Cryptocurrencies – How $470 turned into $2100

Cryptocurrencies. What are cryptocurrencies? Have you heard of Bitcoin? Maybe in the news? Perhaps from friends?

I don’t want to delve too much into what exactly it is as there are articles out there that do a better just of explaining what they are like this article named What is Cryptocurrency from blockgeeks.

What I would like to get at in this article is that cryptocurrencies are possibly one of the most fascinating investments that have come into play in recent years. To put things into perspective, if you would have invested $100 in Bitcoin on May 22, 2010, your Bitcoin value would now be $72.9 million. As of today’s writing, a single bitcoin is worth around $2100. That’s pretty ridiculous, but is it really? A Microsoft stock was worth at one point in time .10 cents; it is now worth $68. An Apple stock in 1980 was worth  .51 cents, and now it’s worth $153.

The name of the game is investing. I’m not saying throw your life savings into cryptocurrencies (although I wish I had at times), but what I am saying is to think about starting to invest if you haven’t. I’m not talking about your 401K, Roth IRA or IRA, I’m talking about going out of your way and do some research into the various markets, especially the cryptocurrency market at the moment.

I am by no means an expert, but I personally believe that cryptocurrencies could be the future of money/currency and right now may be a good time to buy since it’s not widely known to the public. For example, Ethereum (another cryptocurrency) was worth roughly $9 in early December, today it’s worth around $150 at time of writing.

Japan recently realized Bitcoin as a legal currency, and India and Russia are rumored to be next from several articles; should this happen, expect prices to continue going up. Bitcoin is definitely pricey, but there several other cryptocurrencies out there that are in their early stages like Bitcoin was in 2010.

I purchased when Bitcoin was $470 each, today it’s worth $2100. If you’re interested in viewing a list of cryptocurrencies, visit CoinGecko. If you’re interested in buying, check out either Coinbase (online exchange) or Kraken, I purchased mine through them. I currently own Ripple, Golem, Ether, Bitcoin, SiaCoin, ReddCoin, Lumen and am looking to buy more. Some of these are cheaper then others, but I think in the long run, all should increase. Can they decrease? It’s possible. Remember to do your own research, and invest knowing that you may lose money.

Risk it to get the biscuit, your current investment could potentially be worth thousands, or millions. Look at people who invested in Apple, Microsoft, Amazon when they first started… $$$.

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