Is buying Bitcoin a risk?
Bitcoin is a non tangible digital cryptocurrency which is managed by BlockChain & operates on a world scale.
It may even have potential to replace tangible money in the future if the trend grows.
Potential Shareholders can purchase existing stocks (at a set price depending on the price at the time), Mine for Bitcoin’s via a cloud mining service (pay an annual fee) or Mine for the Bitcoins on their own home setup.
Cryptocurrency home Mining Rig
If you are though interested in your own personal home Bitcoin Mining Rig then do consider the astronomical Electricity bills. General online conversations suggest running the Bitcoin Mining hardware would eat electricity somewhere equivalent to running a 1000w heater all day.
The Industry is split on weather this will be a long term gold mine.
Some say its a huge risk and part of a sinister world government plan.
Other investors have put their Mortgage on buying more Bitcoin Shares.
Other promising online Cryptocurrencies in 2018 to consider: Ethereum, Ripple, Zcash, Dash and Monero.
Can I make money off Bitcoin, is buying Bitcoin a risk?
Due to the nature of the Cryptocurrency industry; shares in Bitcoin and these currencies deviate tremendously on a monthly basis. There is no predicable trend, though it seems as if the trend / profits are growing.
The concern is that growth has slowed down and it will possibly take much longer to make profits in 2018 compared to 2017. On the other hand skeptics suggest Bitcoin could lose all its value overnight in the near to distant future.
At the same time investing in one of the other up-and-coming digital currencies can make you rather wealthy if you lucky. Yet it could hold the same risks.
Example: You invest R10,000 and watch it become R17,000 within months. You see the growth but also realize that more funds are required for faster / greater growth. So you take the risk and invest more. You bank on it. If Bitcoin then somehow depreciates over the next few months, it may never recover to the levels it once reached.
My suggestion is start small with an investment.
Here is a proper breakdown on how to go about – Buying Cryptocurrencies like Bitcoin in South Africa.