IF YOU HAD PURCHASED $27 WORTH OF BITCOINS IN 2010
YOU COULD HAVE SOLD THEM FOR $887,000 IN 2014
CRYPTOCURRENCY IS THE FUTURE
ARE YOU GOING TO TRY IT OUT or ARE YOU GOING TO SIT BACK AND JUST WATCH?
The Future is Here Now … it is Digital Currency
What is the big deal with Cryptocurrency?
As Roger Ver, CEO Bitcoin says: “Bitcoin is one of the most important inventions in all of human history. For the first time ever, anyone can send or receive any amount of money with anyone else, anywhere on the planet, conveniently and without restriction…”
An expert in the field, Sam Volkering, says: “Many see them as a get-rich-quick scheme, or the next bubble, or a flash in the pan trend. Yes, the prices of some cryptos have sky-rocketed… But in my opinion, these aren’t get-rich-quick gains or some sort of short-term fad. There’s potential here for life-long gains. There’s real substance here. This isn’t a bubble. What’s happening with cryptos is a far bigger deal. And it’s about to scale up… epically.”
What is Bitcoin?
There are various types of Digital Currencies, such as Bitcoin, Bitcoin Cash, Dash, Ethereum, Litecoin, to mention a few.
The one I highly recommend you start with is Bitcoin. Take a look at the image below and see for yourself how the value has increased and it is going to increase a lot more by the end of 2017! In fact, as at 14/11/17, it is valued at £5021+ ($6559+ €5593+)
You’ve probably heard a lot about cryptocurrencies but not necessarily sure what it is all about. The figures above give some indication of the growth of Bitcoin. Ethereum is another one to watch – up at least 2,300% in the last 12 months. Litecoin … needs to be watched, still early days.
Take a look at these graphs showing growth over the last 12 months:
BITCOIN ETHEREUM LITECOIN
Bitcoin as at 11.35 14/11/17 has grown by £4437.90+ (781.17%) in the last year. Ethereum in turn has grown by £241+ – mainly since early 2017(2988.75%). Litecoin has shown an increase too, with a growth of £46+ since around March this year (1407.72%).
Since the figures above were published mid November 2017, Bitcoin climbed to a high of £14355 and is currently trading at £10630 as at 16.26 on the 28/12/17.
Take a look at these figures captured earlier today.
Information above from Coinbase
We’ve spoken much about Bitcoin. What about Ethereum and Litecoin?
Litecoin is a cryptocurrency created, in 2011, as a lightweight alternative to Bitcoin. Since its creation, Litecoin has been very popular, with an almost constant presence in the top 5 of cryptocurrencies by market capitalization (albeit never beating Bitcoin in that regard)(1).
Ethereum. Simply put Ethereum is an open software platform based on blockchain technology that enables developers to build and deploy decentralized applications.
Ethereum isn’t really a ‘currency’. It is also not the ‘next Bitcoin’. It is in actual fact completely
different and not comparative to Bitcoin in its purpose. The real and major similarity is that they both use blockchain technology.
Bitcoin may well be the future alternative finance and payments system. However, those in the know and who have been researching finance and cryptocurrencies for years, are of the opinion that Ethereum is the future of the new internet. Its token, Ether, is as important as a ‘fuel’ for the
future digital world. One can also think of Ether (the token) as something like ‘digital oil’. Their view is that Ethereum and its Ether coin has the same kind of wealth creation potential as oil in previous years.
For those wanting to know the technical details, see my reference (2) below.
How does one buy Bitcoin?
Please remember Bitcoin is a digital currency. A bank does not back it, it’s not government protected.
It is also important to be aware that, as with any investment, there is an element of risk. Always be sure to keep ALL the details regarding your Bitcoins and the Bitcoin Wallet and transactions safe. It is a digital wallet and therefore you need always to take care when sending money (making payments) that you send it to the correct address – in other words, attention to detail is important at all times.
I also strongly suggest that you start off slowly. Set things up and buy just a little bit of Bitcoin to get you started. Then, as you get more comfortable with the “digital” process, get some more. Maybe even use more than one wallet to hold them your Bitcoins.
So, what is a wallet?
This is indeed the first step to getting Bitcoin. You need a ‘wallet’. This is where you will store your Bitcoin/s.
For more information, contact me.