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Should You Buy Bitcoin?
Because the world's current front-runner in the CryptoCurrency market, Bitcoin have been making some serious headlines and some serious fluctuations within the last 6 months. Almost everyone has heard of them, and almost everyone possesses an opinion. Some can't fathom the proven fact that a currency with any value may be created from nothing, whilst some love the proven fact that something without Government control may be traded as an invaluable entity in its own right.
Where you lay on the "Should I Buy Bitcoin?" fence probably ultimately boils down to one question: Can I Make Money from Bitcoin?
Can You Make Money from Bitcoin?
In just the past 6 months, we have seen the price go from $20 a coin in February, as much as $260 a coin in April, back down to $60 in March, and back as much as $130 in May. The purchase price has settled to around $100 a Bitcoin, but what goes on next is anyone's guess.
Bitcoin's future ultimately rests on two major variables: its adoption as a currency by a wide audience, and the lack of prohibitive Government intervention.
The Bitcoin community is growing rapidly, interest in the braking crypto news currency has spread dramatically online, and new services are accepting Bitcoin payments increasingly. Blogging giant, WordPress, accepts Bitcoin payments, and African based mobile application provider, Kipochi, allow us a Bitcoin wallet that will allow Bitcoin payments on cell phones in developing nations.
We have already seen people make millions on the currency. We are seeing an increasing variety of people tinkering with living only on Bitcoin for months on end, whilst recording the knowledge for documentary viewing.
You can get a takeaway in Boston, coffee in London, and even a few cars on Craigslist using Bitcoin. Searches for Bitcoin have rocketed in 2013, with April's hike and subsequent fall in the Bitcoin price. A week ago the very first large acquisition of a Bitcoin company was made for SatoshiDice, an online gambling site, for 126,315 BTC (about $11.47 million), by an undisclosed buyer.
This rapid growth in awareness and uptake looks set to carry on if trust in the currency remains strong. Which leads to the second dependency. Government regulation.
Although specifically made to work independently from Government control, Bitcoin will inevitably be affected by Governments in a few ways. This ought to be the case for 2 reasons.
Firstly, to attain high degrees of adoption, Bitcoin must be accessible to many people, and that means spreading beyond the realms of hidden transactions to normal everyday transactions for individuals and businesses. Secondly, these Bitcoin transactions could become a trackable part of people's taxable wealth, to be declared and regulated alongside every other sort of wealth.
The European Union has already declared that Bitcoin isn't classed as a Fiat currency, or as money, and therefore, won't be regulated in its own right. In the US, the 50 state system and amount of bureaucratic bodies involved have inevitably made decisions more challenging, without consensus reached thus far. Bitcoin isn't regarded as money, therefore, but it is known as to do something like money.
A thriving Bitcoin market in the US has a more uncertain future for now, and any conclusive legislation in the US could either have a very positive, or a very negative influence on the future of Bitcoin.
