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Bitcoin continues to make its early adopters rich but how much of a risk is making an investment today? There are all kinds of factors to consider. Will governments try to ban it? Can governments successfully ban it? Will quantum computing or another cryptocurrency render the Bitcoin technology obsolete? Of course, then there’s risks inherent with any investment. Do you look after it yourself, or trust a third party to do it for you? If you opt for the former, how is the best method to secure it? The following article addresses these concerns and aims to give those yet to get started in the world of cryptocurrency some points to consider before they buy their first Bitcoin (or fraction of one – as the case may be).
For those unaware, Bitcoin is a peer-to-peer, decentralised currency. It’s scare and therefore has a value attached to it. Bitcoin can be used to buy things over the internet, or in person. Many websites accept it, as do other services such as casinos. It might seem a bit alien using it for payments at first. However, it’s simple. For example, the process of making a transaction or deposit with Bitcoin is explained at NoDepositExplorer.
Reasons behind Bitcoin’s growth
There’s no denying Bitcoin’s meteoric growth since it was first introduced to the world by the mysterious Satoshi Nakamoto in 2009. Starting life as an experiment in cryptography and decentralised consensus systems, certain network rules began to appeal to investors as Bitcoin began to slowly emerge from the shadows of cypher punk and libertarian circles. The chief of these is its absolute maximum supply of 21 million coins. With a fixed supply, one of the two variables determining price cannot be adjusted. For those who discovered Bitcoin early, this presented a unique proposition – digital scarcity. Like gold, ivory, and many other scare commodities on…