Im afraid the Bitcoin millionaire ship has sailed, its too late, give up all your dreams of becoming a Bitcoin millionaire it simply will not happen in 2018
A. You have already invested £250,000 into Bitcoin
B. You wish to invest £250,000 in Bitcoin today
Im guessing the majority of people reading this article will not fit into category A or B but will rather fit into category C, D or E…..
C. Thinks Bitcoin is a bubble that will burst very soon
D. Sick of hearing the word Bitcoin
E. Doesn’t have enough knowledge on the subject to form an opinion
2017 was certainly the year of Bitcoin and it cannot be argued that a lot of people have made a bucket load of money from investing early in Bitcoin and other Crypto currencies.
Bitcoin is just one type of Cryptocurrency just like US Dollars are just one type of fiat currency. There are around 180 fiat currencies in the World currently and at the time of writing this article there is 1426 Cryptocurrencys available in the World.
So what is Cryptocurrency you might be thinking? Well crypto currency is a new type of currency that is built on blockchain technology that allows for decentralised payments from one individual to another, so payments where no middle man / big bank is needed to process and handle payments. You can theoretically pay someone across the other side of the World with a cryptocurrency with no middle man involved and complete anonymity if you pleased.
Lets delve a little bit deeper;
Cryptocurrency is the next evolution of money. We know that in previous history, services and commodities essential to daily living were considered money (e.g. food and wine) and traded amongst micro-economies. As time past urban cities brought the need to track money and value across larger territories of land, which resulted in the creation of paper and coin money issued from the ruling governments.
In 1995 (roughly), an invention called the Internet made it possible for people to buy and sell virtually anything, to anyone around the world using bank-issued cards, which are a substitute for paper and coin issued currencies and provide electronic payment. Finally, several years ago, a new form of money that is native to the internet was born – cryptocurrency.
A cryptocurrency (also called a crypto-asset or crypto money) is a medium of exchange like government issued currencies, that uses cryptography to secure the exchange of digital information and control the creation of new units.
As alluded to above, cryptocurrency is simply the next evolution of money. As many things in our world transition to becoming digital, so will our money.
How Does Cryptocurrency Work
Cryptocurrencies provide a viable method of issuing & tracking ownership of unique digital representations of value, which we call money.
Cryptocurrencies are fully self-contained systems that both control and track each unit of cryptocurrency. Each individual unit acts like peice data moving around a network. Units of a cryptocurrency can be as small as £0.01 or as big as £1 Billion GBP. Some cryptocurrencies are controlled by a single entity (i.e. centralized) and others are controlled by the public (i.e. decentralized).
Cryptocurrencies use various timestamping schemes to avoid the need for a trusted third party to verify the transactions added to the blockchain ledger. Bitcoin, the most popular cryptocurrency, uses a Proof-of-work scheme, which is also known as Mining. Other cryptocurrencies achieve the same result with alternative approaches that are often labeled Consensus Protocols or Consensus Platforms.
Ok now you understnad what Crypto currnecy is and how it works let me explian;
Why you will not become a Bitcoin millionaire in 2018
One Bitcoin is now worth £10,000 this has surged in price from £2000 in January of 2017, that means a 500% return on your money in just one calendar year (certainly not an interest rate currently obtainable at a high street bank!). Although that is a phenomenal rate of interest / inflation / luck even the wildest predictions say that Bitcoin can achieve a maximum price per Bitcoin on £40,000 in 2018 thus meaning you would need to invest a minimum of 250k today and for the most optimistic of Bitcoin price predictions to be correct (they have been in the past about Crypto currency) to achieve a 4x on your Bitcoin investment and thus turning your £250k into 1 million pound!
So is investing in Cryptocurrency a waste of time?
No! I do not believe so.
The Cryptocurrency market place currently is a wild west of coins and ICO’s (another article topic) in fact I would describe the market as:
A horse race where nobody knows the odds of the horses at the start of the race, each horse doesn’t have to finish the race, nobody knows the horses jockeys or the owner of the horses and at any point other horses can join in the race and its all run on a virtual track with a very lose set of rules.
However just like the .com bubble of 1997 there is a HUGE (if limited in time frame) opportunity to cash in on this new phenomenon, see the below picture to see just how much money could of been made in 2017:
Now you should be thinking that doesn’t seem real! it must be a scam! But it isn’t Cryptocurrency is here to stay; even if Bitcoin as just one of 1426 coins is not. We might see the Bitcoin bubble burst in 2018 (although I don’t think it will) but the eco system as a whole has a long way to grow and I can only see a massive upswing for the market as a whole.
If you would like to know more about how to invest in Cryptocurrency or to track the progress of the top coins then head on over to our bespoke tracking website www.ALTI100.com.
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