Saturday, December 9, 2017

Bitcoin soars past $16,000! What do I think of the cryptocurrency?

A pile of coins with a large bitcoin in the middle.
I have heard a lot about Bitcoin lately. It has soared to unbelievable heights lately and has made some people rich. The question remains is a it a good investment or even a good payment method.

Personally, I don't see it as a good investment opportunity, unless of course you bought some a while ago and you have already made a great deal of money. Although then the question would still remain as to when to sell. Even just today its dropped an enormous amount. One of the biggest problems it has is that it is riding on a lot of momentum. As people see it rise they want to buy it more and the problem with that is as it drops it could fall with similar momentum.
How bitcoin has changed during recent times
It is an interesting idea as a currency, but a problem I see is the high volatility of it. Unless you buy some Bitcoin to make a purchase and if you receive payment sell it immediately you run the risk of paying more for your purchase than you intended. It is great idea for secure payments, but I personally find Paypal more appealing for the vast majority of shopping most people do.

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