{"id":284,"date":"2014-05-01T12:17:00","date_gmt":"2014-05-01T12:17:00","guid":{"rendered":"http:\/\/blog.holytransaction.com\/is-it-too-late-to-get-involved-in\/"},"modified":"2021-07-06T22:32:10","modified_gmt":"2021-07-06T20:32:10","slug":"is-it-too-late-to-get-involved-in","status":"publish","type":"post","link":"https:\/\/holytransaction.com\/blog\/2014\/05\/is-it-too-late-to-get-involved-in.html","title":{"rendered":"Is it too late to get Involved in Bitcoin?"},"content":{"rendered":"

(CoinDesk<\/a>) So, you\u2019ve only just learned about bitcoin, you\u2019ve seen that people have become millionaires through investing in it. Your question is: \u201cCan I still do the same, or has the bitcoin boat sailed?\u201d Unfortunately there\u2019s no simple answer to this. Can you still make millions from bitcoin? Possibly. Has the bitcoin boat sailed? Certainly not. Bitcoin,
\nand digital currency as a concept, is still very young. Created just five years ago, it\u2019s still trying to find its feet and its price is suffering rather wild volatility. On top of this, recent company failures<\/a> have left a lot of bitcoiners out of pocket. That said, there are plenty of people who have made a lot of money from
\nbitcoin, having invested in the early days and watched the price rocket since then. Those who invested two years ago, when the price <\/a>was $5 a pop, have seen their investment increase a sickening 9,560% to $483 per bitcoin (at the time of writing). In order to enjoy the same percentage return over the next two years, the price of bitcoin would
\nhave to increase from $483 to around $46,500. Sounds ridiculous, right? Actually, some people don\u2019t think it\u2019s that far fetched at all.<\/p>\n

Bullish bitcoiners<\/b><\/p>\n

A number of extremely bullish bitcoin price predictions have been voiced over the past year by some pretty notable commentators.
\nEx-Facebook executive Chamath Palihapitiya\u00a0kicked things off in May last year, writing in a piece for Bloomberg stating<\/a> that each bitcoin could go on to be worth more than $400,000, provided it establishes itself as a \u201cuseful reserve currency\u201d.
\nThe Winklevoss twins (of the Facebook lawsuit fame) said in November that they believe the price could go on to increase 100-fold<\/a>, with the market cap reaching $400bn (the market cap<\/a> is currently $5.8bn).
\nA few weeks later, a report from Wall Street analysts<\/a>\u00a0Gil Luria and Aaron Turner predicted that the price of one bitcoin could increase to almost $100,000.<\/p>\n

Titled \u2018Bitcoin: Intrinsic Value as Conduit for Disruptive Payment Network Technology\u2019, the report predicted the price of bitcoin could increase to 10-100 times<\/a> its value at the time, which was around $1,000.<\/p>\n

<\/a><\/p>\n

Political and financial pundit\u00a0Max Keiser<\/a> has been championing bitcoin for years, but in December he suggested it wouldn\u2019t be long before the price hit $5,000.<\/p>\n

CoinDesk polled its readers<\/a> in January and found 56% of the respondents believed the price of bitcoin will reach a whopping $10,000 this year. Of the \u2018young people\u2019 quizzed for a separate survey by Wired<\/i><\/a>, 42% said they believe bitcoin is a lasting currency and 30% consider investing in or mining bitcoins as safer than the more traditional stock market.<\/p>\n

While it seems there are plenty of people flying the flag for bitcoin, it\u2019s worth noting there is an endless supply of pessimists who think digital currency will crash and burn in the not-so-distant future.<\/p>\n

Bearish naysayers <\/b><\/p>\n

Warren Buffett<\/a> recently nailed his colours to the mast, telling CNBC<\/a> in no uncertain terms that he thinks bitcoin is an utter waste of time. \u201cStay away from it. It\u2019s a mirage, basically,<\/em>\u201d the billionaire investor said, adding that \u201cthe idea that it has some huge intrinsic value is just a joke<\/em>\u201d.<\/p>\n

