Need a Long Shot Lottery-Like Investment? Bitcoin!
It’s the talk of the technology and financial world at the moment: a digital currency that has been increasing its value over the last several years. It’s called Bitcoin, and the trendy hashtag labels it as, “the new gold.”
It’s natural to be skeptical of anything foreign or new, especially considering you can’t hold it in your hand like silver and gold. But here’s a secret you may not know—those elements are worthless if the grocery store shelves ever go empty. Is Bitcoin really any different? Further, you could argue humans aren’t too far from ferrets and raccoons when it comes to being drawn to shiny things.
Proponents of Bitcoin love the fact that it isn’t tied to the federal reserve, a central bank or intermediaries that would take a cut out of every transaction.
The other huge plus is the currency isn’t linked to your name, like a checking account. Transactions can be done almost completely anonymously and they are tracked through Block Chain, a ledger that keeps the value consistent around the world.
Opponents of Bitcoin say the fact that transactions aren’t linked to specific people allow for cyber criminals to exploit users via ransomeware and hacking.
It is also hard to find a physical location that will accept Bitcoin, so its use is mainly restricted to the digital space.
The current value of Bitcoin is around $17,000, which is a massive spike from the previous years.
Do you feel like you don’t want to miss out? Well, there’s still time to invest. If you feel like the bubble has already burst or you don’t trust the currency, then play it safe and steer clear. Please leave your thoughts and opinions in the comment section.