Today, the price of one Bitcoin is currently more than $43,817. This is very high compared to a year ago when the price was $10699.
Should you buy Bitcoin right now? That’s a tough question to answer as it all depends on what you’re looking for in virtual currency. If you are looking for a quick return on your investment, then buying Bitcoin probably isn’t the best way to go.
Projected Bitcoin Growth
We believe that there is still more growth in Bitcoin. The price is likely to rise even further over time, but this could be weeks or months depending on how fast adoption happens with merchants accepting Bitcoin as payment. It’s important to remember that there are only 21 million Bitcoins, and most likely it will take a long time before we run out of them.
Given this information, the smartest move would be to buy a small amount of Bitcoin and let it sit in a wallet you control with a password for a while until its value rises again. This is known as “Hodling” or holding onto your coin.
The risk with this strategy is if the price crashes, you lose the money you put in. But if you buy more than one Bitcoin worth of coins and it crashes, then consider that lesson learned and use only what you can afford to lose next time around. You may also want to check out a saving account for a more secure place to store your money.
Keep in mind that you can use sites like Coinbase to buy and sell Bitcoin, but this will require that you have a bank account with them. Exchanges are very fast during business hours, however, they may be slightly slower when the market is at its busiest times – which is likely to be anytime the price of Bitcoin is fluctuating rapidly.
Don’t buy bitcoin right now – if you have already bought bitcoin, hold onto it. For a little bit of time or until after this year’s bubble pops. If the price of bitcoin crashes, you’ll lose your money. But if a crash happens and you have a significant number of bitcoins in your wallet, you can buy more at that cheaper price later on. If you don’t want to risk losing money, put some in a saving account or something more secure. Buying bitcoin is the same as buying stock. You don’t have to buy an entire stock to profit from its growth – you can buy a portion of a share/stock as well.