The price of a single Bitcoin, arguably the most well-known cryptocurrency, has plummeted in the last two years, from more than $61,000 to around $25,000. The road has been volatile for Bitcoin, even as it has become more widely accepted as payment for goods and services ranging from Burger King to the Miami Dolphins NFL team. Even the American Red Cross accepts Bitcoin for payment of donations. As Bitcoin becomes more and more mainstream, many investors wonder whether the time for putting money in this unconventional currency has passed. There is still plenty of opportunity to make money with Bitcoin. Here’s why…
Reasons to invest in Bitcoin today
1. Buy low.
The conventional investing axiom of “buy low; sell high” applies to Bitcoin also. With the price less than half of what it was in 2021, there is a lot of room for growth.
2. The supply is fixed.
Unlike many other cryptocurrencies, the number of Bitcoins permitted to be mined each year is limited. There is control over the supply, and an overzealous miner can’t drive down the price. The total number of Bitcoin circulating is capped at fewer than 21 million coins. This differs from most significant currencies that can be reissued by central banks, increasing the monetary supply.
3. Bitcoin has the potential to become the first truly global currency.
Some see Bitcoin becoming the first truly global currency, negating the need for currency exchanges and exchange rates. As Bitcoin becomes increasingly widely accepted as an online payment method, this vision seems more likely.
4. You can create (mine) Bitcoin yourself.
If you are tech-savvy and have enough financial and other resources, you can create one or more of the year’s limit of Bitcoin on your own. However, ensure you understand the process and the pros and cons before you begin. See below.
About Bitcoin mining
If you are considering mining your own Bitcoin, it’s wise to consider the following points before you go any further…
1. The number of Bitcoins that can be mined yearly is limited.
While this is a good thing for helping to keep the value of Bitcoin high, limiting the number of Bitcoin that may be mined each year also limits the opportunity.
2. Mining Bitcoin uses a lot of energy.
Mining Bitcoin uses a lot of resources. Tekedia says, “Bitcoin mining alone accounts for more than 0.5% of global electricity consumption and emits more carbon dioxide than some countries”. That’s not only bad for the environment; it’s expensive.
3. Bitcoin mining requires a sizeable upfront investment.
You can’t just go mining for Bitcoin on your laptop. You need an extensive computing capacity, typically called a “mining rig,” which costs money before you get your Bitcoin…if you can work your way through the complicated algorithm. The resulting currency wouldn’t have as much value if the process were free and easy.
About Mason Jappa and Blockware Solutions
Mason Jappa is one of the most well-known names in the Bitcoin community. He is one of the pioneers of Bitcoin mining and brought the technology to the US and North America. As founder and CEO of Blockware Solutions, a leading Bitcoin mining company, he is helping to advance Bitcoin and drive innovation in the Bitcoin mining field.
Blockware Solutions is a leading provider of mining rigs and services to help Bitcoin miners in their endeavors. To learn more about Mason Jappa and Blockware Solutions and how they can help you profit from Bitcoin, visit Blockware Marketplace.
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