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At the moment when I am writing this post, the market capitalization of cryptocurrency has reached US$146 billion. The trading volume today is US$2.6 billion. More and more people are aware of cryptocurrency and jumping on the bandwagon. I can tell you, “Now is the best time to invest in cryptocurrency.”
The Japanese government recognized bitcoin as legal tender this April and now they want to endorse cryptocurrency exchange operators and register them as legitimate businesses.
This means that cryptocurrency will become more popular in Japan. I believe other countries will follow; since there are lots of money to be made. Many governments understand that bitcoin cannot be stopped. Therefore, instead of trying to stop it and it is better to work with it. They foresee bitcoin will bring more activities in the economy and bring more wealth to their citizen. As it has already happened, bitcoin mining has bring a lot of wealth to Chinese bitcoin miners as well as a lot of bitcoin investors.
Other countries like Russia also want to help their citizens to mine bitcoin by providing cheap electricity. It would be a good place for mining bitcoin because they don’t need any cooling fans since Russia is so cold.
Here are the reasons why I think now is the best time to invest in cryptocurrency.
Cryptocurrencies are still at the early stage, if you get in early you will make money.
I am actively trading the coin market and I can tell you that the gains are much better than trading shares. Gains of 30% or more in a single day is not uncommon. (But you must know what you are doing, you can make money quickly but you can also lose money quickly. My advice is to take some trading lessons before you start trading. The other alternative is to start very small and slowly increase your investment when you get better at this game.)
More countries and companies are starting to endorse and use bitcoin and other alt coins.
More people are getting to know about cryptocurrency and one day it will become main stream.
Although the price of bitcoin is going up and down daily in a volatile market, but it is still keeping the upward trend. Some people believe bitcoin will worth over US$100,000 to 1 million in a few years. These predictions could be over estimated, but if it increase in value by 5 to 10 times you will sure make some good money.
I had a discussion with one of my friends. He told me he don’t believe in bitcoin because it has no backing like our money. Do you think he is correct?
He is correct if he say it fifty years ago when money is back by gold. At that time you can take you money to the bank and ask them to give you the gold. Since 1971 President Nixon had taken the US dollars off the gold backing. You can read this article – Nixon Ends Convertibility of US Dollars to Gold.
Since then, every country’s money are not back by anything. They are only back by consumer confidence. If no one believe the value of the dollar you are holding in your hand, it is valueless. For example, if you have US$5 and you want to use it in a small town in Africa to buy an apple. The local people have never seen US Dollars before or they cannot exchange it to their own currency. Do you think they will accept your money?
The value of a currency depends on circulation, which is how many people are using it and how many people desire it. At this moment, many people desire bitcoin and many people are using it. The value of bitcoin will only goes up as more and more people believe in it.
Today is 9 August, 2017. Recently, bitcoin is on the rise and the value is at the all time high of $3417. Many people are getting into bitcoin and many are guessing how high would it goes. I want to discuss with you how to make money trading bitcoin.
Before I start, I need to tell you I am not a financial adviser and I don’t have any background in trading. If you take my word and buy bitcoin, it is you own decision and it has nothing to do with me. I am not liable for any loss of gain that you incurred.
Some people say that currently, it is a bubble and it will burst. When it fall, many people will lose money. I want to show you one video.
He is correct that it will crash someday, but you have to realize that bitcoin has crashed few times previously. After these drops, it has continue to go up after that. Let me show you some data.
July, 2011 – it went up from 1.00 in April to 31.00
Dec, 2011 – it crashed down to 2.00
April, 2013 – it went up to 266.00
June, 2013 – it crashed down to 70.00
Nov, 2013 – it went up to 1242.00
Dec, 2013 – it crashed down to 600.00
Jan, 2017 – it went up to 1150.00
Jan, 2017 – it crashed down to 750.00
current – value at over 3,000
If you want to learn more about Bitcoin, you can visit Wikipedia.org – History of Bitcoin.
You can see the gain before the crash.
1st time – 1 to 31 (31 times)
2nd time – 31 to 266 (8 times)
3rd time – 266 to 1242 (5 times)
4th time – 1000 to ? (if we predict less than 5 times, so now it is at 3 times value. Would it crash soon?)
Could we use the past to predict the future? Sometimes we can and sometimes cannot. We cannot just use mathematics to calculate, because there are other outside factors which could affect the outcome.
Previously, there are less people who are interested in bitcoin and the market is smaller. Since then, the market has grow exponentially. Not to mention that some countries has legalized bitcoin. Therefore, in my own opinion the value of bitcoin still has room to grow.
If you compare it to the past housing bubble, dot com bubble, gold market bubble. It is still early days, until the day you see bitcoin go up to $10,000 per coin. This is just my own opinion. Therefore, I believe it is good time to ride the wave to the top. There are lots of money to be made, but make sure that you are not too greedy and watch out for the crash.
The only way to protect yourself from losing money is to take profit along the way, minimize your position while it is still rising. Because no one could predict exactly when it will top out and start to fall.
There are more than a thousand altcoins to pick, which one will make the most money for you? How to research which altcoin to buy? Picking a good investment is not easy and making money is not easy. You have to study and do your homework.
Currently, the coin market is very attractive. More and more people are shifting from the share market to the coin market because the coin market is very bullish at the moment. Also, it seems to be easier to make money than trading shares. But before you buy anything, you need to do your homework. You don’t want to see your money disappeared overnight. There are places where you can get the latest information.
Type in the name of the coin you want to invest. There are lots of information on Youtube and there are many good video. Here is an example below on Siacoin. Try to learn what is the technical behind the coin and see if you can understand. You don’t want to invest into something which you don’t understand – as least the basic principle.
Coin Market Capitalization
One of the most popular websites we use to find information is Coin Market Cap
You can see how the value of the coins and also it is a good place to get relevant information. You can get all the numbers and figures.
When you click on the name of the coin, you will see the screen below.
As you can see, there are lots of information. You can visit their website and see the white paper and find out who they are the people behind the company plus other information and news.
Regarding news on certain coin, you can search on Google and you will be able to see the latest news.