin has been officially recognized by Japan as a digital currency[1] and Mexico will soon accept Bitcoin too[2]. So, Is Bitcoin a reliable investment or is it a Ponzi scheme?

I personally do not own Bitcoin anymore and don't have an opinion either way going forward.  But many people do feel that Bitcoin is a great investment opportunity, probably those who fear fiat currencies and the endless money printing by governments around the world. It probably won’t grow 10-20 times like it happened in 2013 but the price of Bitcoin could grow as its popularity is growing day by day and more countries start recognizing it as a digital currency. 

To invest properly in an alternative coin you must respect some important steps:

1) Invest only how much you can lose – Buying an alternative coin or a bitcoin is not a safe investment on short term, so you may have some money blocked for a while.

2) Read about the alternative coin – Document yourself about what does the altcoin does, what’s special about it and how many people are working on its development.

3) Don’t Panic – Volatility is expected for this type of investment.
 
The top platforms from where you can buy Altcoins or Bitcoins are Poloniex[4] and Bittrex[3].  Remember to invest only as much as you’re ready to lose, as the outcome is binary; it could be a great investment or it could go to zero. 

[1] - https://cointelegraph.com/news/japan-officially-recognizes-bitcoin-and-digital-currencies-as-money
[2] -https://news.bitcoin.com/mexico-bill-bitcoin-game-changer/
[3] - https://bittrex.com/
[4]- https://poloniex.com/

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