Invest in Bitcoin is best way to earn more money

by Rohit Sharma Freelance seo, Web design, App developers

Bitcoins, virtual gold coins emblazoned with the letter B, look like the currency of video game aficionados and computer science graduates rather than a legitimate medium of exchange. But for those who are paying attention, bitcoin is beginning to look increasingly attractive as a financial tool and as an investment.

To date, consumers have been slow to embrace bitcoin. In a recent report by the Digital Currency Council, 74 percent of respondents said they are highly unlikely to use bitcoin in the next year. Those who do use it tend to be young, between 18 and 24 years old. The digital currency’s popularity is also higher among nonwhites and those with lower household incomes, mining hub

But the lack of consumer interest hasn’t stopped investors from sniffing around bitcoin. In fact, according to Coinbase, a bitcoin wallet and exchange company with about 3 million users, 80 percent of those users are buying, selling and holding bitcoins as investments, while only 20 percent are using them for day-to-day spending.

As an investment, bitcoin has been unpredictable. Its value has fluctuated wildly, from less than 1 cent at its launch to a peak of more than $1,200 a couple of years ago. For the past few months, it has held steady at around $400. At that price, it may be trading at a discount. According to Spencer Bogart, an analyst covering bitcoin for Needham, the current value of bitcoin should be $655. If he’s right, there’s significant upside potential for anyone willing to buy in now, bitcoin mining company

“Today, people investing in bitcoin are doing so in a speculative nature. This is for sure a high-risk, potentially high-rewarding investment,” said Michael Sonnenshein, director of sales and business development at Grayscale, which sponsors the Bitcoin Investment Trust (OTCMKTS:GBTC). “That’s one of the reasons why a lot of people are excited about investing in this space.”

Bitcoin’s true value as an investment likely lies in its enabling technology, called blockchain, rather than its potential as a digital currency. Just as the internet transformed the way we share information, blockchain promises to do the same for financial services.

The technology works almost like a shared Google Sheets spreadsheet, allowing multiple parties to view, edit and validate a transaction, eliminating the need for a middleman. Successful tests with mainstream banks such as Citigroup and JPMorgan Chase have shown that blockchain can indeed cut costs and make financial transactions more efficient, top 10 bitcoin mining farms

“In 10 years there may be no more stock exchanges and far fewer banks and so forth. All of these things can be made 90 percent cheaper by introducing this technology,” said David Yermack, chairman of the finance department and a professor at New York University Stern School of Business. “Financial services are going to get a lot cheaper for most people.”

If blockchain continues to gain traction, everything from buying homes to using debit cards could be drastically different in the near future. In an industry that has been extremely resistant to change, the implications for financial institutions that do not adapt to the emerging technology could be devastating.

Widespread implementation of bitcoin and blockchain technology is not without challenges. One of its biggest limitations at the moment is speed. While PayPal can process thousands of transactions per second, the bitcoin network maxes out at 7 transactions per second. Expanding that capacity is crucial to its success, obviously, but how best to accomplish that is not widely agreed upon. Possible problems with privacy and fraud protection will also need to be resolved before bitcoin’s potential can be fully realized.