Some of my friends have heard of bitcoin. The thing that they hear most about bitcoin is that there’s money to be made, that some people have made money. So they also want to make money.
But bitcoin is much more than just a currency. It’s also a decentralised network and a technology called blockchain.
Bitcoin the cryptocurrency is the incentive mechanism for providing security to the network. Its value emanates from that and also the demand for it by people who either want to invest or to use it as a currency.
I would suggest that you try to educate yourself on bitcoin before you invest in it. You need to understand the risks and the competition. You also need to understand that bitcoin is only the first app on the blockchain. It may or may not survive the competition from alternative cryptocurrencies. My guess is that bitcoin will survive alongside other cryptocurrencies because they’re not all the same, they serve different purposes.
If you decide to invest then the sooner you do it the better. The price of bitcoin has been going up in the long-term but very volatile in the short-term.
The short-term is great for speculators who want quick returns.
If you decide to invest you can register with a cryptocurrency exchange such as Coinbase. Once registered you can trade bitcoin, bitcoin cash, ethereum, and litecoin.
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