Why Investing Into Bitcoin is a Bad Idea Bitcoin is a virtual currency that has gained popularity in recent times because of its easy stricture and chance to gain a big profit. With many risks laid out in the road of investing into it, many amateur investors have taken a liking to it. But through this, investing into the cryptocurrency Bitcoin is a bad idea
BACKGROUND
Bitcoins. Everybody has heard of them. A virtual lottery where you put your money into a string of numbers in hopes of gaining a very big sum of money. Created in 2009 by an unknown person going by the name Satoshi Nakamoto, it gained popularity because it could be mined with computers for a profit. It also gained popularity because of it required no middle man in the purchasing of goods. This
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The world has many fads throughout the years. Last year it was fidget spinners, and this year, it is the Bitcoin. Before this huge spike in popularity, the virtual coin was worth around $100-$200 dollars. And now in the Renaissance that we are now in, many people are pouring huge sums of money into the virtual wallet and sit on it. In the inevitable future, the price will go down. And if people stop buying into it, then the price could drop thousands of dollars, making many people lose money when others are in a frantic to sell. To add on, Bitcoin investing is a bad idea because it actually poses a very big health risk to people. In 2018, experts in the field of energy have said that bitcoin miners, the producers of bitcoins, use enough energy too power 3.3 million households! That means that if it was a country, it would be the 59th biggest power user in the world! But that’s not all. If the trend of power consumption keeps going up, by 2020, it would use as much power as the entire world uses right now! This could cause power bills to go up, and create much more pollution.
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