All you should know before investing in bitcoin
Bitcoin is a wildly talked about online business now in Africa that a lot of people are into and invest in.
Do you want to join them in investment? If yes, you must read this, it talks about bitcoin, cryptocurrency/crypto and blockchain.
you see those things listed above and you don't understand it, its because you don't know about it yet. That is why you need to read this for it to educate you more about bitcoin, in order for you to choose what is best for yourself.
Firstly, you need to know that bitcoin is a cryptocurrency.
wait you don't know what cryptocurrency is, so read more.............
cryptocurrency is a digital currencythat is used to buy and sell things annonymosly. It uses an encryptioncode thathides the identity of users of the currency.
transactions done with crypto/cryptocurrency are then recorded on a virtual data base known as block chain.
The key difference between cryptocurrency and regular currencies are:
* cryptocurrency only exists online so there's no physical coins or notes. The digital coins are stored in the digital wallet and transferred digitally to currency where you have the CBN regulating the supply of the naira.
There are no regulatory authority controlling the supply of cryptocurrency, making the currency highly speculative.
Like I said earlier, bitcoin is a cryptocurrency.
Bitcoin- The most common form of cryptocurrency, is gotten through a system known as mining by super computers and it is said that only21 million bitcoin can be mined.
At the beginning of 2017, the price of 1 unit of bitcoin was $970, currently same 1 unit of bitcoin goes for a little above $17000.
Before you invest in bitcoin, you should know that bitcoin does not have an intrinsic value, the way gold or real estate has. The rise in it's value is due to investors demand for the currency and price in relation to the dollar.
The value of bitcoin is also highly volatile, rising to $19000 in one day and falling 20% the next.
the popularity of bitcoin is based on assumption that it would one day replace traditional currency. However, money is supposed to be a store of value, a currency that fluctuates between 10% - 20% in a matter of hours, its pretty unstable.
There's also the risk of devaluating due to the addition of numerous currencies.
If you decide to invest in our cryptocurrency, it is advisable for you to make it a small part of your investment portfolio. Ensure the currency is traded on block chain, as not all are.
Understand the risk involved and invest in line with your knowledge.
Finally, keep up with current trends so you know when to sell if need to....
please share this to you friends on facebook, twitter, google plus, pinterist...
Do you want to join them in investment? If yes, you must read this, it talks about bitcoin, cryptocurrency/crypto and blockchain.
you see those things listed above and you don't understand it, its because you don't know about it yet. That is why you need to read this for it to educate you more about bitcoin, in order for you to choose what is best for yourself.
Firstly, you need to know that bitcoin is a cryptocurrency.
wait you don't know what cryptocurrency is, so read more.............
cryptocurrency is a digital currencythat is used to buy and sell things annonymosly. It uses an encryptioncode thathides the identity of users of the currency.
transactions done with crypto/cryptocurrency are then recorded on a virtual data base known as block chain.
The key difference between cryptocurrency and regular currencies are:
* cryptocurrency only exists online so there's no physical coins or notes. The digital coins are stored in the digital wallet and transferred digitally to currency where you have the CBN regulating the supply of the naira.
There are no regulatory authority controlling the supply of cryptocurrency, making the currency highly speculative.
Like I said earlier, bitcoin is a cryptocurrency.
Bitcoin- The most common form of cryptocurrency, is gotten through a system known as mining by super computers and it is said that only21 million bitcoin can be mined.
At the beginning of 2017, the price of 1 unit of bitcoin was $970, currently same 1 unit of bitcoin goes for a little above $17000.
Before you invest in bitcoin, you should know that bitcoin does not have an intrinsic value, the way gold or real estate has. The rise in it's value is due to investors demand for the currency and price in relation to the dollar.
The value of bitcoin is also highly volatile, rising to $19000 in one day and falling 20% the next.
the popularity of bitcoin is based on assumption that it would one day replace traditional currency. However, money is supposed to be a store of value, a currency that fluctuates between 10% - 20% in a matter of hours, its pretty unstable.
There's also the risk of devaluating due to the addition of numerous currencies.
If you decide to invest in our cryptocurrency, it is advisable for you to make it a small part of your investment portfolio. Ensure the currency is traded on block chain, as not all are.
Understand the risk involved and invest in line with your knowledge.
Finally, keep up with current trends so you know when to sell if need to....
please share this to you friends on facebook, twitter, google plus, pinterist...
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