All You Need To Know About A Bitcoin

By Emmanuel Ologbo –

Is it too late to own a Bitcoin? This question sounds like is it too late to have some money in your bank account. Of course, it’s obvious. You know the answer. Let’s be honest here.

Bitcoin is not a regular or fiat currency like your Dollar, Pound, Naira etc. It’s a Crypto Currency. For those of us who do not know what a Crypto Currency is; Crypto currency is digital or virtual money. That means there’s no physical coin or note — it’s all online. It does not require a bank to be stored.

It is decentralized and transactions are transparent. This means that you can easily track anybody’s wallet in the world to see how much of a particular Crypto they own; also see their past transactions amount and the wallets they’ve transacted with.

Yes, that’s how accountable a Crypto blockchain is. It helps to explain why Corrupt government officials would never opt for it. Though, it is volatile and criminals can easily get away with a Crypto because of it’s anonymity.

You can buy a Crypto currency with a credit card or, in some cases, get it through a process called “mining.”

Sometimes they are given out while they are still new as “Airdrop” to raise awareness and to reward Users or HODLers. HODL is a term used to represent Hold in the Crypto space. Crypto currency is stored in a digital wallet, either online, on your computer, or on other hardware like ledgers.

Now you have a basic knowledge of Crypto currencies. Let’s go back to our topic of discussion: All You Need To Know About A Bitcoin. Is it too late to own a Bitcoin? A direct answer to that is No. Let me explain, it depends on your purpose for it. Crypto Currencies or Bitcoin in our context can be bought for different reasons:

• It can be used for shopping
• Gaming
• Betting
• As a base currency to swap to alt coins
• For staking
• For farming other Crypto’s
• For trading (spot or futures)
• For investment.

Your purpose for owning a Crypto currency determines whether it’s a good idea or not. If you are thinking of investing long term, I won’t advise you to go for Bitcoin now because it’s already at a very high price.

Bitcoin as at the time of writing this article is at $52,527.90. You’d have to wait until it gets to $106,000 before you’d get a 100% profit. That doesn’t seem like something that will happen soon.

People tend to benefit more when they buy a coin at a lower price. If you want to invest in Crypto long term, AFIMAG Correspondent advises you to get a mentor to guide you or take some time to do proper research on good projects you venture into it.