The Collective, a property developer in Willesden, has become one of the first housing agencies to accept Bitcoin. From 2010, Cryptocurrency has enjoyed a meteoric rise in popularity among investors and the public, with a value exceeding expectation. Bitcoin, above all, has seen its value explode from .003 cents to $4425 from 2010 to 2017. Support has gathered remarkably, and many onlookers of its success are most likely contemplating investing in some of the action.
But a question like that does need some serious consideration: Should I invest in Bitcoin? This article hopefully will help you measure up the pros and cons of investing in cryptocurrency.
Why you should invest
There is understandable concern over the rapidity in which Bitcoin/Cryptocurrency rose, with some believing that it will fall into obscurity. In 2017, the number of merchants worldwide who accept Bitcoin rose to 100,000. And with over 8,000 stores accepting Bitcoin as means of payment in the UK, it’s not going away anytime soon. Introducing Segwit2x provoked major concerns at the time, but has profoundly improved Bitcoin, making transactions faster and cheaper than ever.
There is a greater domestication of Bitcoin, much like Ethereum, modernising it to accommodate a growing user base. More than investing, this domestication of Bitcoin has included more intuitive wallets, available online as well as phones including hardware. These wallets allow users to withdraw, buy, sell and use Bitcoin, this streamlining has changed the face of the currency.
Why you shouldn’t invest
Anyone eager to invest in Bitcoin must understand that it is infamously volatile, and it’s difficult to know what may happen to its value. Experts appear divided over whether it’s a bubble set to burst, or if it will become inaccessible to potential users. While heartening to see companies backing Bitcoin, it has significant ground to cover when compared to daily contactless use.
While Segwit2x has made improvements, senior developers and users express grave concerns over what it represents for its newfound users. What Segwit2x does which concerns some is the possibility of replicating transactions, anyone experienced enough could replicate someone’s payments. And as many will know, the WannaCry hack relied on extortion of private information with a Bitcoin ransom. With these occurrences comes the reality that new users will find themselves entering a deep sea with new types of predators.
Whichever way you’re thinking, to invest or not, it’s wise to get more information and opinions before spending money. With its extraordinary rise in popularity in value, Bitcoin remains untested waters, but with every risk comes opportunity!
Have any questions about Cryptocurrency? Do you have any first-hand experience of Bitcoin? We’d love to hear from you! Want to learn more about Cryptocurrency? Check out our articles on the history of Ethereum and Bitcoin here!