Bitcoin has surpassed $6000 USD and this is great news for those that had invested into this currency earlier on, however this has happened before and there was a pretty significant drop in value, so err on the side of caution when deciding whether or not to invest in this amazing cryptocurrency.
Bitcoin is a great way to send or receive payments. However Bitcoin has had some issues and some of those are related to the physical size of the Bitcoin wallet database that you must download to use the currency. Time is a huge factor for consumers, and due to Bitcoin being fairly slow to process transactions, programmers started to develop alternatives to the infamous Bitcoin and this is where the most popular altcoin known as Litecoin comes from. Litecoin improved on some of the issues with Bitcoin and generally helped to speed up block creation, in effect making transactions quicker. This spawned a whole host of other competing altcoins and there are plenty of them out there.
Out of all the coins, there is the one that stands out and that is Bitcoin. Only last year, one Bitcoin was worth only $650.00 USD while today one Bitcoin is hovering around $6000 USD. But the big elephant in the room type question is this: Has Bitcoin peaked? Is now still a good time to invest? Well, there’s no way to tell for sure, if demand for Bitcoin continues, then the price may rise, but there are some issues with Bitcoin maybe facing a ban in China, leading to possible less demand and a possible crash.
Another indicator you could watch out for is mining hardware. This is what is used to digitally “mine” the bitcoins, the nature of the game is hardware that has the highest “hashrate” and consumes the least power, will provide the most profit in mining these coins. However as the hashrate increases and new hardware is constantly being introduced to mine faster, more coins generated could indicate whether there may be an excess of coins mined that can drive the price lower. It’s hard to say for sure.
Who knows for certain, but be wise with anything you would think about investing, because it may have peaked and it has crashed significantly in the past, so there’s always a worry, don’t invest anything you can’t afford to lose and if you profit, that’s great… But like gambling, there is the risk you could lose it.