Is It Too Late To Invest In Bitcoin? For those bitcoin alcohol if they’ve missed the money-making boat.
Meet Bitcoin: the digital currency on everyone’s lips. For non-financey types, the concept of Bitcoin can be daunting. Just when we were wrapping our heads around variable interest rates and term deposits, they go and create a whole new digital currency. Whatever happened to shoving all your money under your mattress and calling it a day?
But with or without our approval, Bitcoin has become a thing, and for those who jumped on it early, a very profitable one. To give you an idea of how far it’s come, in 2010 the bitcoin price was about 1. First of all, let’s start with the basics. Bitcoin is a form of digital currency, created and held electronically.
Bitcoin is traded digitally, but that’s not what’s new or exciting about it. Where it stands apart is due to the fact it’s decentralised, meaning it isn’t controlled by any one institution. Instead, it relies on a peer-to-peer structure, by a community of people that anyone can join. As an incentive, every time they verify a block of transactions, they get bitcoin as well. Bitcoin was invented by Satoshi Nakamoto in 2008, but it didn’t go online until 2009. Also, because it’s the internet and anything can happen, Nakamoto’s actual identity has never been able to be confirmed.
Can Bitcoin make me money? As we’ve covered before, if you bought some bitcoin when it first started and was trading at a measly couple of cents, you probably would be sitting on a yacht right now being fanned with a palm frond and not reading this article. Or reading it in order to laugh at peasants. Whatever, it’s your time, spend it how you wish. But millionaire status doesn’t only happen for those who invested at the very beginning.
1000 in Bitcoin just three years ago and now has over a million dollars. There are a couple of important things to consider. It’s important to note there is a limit for how many bitcoins can be created, with a maximum amount of 21 million. As of June 1st, 2017 there were 16,366,275 BTC out of a total 21,000,000 BTC in theoretical supply, which has yet to be mined”.
So, just as there is only so much gold to be mined in the world, there is only so much bitcoin, too. And the important thing to note is there’s still some left. As such, there is an argument to say you’re not too late to jump on the Bitcoin bandwagon. If we see full adoption in the future, or mainstream adoption, the price still has to go up in value because we have a limited supply. This would probably be life right now if we have all bought bitcoin back in 2009. If you’re thinking, ‘But can’t they just make more bitcoin? In order to change the protocol surrounding Bitcoin, every miner needs to vote on the decision.