A famous Crypto currency called Bitcoin hours ago was traded around $19,820, that is a record high for this year . And to think of it back in 2009 it could cost you 0.08$ to purchase 1 Bitcoin the same 1 Bitcoin is worth around $19,820.
What caused the rise?
Bitcoin as a Crypto currency isn't regulated. The rise is due to how many people are willing to invest in it. Those investors affect the price for instance, Bitcoin has been adopted by well known companies like PayPal. This famous online payment getway has started to allow it's users to buy and trade Bitcoin on it's platform . Therefore Bitcoin adoption of such magnitude has affected the sudden price rise. Think of it a lot of people have now become aware of what Bitcoin is, of course they is a lot of scam in this volatile market but once big well respected Companies like PayPal come into play , thousands if not millions are going to adopt Bitcoin as well.
How much was Bitcoin worth in 2009?
Bitcoin in 2009 was traded at 0.08 those who bought 27$ worth of Bitcoin at that time would by now be banking something around 1 million United States dollars. It sounds something out of fiction but that is the reality of life. Bitcoin was introduced during the fincanical crisis of 2008-9 . Banks were somehow failing to keep up and an anonymous group created. An internet currecy which they called Bitcoin . Over the years people, across all works of life have grown euthusiast about this great innovation of our time the likes of Twitter CEO who believes in Bitcoin so much that he buys $10,000 BTC every week.
Bitcoin Not a Get rich Quick Scheme
Bitcoin isn't a get rich quick scheme, if you think investing in Bitcoin will make you rich I'm afraid you may be mistaken. Of course we have had some instances where people have turned into millionaires because they invested in Bitcoin 10 years ago, but the landscape has changed and those 10 years have passed so things are different.
Erik Finman story , is Inspiring. He is a millionaire with a Networth around 4.5m USD because at the age of 12 he used $1000 to buy Bitcoin and surprisingly managed to hold it .but not everyone is or gets so lucky for instance there are alot of theives in the crypto currency exchange community. The many thieves makes the market a hard place to be in, it's simply not for the faint hearted. Alot of people have lost there homes trying to enrich themselves with Bitcoin schemes, that eventually turned out to be scams and they the unfortunate victims.
Well, over the years all the euthusiasim about it, the great stories of how Bitcoin made others millionaires. It also have a bad side, it's money and were there is money their is greed and those who will always desire to take the little that other people have. Bitcoin is at times notorious of course big companies like PayPal are now adopting it , that will help make it self and trusted but we should know that big there was this big adoption Bitcoin had a lot of scams , people lost there life savings investing in things they never got there money back from.in addiction Bitcoin is annoymous , sometimes quite untraceable. And crimes use it as a payment method when they conduct themselves in criminal activities.
Today Bitcoin is showing more promise despite it's volatile nature more and more big companies are adopting and accepting it as a payment method. This is a very good sign to the crypto currency community. More and more investors feel safe and over the years most blind spots of how Bitcoin works has been cleared.
Should you invest and start your jounery? Well it's up to you but just remember Bitcoin isn't a get rich quick seem and if you feel like starting your Crypto currency jounery make sure you don't invest what you can't afford to lose.