Bitcoin and Crypto Currency should you invest | NO
Recently a number of my friends around Guatemala herd about investment groups sweeping together tens of thousands of dollars to invest in Bitcoin. A Bitcoin syndicate in basic terms is an investor offering investment statistics predicting the future price of a Bitcoin to gain investors.
I have been an avid follower and user of Bitcoin and other forms of Crypto Currency since 2011, a time when a Bitcoin was worth $1.00. We accepted Bitcoin for Tours, Shuttles and other travel-related services. Our websites had an app that allowed us to take payments using Bitcoin.
For some travelers, this was an easy form of payment, versus using credit cards, PayPal fees, and others. Over a two-year period leading up to 2013, we accumulated a few hundred bitcoins.
In 2013 Bitcoin exploded, prices, reaching $1,242 on 29 November 2013, should have sold at that time. 2014 was a roller coaster ride of price extremes both highs and lows.
In 2015 we sold all our Bitcoins for $300 and ended up with a huge tax liability in the form of Capital Gains which we negotiated down to a reasonable price.
2019 Bitcoin is under $10,000 for a Bitcoin. Bitcoin and Crypto Currency should you invest | NO. My reason for this opinion is based on part of my history with the currency and the fact that other investments offer better returns with fewer risks.
Bitcoin is a cryptocurrency, a digital asset designed to work as a medium of exchange that uses cryptography to control its creation and management, rather than relying on central authorities. The presumed pseudonymous Satoshi Nakamoto integrated many existing ideas from the cypherpunk community when creating bitcoin. Over the course of bitcoin’s history, it has undergone rapid growth to become a significant currency both on and offline – from the mid 2010s, some businesses began accepting bitcoin in addition to traditional currencies
Bitcoin price is volatile
The price of a bitcoin can unpredictably increase or decrease over a short period due to its young economy, novel nature, and sometimes-illiquid markets. Consequently, keeping your savings with Bitcoin is not recommended at this point.
Bitcoin is a high-risk asset, and you should never store money that you cannot afford to lose with Bitcoin. If you receive payments with Bitcoin, many service providers can convert them to your local currency.
Bitcoin Will Go To $1,000 Range, According to Trader With Accurate Calls
The crypto market is in a state of chaos after failing to rally into another bull run. Investors are still stuck holding extremely heavy bags of altcoins that have struggled to regain any lost ground.
As bitcoin has become more popular, more people have sought to acquire it. Unfortunately, nefarious people have taken advantage of this and have been known to set up fake bitcoin exchanges. These fake exchanges may trick users by offering extremely competitive market prices that lull them into thinking they’re getting a steal, with quick and easy access to some cheap bitcoin. Be sure to use a reputable exchange when buying or selling bitcoin.
Pump and Dumps
Do not trust people who entice you or others to invest because they claim that they know what the bitcoin price is going to be. In a pump and dump scheme, a person (or persons) try to artificially drive up or pump the price so that they can dump their holdings for a profit.