Well if you haven’t been latched on to the term “digital currency investment” in the past few months, then you might have certainly bumped into the terms like cryptocurrencies, bitcoins and a ceaseless rage of the digital currencies. It is the latest release of the news of the cryptocurrencies being considered illegal that has heightened its mania to top-notch!
The bitcoins have phased from being one of the most creative innovative accolades that could be stashed online, alluring the tech aficionados to the most elusive dispersed digital currency.
From it’s vogue sprouting from 2.8 million users to a whopping 5.8 million exclusive users presently, its furor has moved past the understanding of it being “illegitimate” to the pondering over into its investment!
One bitcoin is recently priced to almost worth Rs. 544729 and the value of this being extremely flicking, marks the people’s intrigued behavior for investing into this huge fad!
Bitcoin is known to be one of the first cryptocurrencies which made its debut in October 2008. It was one of the user by the name Satoshi Nakamoto, who was responsible for its introduction through a white paper.“Bitcoin: A Peer-to-Peer Electronic Cash System.”, it was called. The first bar of the bitcoin was known to be mined in the year 2009 and hence, mushroomed its undying craze. Although, Satoshi Nakamoto, has been played to be the mastermind behind this huge bitcoin fever but whether its just a mind of a single man or an entire group is still oblivious. The real identity of the founder has been secluded, for the security and secrecy of the founder!
However, today with the hiking craze, one of the most interrogated phrase is “Whether to invest in the bitcoin or not!” and the answer is certainly “no” as these are considered as the investments made in the past which directs them to peculiar prices, not because of it being something useful or having a proclaimed social value but just with the belief that they could sell it for more to someone in the future!
When you involve yourself into purchasing such kind of money, you have enveloped yourself into plying with the psychology of win-loose strife, counter to the other humans. Even if you manage to win by accidently stumbling over, you have lost so much of your time and strength and ultimately you loose! And what if by putting the same intensity of your energy into this game of currencies, you happen to loose? Wouldn’t it be a painful loss? Moreover, an investment refers to something of a guaranteed value not an uncertainty to its possession, which you might loose just in a wink, with nothing anymore left in your hands!
Besides, even the self-forged Bitcoin millionaires have urged the promising investors to woo away from the “gamble” and to not to dispose of their hard earned money into this “dumb luck winning” phenomena!
Grant Sabatier, who has claimed to have invested $5,000 (£3,600) in BTC in 2013, said: “Bitcoin is a global craze. Even my barber, who has no idea what a blockchain is, is buying it, because so many new people are buying it (and so quickly!), it’s impossible to accurately value. When the price of anything fluctuates 20-30 percent in one day, it’s obviously unstable, so you could lose all of your money very quickly. Especially if you need your money in the next year, don’t buy bitcoin. With the insane short-term fluctuations, bitcoin is short-term gambling, not investing.” ,he signs off!
The BTC token have also been claimed to plunge down in February this year, following a huge crashing of $553billion (398billion Euros) swoop to its January 7 market capitalization vertex of $834billion (600billion Euros)
The situation of the bitcoin has known to face an abrupt fall, considering the fact of how the bitcoin culminated at $20,000 (14,400 Euros) per token, by reaching the end of the December this year!
Alas! The looming darkness has now befallen upon the crypto investors, who were engaged in investing blissfully, being oblivious of the thing they were actually investing it in!
Darryn Pollock, coinTelegraph writer has also stated that the people were lingering over the bitcoins for all the erroneous reasons. He has also proposed the people to sway away from it, if they are unaware of what they are buying!
The crypto deft also quoted, “As old as the adage is, it is worth repeating and highlighting: Don’t buy Bitcoin to become an overnight millionaire. The reason this needs to be said again is because it will end badly for the individual and for the currency. If like the Internet and all its associated powers today, you believe Bitcoin can change the world, then it is worth buying into today – while it is cheap and If, you are out to make a quick buck, leave this space alone.”
Bitcoin was a result, following the chain reaction of the financial crunch of 2008, akin to an unruly player in the Wolf of Wall Street which was considered as a substitute of the flat currencies.
The initial motive of this initiation was to manage the money with a peer-to-peer web that remunerated its users with the disseminated token. This step focused not the banks or the government to organize the money, but the people.
Mr Pollock claimed: “Those who are trying to separate Bitcoin and Blockchain are wrong in doing so, but their premise is right; Bitcoin should be heralded for its potential as a technology”.
“Its use as a decentralized system of money which liberates users from the tyranny and hegemony of the banking system allows for seamless cross-border transfers and disrupts the financial system – these are reasons to celebrate and back Bitcoin.”
According to Warren Buffett, American Business magnate, the bitcoin saga will “end badly” in the coming years, due to its underlying feature of the intangible currency. Besides, $3.79 million bitcoins are already lost forever and $2.78 million are based on a low one, according to the recent research forensic report from a digital forensics firm that studies the bitcoin blockchain.