Is it safe to buy Bitcoin and how can I trade the currency to my advantage?

I have some petty cash to spare and I am intrigued by the whole concept of Bitcoin currency. I did some research on it and found that it is the best performing currency for the past few years. It seems like the value of the currency is still on the rise. 

Sort By:
Most Helpful
2 weeks ago
100% of people found this answer helpful

Hi, one has to differentiate between cryptocurrencies such as bitcoin and the technology behind it ie Blockchain technology. Blockchain technology is arguably very innovative and offers elegant solutions to a number of problems such as transactions, supply chain, information management etc. Firms such as IBM are now offering solutions to clients using Blockchain technology and large banks are adopting it for their transactions.

Cryptocurrenceis  themseleves are a bit more unclear and I would argue, are in their infancy. Bitcoin is just one cryptocurrency and there are over a 1000 other cryptocurrencies and many more are being offered every day. 

Bitcoin has had a incredible run over the large few years and stories abound about how much money you would have made had you bought it a few years ago. What those stories don’t touch on is the gut wrenching drops the currency has had between then and now- it was almost 90% down a few years ago. So, if you do plan on buying bitcoins remember that for a variety of fundamental reasons and especially because of the price volatility it is speculative with a very high volatility and there is a chance that you could loose a large percentage of what you put in. 

2 weeks ago
2 weeks ago
May 2016
2 weeks ago