The bitcoin system works without a central repository or single administrator, so it’s the world’s first decentralised digital currency, and it’s the largest of its kind.
In South Africa the price of one Bitcoin is R139 625 as of (29 January 2018). And yes Bitcoin is the newest asset class taking the investment world by storm as there’s potential there to make good returns off of trading on Bitcoins. But if you don’t understand it and it falls outside your circle of confidence. Don’t invest in something you don’t understand.
When a stock like Bitcoin is so volatile and large corporations are publishing all sorts of speculative information, the price is going to rise and fall a few times. In the case of Bitcoin, because it’s unregulated, there’s more chance of this rather than a stock which could do a huge drop and not recover so quickly.
Being fast to get in and out is how you can make a tidy profit. The cryptocurrency market has ballooned with its total market cap with Bitcoin sitting at the top of the pile with a dominant index. Cryptocurrency, lack of regulation is its biggest appeal. However, that may change, given a recent call for regulating this segment.
There have been sceptics crying foul over the legitimacy of this investment class. Even plenty of people who believe in Bitcoin’s future think some wild rides lie ahead. Where a price surge can just as easily be followed on by a price drop or maybe bet on even a price crash. Therefore proceed cautiously and with a warning.
Bitcoins can be bought and traded on exchanges like Coinbase, which have become the pre-eminent market for the cryptocurrency. The number of Coinbase accounts grew, with new customers joining a day.
Even various governments around the world have started to understand the fact that cryptocurrencies are probably not going anywhere. And have gone so far as to ban bitcoin and begun taking steps towards regulation by issuing their own digital currencies to complement their respective national fiat currency.
Some of these countries include Ecuador, Tunisia, Senegal, Sweden, Estonia, Russia, Japan and Dubai and in that order. It remains to be seen, how this new crop of government-issued cryptocurrencies will affect the crypto market including the main predecessor Bitcoin.
