Is now a good time to buy bitcoins?
If you’ve been keeping an eye on the news for the past month, you’ve no doubt seen a story or two about Bitcoins. For years, this cryptocurrency has been a favorite among Magic The Gathering fans and those looking to satisfy a chemical addiction without the authorities noticing.
However, with each passing day, bitcoins are making their way into major markets and are poised to become a real alternative to government-issued money. On top of all this, there is a constantly growing “stock market” for Bitcoins, which is making smart day traders a fortune. Could you be one of those day traders? Will your favorite online store ever accept Bitcoins? Let’s explore below so you can better understand why you should buy Bitcoins now.
Exchange rates are favorable, for now
Most of the people who choose to buy Bitcoins do so for the value of the investment. Just over a year ago, Bitcoins were worth around $ 40 each. Last month, the coin hit an all-time high at around $ 206, and is currently holding steady in the $ 100 range. Fortunes have been made by buying Bitcoins and selling them at the right time.
The mini Bitcoin bubble burst last month, and this has spooked some novice investors; but this is actually a constant occurrence. The important thing to keep in mind is that each time the coin recovers, it jumps to an even higher value. It is volatile; but very profitable. Furthermore, with a limited number of Bitcoins in existence, the value is expected to continue to rise for the foreseeable future.
New websites are accepting bitcoins every day
However, what drives that growth? It is not just speculation, this would cause Bitcoin to collapse like so many other cryptocurrencies of the past. Bitcoin survives and continues to grow because it is actually being adopted online. Currently, this is limited to single outlets. Online clothing stores, service providers (coding, design, etc.), and other “hot” products make up the majority of Bitcoin adopters so far; but they are only the first wave.
Currently, PayPal is trying to find a way to adopt Bitcoin in its current model, and this could mean that the eBay partner is not far behind. This will lead to an explosion in the use of Bitcoin online. But there is also an offline presence, with the opening of the first Bitcoin ATM earlier this month. Content aggregation site Reddit had a post earlier this week that featured a convenience store that had its own tag “We accept Bitcoin,” the only thing stopping them is a better implementation.
Bitcoin is still in the “ground floor” stage
However, the main reason you should buy Bitcoins is that this coin is still on the ground floor. All indicators point to the coin experiencing huge jumps in value and implementation in the near future. Those who have already invested in Bitcoin, and those who launch for the foreseeable future, can see great returns on their investment.
Will you make a good choice or will you spoil yourself by missing the next big thing?