The global reliance on the internet is ever growing and crypto currencies as a part of this phenomenon are increasing in value with each passing day.
Bitcoin has been especially steady in that sense, growing in value almost consistently. Since the start of the year, bitcoin has more than doubled in price and there seems to be no stopping it, so is it a good idea to start investing?
Whether you are looking to trade it to make money or use it to buy things anonymously or play at Canadian Bitcoin casinos, the uses of bitcoin are becoming many and varied. We took a look at the current state of this virtual currency and analyzed whether bitcoin is a good investment in 2020 and how you should approach it.
Bitcoin is a scarce resource
Much like gold, bitcoin is a resource that only exists in limited supply. Namely, there will only ever be about 20 million bitcoin in circulation, which means that they will only become more difficult to mine with time, and thus more valuable.
Of course, the value of Bitcoin will not depend only on its scarcity but also its usefulness. However, with the global market shifting towards global and virtual currencies, bitcoin is also likely to become more useful with time as well.
How can I buy bitcoin?
One of the best things with trading bitcoin is that it is so easy to buy and sell. There are many different platforms out there that will let you buy and sell nearly any amount at current market value at any time. The ease of access makes bitcoin one of the best commodities to trade, if you know what you are doing.
Pretty much anyone can get into trading bitcoin, and it’s possible to buy small amounts and see just how you do. Of course, just buying some bitcoin won’t instantly make you a successful trader, but it’s the first step. The best way to get started is to buy a small amount and educate yourself on when is a good time to offload them.
Is now a good time to start?
The big question that people have been throwing around for years is whether it is too late to start trading bitcoin. The truth is that no one knows what will happen exactly, but those who started in early 2020 have seen good profits over the past months.
While there is no clear way to predict which way bitcoin’s value will go moving forward, monitoring the trends, legislation and other relevant news may help you decide on a good time to buy your bitcoin. Like any commodity, the secret is to buy low and sell high, so right now may not be the best moment to start investing as bitcoin approaches an all-time high, but the next downswing may just be the time to get into the game and make some money from this ultra-popular crypto currency.