If you’ve been online or listening to the news in the last decade, you will have heard about Bitcoin – even if you don’t know what it is. Before you decide to buy this digital currency, you’ll want to know everything you can about it. After all, you wouldn’t buy a new product before you knew you could trust it. To help Bitcoin newbies out, we’ve answered six questions below.
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When Was Bitcoin Created?
Bitcoin was first introduced to the live markets in 2009, but it wasn’t an instant success story. To begin with, people only saw Bitcoin as an asset instead of a currency. Additionally, it received a lot of bad press about having ties to dark web activity – because it was decentralized and unregulated.
Over the years, governments, businesses, and people have gained a deeper understanding of how it works, and Bitcoin has risen to become one of the most valuable currencies in the world (fiat and crypto).
Is Bitcoin a Good Investment?
The answer to this question lies in a gray area because it depends on your strategy. If you can choose a strategy that mitigates the heavy volatility and manages risk, then Bitcoin can absolutely be a good investment. However, if you don’t follow any rules, you’re likely to come out with less money than you went in.
Do You Have to Buy a Full Bitcoin?
At the time of writing, the value of 1 Bitcoin is $27,161. Before you get overwhelmed, you’ll be happy to know that you don’t have to buy a full Bitcoin. In fact, you buy as little as 0.00000001 of a Bitcoin, and this is called a Satoshi. To find out more about buying less than one Bitcoin, you should check out this article that dives deeply to answer the question “can you buy fractions of bitcoin?”.
Does Bitcoin Have Value?
Although Bitcoin doesn’t have a physical currency, it still has value in the real world. However, you should note that the value is extremely volatile, which can make it a risky investment. The best way to keep up with the value of Bitcoin is to set up an alert on a platform like CoinMarketCap.
Is Bitcoin Illegal or Legal?
Bitcoin and cryptocurrency are viewed differently from country to country, so the legal status will depend on where you are. For example, in the US, buying and selling Bitcoin is legal in all states, but traders have to comply with local regulations., Whereas, counties like Saudi Arabia and China have made cryptocurrency illegal.
Is Bitcoin Secure?
Bitcoin used blockchain technology, which makes the infrastructure one of the most secure there can be. To this day, the Bitcoin blockchain has never been hacked. However, that doesn’t mean there aren’t vulnerabilities. For example, you will need to store your Bitcoin in a digital wallet, and you’re always at risk of losing your private keys.
If you’re completely new to Bitcoin, the above information should give you enough to pique your interest enough to start reading more about the digital asset. Before investing in Bitcoin, make sure you know how it works.
This article was provided by Sara Edwards
