The cryptocurrency market is snowballing, but this is something that even people without too much knowledge about it know by now.
Bitcoin started it all and has grown from $0 in 2010 to over $400 billion in 2017. That’s an increase of over 1 million percent!
And this year alone, the cryptocurrency market has grown more than 1000%. It seems like everyone wants a piece of the action.
But is it wise investing in it?
Although the market is known by over 50% of the world population, not many know how it truly works and if it is worth the time. The best idea to determine this is to go from zero to a hundred by getting to know the currency.
What Is Cryptocurrency? How It Works
First, you must know the base of Bitcoin and then move on with what it is in particular.
Therefore, focus on cryptocurrency and the fact that it is a digital currency that uses cryptography for security.
This means cryptocurrency can be difficult to counterfeit and includes features such as decentralization, anonymity, transparency, a fixed supply of coins, and open-source code.
It shares many of the characteristics with other currencies such as gold or silver in its limited supply but has some key differences:
- Cryptocurrency has a fixed supply of coins that will never exceed 21 million.
- It cannot be counterfeited easily.
- It uses open-source code so anyone with the technical know-how can look at it.
- It doesn’t have any physical form.
- Central banks don’t issue cryptocurrencies.
- It uses public led.
What Is Bitcoin?
It will be pretty simple to understand that Bitcoin is the first cryptocurrency created and debuted in 2009 following the global financial crisis.
We can leave it as a virtual type of money that allows you to pay instantly and without any difficulties, thanks to how the system is designed.
All the steps to create, distribute, trade, or even store the currency rely on the system known as blockchain nowadays.
It all started on August 18, 2008, with the name of the domain “bitcoin.org.”
During the announcement made by Satoshi Nakamoto on October 31 of the same year at metzdowd.com, Bitcoin is introduced as a digital cash system that works peer-to-peer, without third parties, and the open-source characteristic (followed by other cryptocurrencies later on) is what makes the big difference.
After this, on January 8, 2009, it starts making history with its software and during the next day when the first Bitcoin was mined.
From here onwards, it can be a bit messy to understand how Bitcoin has changed in terms of its worth and how influential it is in businesses and the entire population.
However, we can briefly go over the years it first emerged:
- In 2011, bitcoin’s open-source code allowed itself and other cryptocurrencies to emerge while foundations and organizations started accepting it for donations and certain payments.
- In 2012, it was already making a name when the CBS legal drama “The Good Wife” had bitcoins as the main subject. Outside of the TV, it started to be accepted in more businesses, companies, and as a payment method due to its increasing value in the market.
- In 2013, bitcoin was the most accepted cryptocurrency in terms of donations, with a total value of $24 million.
- In 2014, bitcoin was being used for more than just cryptocurrency. It started to be seen as an alternative investment option and started paying ends on stocks invested in Bitcoin or other cryptocurrencies.
- 2015 saw the rise of cryptocurrency and cryptocurrency exchanges (online platforms that allow the cryptocurrency to be traded), and over 100,000 retailers in Japan were accepting Bitcoin.
- In 2016, the average value of 1 bitcoin was $434.46.
- As for 2017, Bitcoin alone had a massive increase due to more people investing in its acquisition and the benefit of a decentralized system, which took it to be worth over $900.
- In 2018, Bitcoin’s value went over the moon, and the final price for the entire year was over $13.000.
- There was a decline in its price by 2019 but came back in 2021 (despite the difficulties and polemics), leaving it at $36.681.74 to this date (July 2021), and with an earlier increase that went higher than the actual price.
What You Must Know About Bitcoin
Believe it or not, the purpose of creating this cryptocurrency was not (initially) to make it worth thousands of dollars but instead to create an alternative payment system that was digital and did not follow the centralized system.
It was pretty ambitious considering that the main goal was, and continues to be, for it to be used as any other currency: for any payment.
It is not that simple to obtain Bitcoin (at least, not if you cannot afford its acquisition in the blockchain).
Bitcoin can be obtained with cryptocurrency exchanges, by mining it (which means you will need specific cryptocurrency hardware), or through a process called “fractional reserve banking,” where the bank loans out more money than they have.
You can also buy and sell bitcoins on cryptocurrency exchanges like Coinbase or Cex.
Keep in mind that all Bitcoin transactions are recorded in a public ledger (blockchain).
But is it worth taking your time to invest in it? This is a difficult question to answer.
The cryptocurrency market is highly speculative and volatile; there are no guarantees when investing your money.
In addition, bitcoin has been heavily associated with criminal activity and fraud because no government or central authority backs them.
