Thursday, January 25, 2018

What Do You Need To Know About Bitcoin In 2018?

Up until 2017, bitcoin was something that could easily be ignored even by serious financial investors and tech thinkers. Many believed it was a fad, and many others believed its value would ultimately dissipate, either because it had no practical usage or because its competitors would become better versions of it. In 2017, however, and particularly late in the year, the landscape changed. Bitcoin’s value spiked dramatically, nearing $20,000 at times, and though it has since corrected to a great extent, the conversation changed. Now even those who might roll their eyes at bitcoin have to at acknowledge that it’s a serious asset.

Beyond the fact that it’s being taken more seriously, however, here are some of the things you should know about bitcoin during 2018.

Some See The Correction Continuing

With bitcoin’s sensational rally having reversed course somewhat, there are some experts in the investing business who expect the trend to continue. One of the most recent mainstream opinions on the matter came from a Wall Street CIO who predicted that bitcoin could drop as low as $1,000 in 2018, which would represent more of a collapse than a correction. There are plenty of analysts who believe that the 2017 version of bitcoin represented a clear investment bubble, which supports this kind of prediction. It’s not necessarily going to turn out to be correct, but it’s certainly worth bearing in mind.

Regulation Is Still Being Ironed Out

Many of the world’s biggest governments and financial institutions are still trying to figure out how to handle bitcoin. In the U.S., people are free to use bitcoin pretty much however they please. An Irish article on the subject noted that the UK has taken a similarly laissez faire attitude toward bitcoin. But in other parts of the world – namely South America and East Asia – we’ve seen more efforts to curb usage and in some cases even punish it. These kinds of regulatory positions, vague as they may be, are the closest things we have to broad indicators of where cryptocurrencies’ prices might be heading, so they’re very important to pay attention to.

Altcoins Are Serious Options Also

For anyone considering purchasing bitcoin as a means of investment, altcoins should be looked at as well. There are dozens of them, to be fair, but the more mainstream ones have experienced fluctuations in value very similar (in pattern, not amount) to those of bitcoin. If this interests you, some of the names you’ll want to know are litecoin, bitcoin cash, and ethereum, to start with. These are all cryptocurrency alternatives that work similarly to bitcoin but offer different valuations, and can in some cases be a little more appealing as points of entry into the market.

Wallets Are Improving

It would be fair to say the very concept of bitcoin wallets has given some people pause about buying into cryptocurrency. Because bitcoin is an intangible asset that doesn’t exist in physical form, holding onto it is a strange concept. Basically, you choose a wallet with which you protect codes that allow you to access and make use of your cryptocurrency. This puts a huge amount of importance on the security and convenience of the wallets, and means your storage technique is as important as anything. And fortunately for those interested in bitcoin, a look at the best wallet options for 2018 shows that they’re getting better. Wallets have had time to gain reputations now, such that you can easily see which ones are most secure and easiest to use.

Some See It Soaring

Just as some believe a bitcoin crash is coming, there are plenty of others who think it’s poised to rise even higher than it did in 2017 – perhaps even much higher. Again, these predictions aren’t necessarily correct. They may even be wildly off. But in the interest of considering all the angles, anyone interested in bitcoin in 2018 should spend some time reading these points of view as well. Try to focus on the justification for the predictions rather than some of the astronomical numbers being thrown around (such as $100,000 by the end of the year).

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