Delivered November 21, 2019. Contributor: Teresa W.
To understand whether bitcoin is a profitable investment.
Profitability of Bitcoin
Since it's creation, Bitcoin has been profitable 92.8% days it has been on the market. Despite its viotility last year, it has still remained profitable.
The cryptocurrency has had times of rapid increase, followed by slow, steady downfall until stabiization throughout its history.
Factors Making Bitcoin Profitable
Since Bitcoin is global, it is not affected by a single country's stability or financial situation. It is also apolitical and, therefore not impacted by any governmental control or influence. In fact, global chaos is often seen as beneficial to Bitcoin investors.
Bitcoin is scare with only 21 million. The more it is mined the scarcer it will become, making it even more valuable.
Bitcoin is transparent so it is easy to see when new Bitcoin has entered the market and how much is in circulation at all times.
Tips for Investing in Bitcoin
Use a crypto exchange for trading. With the violitility of the crypto market, a crypto exchange can offer experience and specialized knowledge.
Use the conservative strategy of buying and holding Bitcoin. Many times it will become more profitable the longer it is held.