There have also been many security breaches within cryptocurrency exchanges which means that digital currency holdings can be stolen from one person, and it’s hard to guarantee it won’t happen again (though it doesn’t mean this is a frequent menace).
However, it is a fantastic option for those who can afford the acquisition and investment as well.
It is more a matter of safety, how useful it ends up being, and if you can handle the entire process.
We cannot deny Bitcoins and cryptocurrencies, in general, are some of the best options right now but still unsafe for many situations.
Also, it may be recognized by almost every country at the moment. Even PayPal started to accept payments with this system a few months ago.
But to know if you can use it and how to do so, you need to determine how many (that interest you) stores and organizations have accepted it as a payment method.
Investing or not? What to Do
If you follow cryptocurrency news, then you probably know that Bitcoin’s price has been fluctuating wildly.
In 2018, the cryptocurrency market lost $700 billion, and a lot of people started to wonder if cryptocurrency was just a bubble waiting to burst.
Some cryptocurrency experts said it might not be, but others believed it’s most likely just a matter of time.
What does that mean for cryptocurrency investors? It depends on how much risk you’re willing to take.
If you’re not looking to make money as quickly as possible and can withstand some volatility, cryptocurrency could be an investment worth considering.
But as with any investment that doesn’t offer a guaranteed return on investment (ROI), there’s always a chance you’ll lose everything considering that cryptocurrency gains can turn into cryptocurrency losses just as quickly as you got them.
If you decide to go for it (which is not a bad idea, let’s leave this statement straight), our cryptocurrency investment advice is to diversify your cryptocurrency portfolio.
You should invest in coins like Ethereum, Litecoin, and Monero, and not only Bitcoin, which means that if one cryptocurrency tanks, then the others will probably still hold their value.
You should invest in Bitcoin as a started point for yourself, but you should not stick to it only.
Now, do we consider it to be the best option? Not at all.
As we already mentioned, it is pretty volatile and not for everyone despite the money you can earn with it.
Those who bought bitcoins for under $5 must be celebrating right now, but it is not the case for those who invest in it now.
One of the prominent beauties of Bitcoin lies in its digital feature: you do not have to move a finger in terms of leaving your home or office or rely on a central system.
And we agree digital and technology are the future and comfort and what you must be focusing on right now.
A Virtual Option You Can Afford
If you ask us, we find local lead generation much more affordable (and profitable in the long run).
With Bitcoin, you have to worry about how much you have to invest and make sure you are not continuously losing due to the market.
It is frustrating, stressful, and you do not know how safe it is as a long-term investment and savings.
We invest in Bitcoin and cryptocurrencies, but they are not our primary focus when making money.
Instead, we find local lead generation simpler, easier, and you won’t probably earn thousands in a few days (which could happen with Bitcoin if you are a bit lucky). But your ROI and fortune will be guaranteed.
You can have a boost with cryptocurrencies and be rich in only a few days, but you can also lose everything just as quickly.
Local lead generation is different since the process takes a bit more time, but it is much safer: you find small businesses in your area, save their contact information, and reach them out to create their websites to bring leads and turn them into clients.
Once you finish building every website, you won’t have to worry about it constantly. Instead, you can easily forget it even exists.
And you don’t have to choose a specific type of business or niche to start. Just make sure it requires your lead generation services (which both small and even large companies need all the time).
The significant differences with Bitcoin are:
- You don’t have to spend a fortune to make it profitable or even get started.
- There’s no need to be worried all the time about how much it increased or if it dropped. As long as you invest time and work on it, you won’t face losses.
- If you have a business, you will find lead generation to be helpful as well to boost it and make it grow.
- No worries about market and saturation or even competitors. Local businesses are always opening (and not so local too). This means you will continuously grow without issues.
Getting Started with Lead Generation
With the cryptocurrency market fluctuating so much, investing in Bitcoins or other currencies will be highly risky (that’s why people call them “cryptos”) or betting on speculative investments.
But local lead generation is the easiest way ever. It does not require any specialized knowledge or expensive equipment like cryptocurrency mining tools do.
Although you do need specific skills, there’s nothing that the #1 course we recommend cannot solve.
You will understand the concept of lead generation (why you should focus on local) and how to start getting everything done with just a computer, some time, and a few pennies.
By the time you have a few or dozens of sites and getting paid by the businesses you are helping, thousands of dollars monthly without moving another finger will be possible.
You’ve got a lot of questions, and it’s only natural.
Here you can find more info and start falling in love with lead gen…
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