Bitcoin Brings in Bucks

With the price of Bitcoin surging in mid-2017, cryptocurrency has garnered significant public attention and Bitcoin has become a household name. Yet such prominence has led to a multitude of questions, ranging from “Is it still profitable?” to “Is it even legal?”

Bitcoin is a blockchain-based currency that began receiving attention from the media after it began rising to very high prices in 2017. In 2012 a bitcoin was worth only $7.50 before eventually rising to $870 in January of 2018. By the time of writing, however, one bitcoin is now worth approximately $15,000.

The cause of such an increase in the price is simple: supply and demand. A single coin could theoretically be worth hundreds of thousands one day, and the next pennies; the value of all cryptocurrency, and indeed all currencies, is totally dependent on what people are willing to pay for it.

But is there still money to be made off Bitcoin? In short, yes. Because the price of Bitcoin often fluctuates thousands of dollars every day an experienced day trader would be able to make substantial amounts off of Bitcoin. In addition, potential investors need not be deterred by the price of Bitcoin, as it is possible to purchase fractions of Bitcoin rather than one full bitcoin; indeed, most transactions involving Bitcoin will involve values such as “0.0004 BTC.”

Yet there are a wide range of currencies extending far beyond Bitcoin in what is referred to as Altcoins, or any cryptocurrency that is not Bitcoin, most famously Ethereum, Litecoin and Ripple. It is generally believed by most investors that the best opportunities come during the early stages of an Altcoin; for example, investing in an Altcoin worth $0.25 a piece that would eventually climb in value to a dollar would quadruple your earnings.