Oct 22, · IS IT TOO LATE TO BUY BITCOIN? October BTC update! Ethereum Update. Loading Unsubscribe from Ethereum Update? Cancel Unsubscribe. Working Subscribe Subscribed Unsubscribe K. Too late to buy Bitcoin august Astonishing results achievable! It Too Late It Too Late. too late to buy be sovereign (eg Crypto-Dollar), to through like what the Bitcoin Price Prediction 5 reasons why you — Is It Too the picture was very be ratified when Parliament · Survey Terms And crypto outlook for August the question I've in —it's important , Bitcoin hit the You may be. Nov 22, · This is the highest price for Bitcoin since late and it is less than $1, from an all-time price high. Bitcoin is up % year-to-date in ! This easily crushes the 10% gain for the S&P , 31% gain for the Nasdaq and 21% advance in the gold price.
Is it too late to buy bitcoin october 2017Is It Too Late to Buy Bitcoin? Here’s What the Experts Think | Finance Magnates
The truth is that it is impossible to know. After all, most of us cannot predict the future. So, January may be a rollercoaster ride for the cryptocurrency market. But, how low could Bitcoin go? And historically speaking, buying into Bitcoin at moments of new all-time highs could be particularly risky.
Take late , when Bitcoin previously hit an all-time high. During those three years, there were several instances in which Bitcoin rose and then lost more than half its price.
To illustrate this point further, investor, entrepreneur, and author, Shanka Jayasinha told Finance Magnates a short tale that took place in December Why would this have been a concern? As it turns out, Jaysinha was right. Luckily for Jayasinha, the conversation with the hairdresser prompted him to quickly cash out of the market before disaster struck.
Of course, many others were not so fortunate. We are being driven by corporations and billionaires now, not just retail investors. The literal million dollar question. As we've covered before, if you bought some bitcoin when it first started and was trading at a measly couple of cents, you probably would be sitting on a yacht right now being fanned with a palm frond and not reading this article.
Or reading it in order to laugh at peasants. Whatever, it's your time, spend it how you wish. But millionaire status doesn't only happen for those who invested at the very beginning. It's important to note there is a limit for how many bitcoins can be created, with a maximum amount of 21 million.
However even with this cap, there won't ever be the full amount in circulation, as some unlucky people have lost their keys and thus their access along the way. So, just as there is only so much gold to be mined in the world, there is only so much bitcoin, too. And the important thing to note is there's still some left. If you're thinking, 'But can't they just make more bitcoin?
In order to change the protocol surrounding Bitcoin, every miner needs to vote on the decision. Now, don't forget miners are paid in bitcoin for their services, so why would they vote to decrease the value of their own assets? There's no one party that can change it," Poposka said. It's a very democratic process. Voting to increase the supply would be voting to decrease our bitcoin worth, so it wouldn't make sense. However, that's not to say the miners always agree.
In fact only recently August 1 Bitcoin split into two derivative currencies, Bitcoin Classic BTC and Bitcoin Cash BCH as a result of two competing factions within the Bitcoin industry being unable to come to an agreement about the currency's future. You can read more about the fork and its implications here. With all the hype surrounding Bitcoin, it's easy to forget it's not even the only digital currency out there. The reason it's the most famous is because it's the first of its kind, but it's not alone.
It's backed by an asset which we think in the digital world is valuable, which is data. In Poposka's point of view which she shares with the disclaimer she is not a financial adviser , it's worthwhile looking at the different currencies available and seeing if any appeal to you.
It's an individual decision," she said. As with any investment, Bitcoin comes with risks. And according to Eric Lim, senior lecturer at the School of Information Systems and Technology Management, UNSW Business School, one of the biggest risks is if a major government decides to step in and enforce regulations on how miners operate.
Or, even worse, issue its own cryptocurrency. That could cause a huge ripple in the price of bitcoin," Lim told HuffPost Australia. The appetite for speculation is still pretty strong, so the price is still likely to rise at this point of time but I wouldn't throw my entire nest egg in. If the Chinese government issued their own cryptocurrency, of course they are going to ditch the bitcoin.
No sovereign country can have two parallel currencies running, it's too unstable. Eric Lim. And according to Lim, these changes are not only possible, they are likely -- albeit still a long while off.
Because they have no control. It's a decentralised currency, no single country has control. However, because there are serious advantages to cryptocurrency and the inner workings of blockchain more on that here , Lim argues the concept is too tempting to throw out the window completely. So yes, for example, it's a great way to control money laundering or control corruption, and if everything goes digital, it will be easier for the central government to keep track of everything.
That's when you know the establishments currently accepting Bitcoin aren't going to accept it any more. Digital currency may not be mainstream just yet, but there's plenty of arguments to say it's not going anywhere soon. Should you invest in Bitcoin before it maxes out at 21 million?
Both Lim and Poposka think there is potentially money still to be made. But I would never recommending seriously investing in something you don't understand -- and that applies to everything, real estate or stocks or Bitcoin. Get the latest on politics, news, community voices and lifestyle.