Is it Still worth Investing in Cryptocurrencies?
One of the ways to make money aside from the normal income that comes your way is investing in cryptocurrencies.
In the past few years, cryptocurrency has become the new face of investment. Since its inception in 2009, bitcoin has seen lots of ups and downs with it increase and decrease in price. Regardless of its nature, it has also seen lots of investment in it since 2009.
If your question is whether you should be investing in the cryptocurrency, the answer will be yes, but you have to be ready for the roller coaster ride with respect to the rise and fall of the currency. It is amazing how bitcoin can surge in price within a twinkle of an eye and fall in price before you are done with rejoicing.
Earlier this year, the price of bitcoin fell below $6000 which rose the concerns of investors and later surged to almost $9000. Thus to let you know cryptocurrencies are characterized by fluctuations every now and then hence it is advisable to invest with an amount you can afford to lose.
Despite the uncertain nature of bitcoin, investors whom over a long period of time have invested in the currency can now boast of huge sums of money. If a person invested in bitcoin since 2011 with $1000, this person will have $36.7 million to his credit as at January this year. Sounds crazy right?
Same way $100 invested in bitcoin in 2010 would be worth more than 28 million as at December 2017. Hence, just like any investment, one needs patience, especially with cryptocurrency if you want to make huge sums in the future.
To invest in bitcoin now you will need huge chunks of sums today. Currently, bitcoin sells for $6,251 at press time. Notwithstanding, they are other currencies such as Ethereum and Litecoin and just like bitcoin these two can generate huge sums for you in some years to come.
Also read: Why Cryptocurrency Is The Future
You would also want to take note that to invest in a cryptocurrency you would have to learn and educate yourself well enough to enable you to understand how it works.