American economist Paul Krugman voiced similar views in an opinion piece he wrote for the New York Times<\/i> back in December called \u2018Bitcoin is Evil\u2019<\/a>.
\nHe said he was \u201cdeeply unconvinced<\/em>\u201d that bitcoin could actually work as a form of currency and he doesn\u2019t think it works as a \u201cstore of value\u201d. Sir Bob Geldof followed suit shortly after, damning bitcoin<\/a> by saying digital currency \u201csimply won\u2019t work\u201d. However, Max Keiser told the world not to pay any attention to the singer\u2019s protestations, claiming that asking his opinion on bitcoin is a \u201cworthless exercise\u201d, akin to \u201casking a blind man his opinion on a Turner\u201d. American economist Nouriel Roubini<\/a>, who anticipated the collapse of the US housing market and the worldwide recession that started in 2008, is also not bitcoin believer. He has taken to his Twitter feed to label it an \u201cirrational useless bubble fad\u201d, a \u201cPonzi game\u201d and a \u201clousy store of value\u201d.<\/p>\n

How to get involved\u00a0<\/b><\/p>\n

<\/a><\/p>\n

If the above ranting hasn\u2019t put you off getting involved in bitcoin, it\u2019s likely you\u2019re now wondering how best to start.
\nYou\u2019ve probably heard that bitcoins are generated through a process called mining, which involves the use of computer hardware to solve complicated mathematical equations. In the past, people could use their own PCs to mine bitcoins<\/a>, but things have now evolved so that to make any significant return, you have to first invest in application-specific hardware that can cost thousands of dollars.
\nMost people are choosing, instead, to get involved in bitcoin simply by buying some of the digital currency <\/a>via online exchanges, such as Bitstamp<\/a>, BTC-e<\/a> and BTC China<\/a>, or marketplaces such as LocalBitcoins.com<\/a>.<\/p>\n

\u201c<\/i>Digital currency isn’t going to go away any time soon. So, when are you going to take the plunge?<\/em>\u201d<\/i><\/p><\/blockquote>\n

Once you\u2019re in possession of some bitcoins, you then have to make a decision about what to do with them \u2013 do you stash them away and hope for the
\nbest, do you spend them<\/a> or do you do a bit of both? That\u2019s completely up to you, but bitcoin\u2019s value will only increase if its popularity increases, and for this to happen people need to use it<\/a>, to spend it and to take advantage of the benefits it provides. By all means, store some in a bitcoin wallet, but don\u2019t just leave all of them in there, gathering virtual dust. Create another wallet that you use for spending. Make some purchases, test it out, explore how easy it is. Tell your friends about it and give your investment the best possible chance of blossoming into the millions you\u2019re praying for.<\/p>\n

It\u2019s important that you treat bitcoin like you would any high-risk investment \u2013 there\u2019s a chance you could end up making a lot of money, but there\u2019s also the chance you could lose everything. So, just be sensible and don\u2019t invest more than you can afford to lose.
\nFor now, the bottom line is that digital currency isn\u2019t going to go away any time soon. So, when are you going to take the plunge?<\/p>\n

Open your free digital wallet here<\/a> to store your cryptocurrencies in a safe place.<\/p>\n","protected":false},"excerpt":{"rendered":"

(CoinDesk) So, you\u2019ve only just learned about bitcoin, you\u2019ve seen that people have become millionaires through investing in it. Your question is: \u201cCan I still do the same, or has the bitcoin boat sailed?\u201d Unfortunately there\u2019s no simple answer to this. Can you still make millions from bitcoin? Possibly. Has the bitcoin boat sailed? Certainly […]<\/p>\n","protected":false},"author":1,"featured_media":882,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[37,76,337,678],"tags":[764,1012,1331],"yoast_head":"\nIs it too late to get Involved in Bitcoin? -<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/holytransaction.com\/blog\/2014\/05\/is-it-too-late-to-get-involved-in.html\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Is it too late to get Involved in Bitcoin?\" \/>\n<meta property=\"og:description\" content=\"(CoinDesk) So, you\u2019ve only just learned about bitcoin, you\u2019ve seen that people have become millionaires through investing in it. 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