As I write this (August 23rd), the price of a single Bitcoin is $4,273. This is about $1,500 more than it was just one month ago. MSN recently reported that in ten years, it will hit $100,000. Even Bill Gates is getting on board. If you have $100 to throw around, I strongly recommend that you get in on the cryptocurrency game RIGHT NOW.
What Is Bitcoin?
Created in 2009 by a fella who goes by Satoshi Nakamoto, Bitcoin is a “cryptocurrency” that lets users make transactions without the use of banks. You don’t have to give your real name to buy stuff, and there are no transaction fees. As it continues to grow in popularity, more merchants are accepting them, including pizza places, nail shops, web hosting services, and ne’er-do-wells.
While every transaction is tracked in a public log, the wallet IDs of the buyers and sellers are the only info revealed, never their names. Therefore, you can engage in relatively private transactions.
Honestly, I think it would be pretty foolish to spend Bitcoin right now with the prices skyrocketing. Though, I’m sure people who like to jump on the Deep Web to buy illicit substances and services are willing to do just about anything to stay anonymous.
What Is the Risk of Buying Bitcoin?
There are a couple risks to buying cryptocurrency. The first risk, as with any currency, is that the price will decrease dramatically. However, since there is a finite number of Bitcoin (e.g., there will never be more or less), it is unlikely that there will be a surplus that leads to a price decrease.
Another risk is that the federal government could pass laws restricting it. However, all signs point to this not happening. First of all, it would take the government years before they could craft and pass any legislation addressing it. Secondly, other countries have already set the precedent that they are going to welcome the use of cryptocurrency.
Before you buy digital currency, do your own research since you are dealing with your hard-earned cash. If you do buy Bitcoin, do not spend more than you are willing to lose. You can start with just $100. Just make sure you know what you are getting into.
But, I Can’t Afford a Full Bitcoin
I keep throwing around this $100 figure, but how can you buy Bitcoins when they cost several times that? Much like dollars, you can have a fraction of a coin. So, $100 would currently get you about 1/40th of a Bitcoin. And, the value of your 1/40th of a coin increases and decreases proportionally to the full unit.
When you buy digital currency, use a reputable exchange. I use Coinbase. And, I’ve worked with them to get a deal for visitors to Brains Report. If you follow this link, you will get an extra $10 of free Bitcoin when you buy $100 of digital currency. I also get $10 in cryptocurrency. So, we can both get richer together…or lose small amounts of money: whatever hand fate chooses to deal us.
Also, keep reading my posts. I’ll be sure to share occasional updates on my foray into this phenomenon. And, if you have strong feelings about digital currency, share them with us below!
Get $10 of free Bitcoin when you buy $100 of digital currency here.