Bitcoin is a form of digital currency that can be used to purchase real-world goods, kept as an investment, or used to buy other so-called cryptocurrencies with different purposes. It’s known as a decentralised system because it operates without a central bank or single administrator.
1. People have made a lot of money
The price of bitcoin has shot up from less than $2,000 six months ago to more than $16,000 today. There are now thought to be a staggering 10 bitcoin billionaires who have made a fortune from their involvement with the currency. The bitcoin success stories include people who have turned modest £3,000 investments into five-figure sums. These individuals are using the proceeds to start other business and get themselves set for life.
2. You can use it to buy goods and services
An increasing number of organisations are now accepting bitcoins as payment – and this is expected to grow dramatically over the next few years. Among the companies already involved are global software giant Microsoft, which accepts bitcoins in its Windows and Xbox stores; Expedia, the travel booking website; and even a branch of Subway in the United States.
3. It could be the future
Digital currencies could shake up the monetary system in the same way Uber and Airbnb have done to their respective industries. Trust in traditional markets is low in the wake of the financial crisis a decade ago and people are increasingly comfortable with the online world. It’s hoped the currency will be seen as a secure, low-cost alternative to traditional money, while the lack of a centralised authority makes it difficult to control.
4. It’s very easy to get involved
There are primarily two different avenues you can go down when looking to buy or invest in bitcoin. You can buy it directly through an exchange such as Buyvirtualcurrency.co.uk or as a CFD derivative on brokers such as eToro. It’s quite usual to purchase small fractions of bitcoin which, given how high the price has risen in recent months, is a relief.
5. It’s entering the mainstream
There have already been moves to take it mainstream, with the first bitcoin future having begun trading in this month after making its debut on the Chicago Board Options Exchange. In its first few hours of trading, the futures contract, which expires in January, rose from $15,460 to $16,000. Its appearance on the exchange provides many benefits to traders, including transparency and liquidity.
To invest in bitcoin and other cryptocurrencies go to Buyvirtualcurrency.co.uk
The value of any investments you make in bitcoins or alternative cryptocurrencies can go down as well as up, so you could get back less than you invested.
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