Bitcoin is The Future (Even if You Hate It)

Whether you like it or not, bitcoin is the future and it will soon be even more common than a US dollar.

"Bitcoin is the beginning of something great: a currency without a government, something necessary and imperative."

– Nassim Taleb, Author and Risk Analyst

Although the whole cryptocurrency market crashed recently and has been in the deep end as of late, there is sure to be a spike in the market as it always does after the price drops heavily. And when that happens prepare to drown in money. The market is so unpredictable when it crashes or when it rises up. I remember investing $100 when Bitcoin was at an all-time high of $45,000 because I figured it has to go up more right? Wrong.

Anyways, Yahoo Finance predicted that the price of Bitcoin by the end of 2021 would be well above six figures. I'm a believer in cryptocurrency and I think that the price of Bitcoin will soon be over $1,000,000 dollars. It could take 10 years but it could also take 5. It's hard to predict for the long term but with more companies accepting it, the more common it will be treated as a currency soon to be used more than the dollar bill.

The Difference

There's a sizeable difference between buying and mining bitcoin. If someone were to mine Bitcoin, it only takes around 10 minutes to mine 1 BTC but it's extremely difficult to start up when comparing to buying Bitcoin. Buying bitcoin is quite simple once you buy your first BTC and you can it on apps like Coinbase or TrustWallet on your phone.

The transaction fee is nothing when compared to the costs for hardware, electricity, etc. that you need to have when mining your own Bitcoin.

The cost to mine 1 BTC is approximately 8206.64$. Meaning it's definitely expensive but still profitable. Considering the amount it is to mine Bitcoin for individual miners can range in between $5,000 and $8,500. It's a lot easier to buy Bitcoin than to mine it. When mining, make sure to consider the high electricity cost you're going to have to pay for the high electricity cost to actually run the hardware if you choose to purchase the hardware yourself.

What is Bitcoin?

Bitcoin was first released to the market 12 years ago on January 9th created by Satoshi Nakamoto. Bitcoin is a digital currency that uses technology to facilitate payments made. There are no banks involving Bitcoin it's just individually bought/mined. When Bitcoin was first released at $0 there was a lot of doubt about it but now the price is at around $35,000. If you put in $100 in Bitcoin when it first launched you would have over $200,000.

Each Bitcoin is basically a computer file that is stored in a 'digital wallet' app on a smartphone or computer.

You can also trade your bitcoin to others. People can send Bitcoins (or part of one) to your digital wallet, and you can send Bitcoins to other people. Every single transaction is recorded in a list called the blockchain.

CONCLUSION

Remember that the cryptocurrency market is risky, especially Bitcoin.

If you want to connect with me, follow my Twitter. Let me know if this advice helped you out.

---

DISCLAIMER: This is not financial advice