Bitcoin, is a new type of currency that entered the world 2010. In 2010 Bitcoin was worth less than once cent of USD(United States Dollar), and now after November 29, Bitcoin reached an all time high of being worth 11,000 USD. This means that one single Bitcoin has grown in value from less than a cent to over 11,000 in just 7 years. The article “All You Need to Know About Bitcoin’s Rise, From $0.01 to $11,000” goes into depth about what bitcoin is, how it works, and its growth over the years. The article goes into detail about 10 major points, all pertaining to different aspects of Bitcoin. The basics of Bitcoin, is that it is a cryptocurrency, that is digital meaning it is created by complex algorithms that are nearly impossible to crack. These algorithms create coins that are digital so there is no actual physical “Bitcoin”, the process of creating these coins is called “mining.” Every time that coins are mined the more Bitcoin will be worth. For example if you invested 1 dollar into Bitcoin in 2010 by 2017 you would have made 1.4 million dollars. For this reason, Bitcoin is a hot commodity for most to try and invest and make money by putting money into the Bitcoin stock.
Many believe that since the Bitcoin market itself is very volatile, that it is just a bubble and that it can pop at anytime, meaning that Bitcoin could randomly become worth next to nothing at any given time. I found an article called “This is What Could Pop the Bitcoin Bubble.” This article going into how and why the bubble could pop. There are many different reasons but the two that caught my eye in the article were “Hacked to Pieces” and “Knifed by a Fork.” Hacked to pieces, talks about the system becoming hacked and these hackers would be able to gain all the money that Bitcoin and its investors have ever earned. Knifed by a fork talks about the other types of cryptocurrencies, that have basically done the same thing as Bitcoin. These other currencies can cause a bug for Bitcoin thus causing it to fail. Personally, i believe that Bitcoin is a very sketchy thing to invest in but at the same time i can see the way people can make money off of it. I think that if someone is to invest in Bitcoin they should do research for a while before doing so that they know what they’re investing in before blindly making a decision. I believe that this would be a smart way to make money off of investing in Bitcoin.