What is all the fuss about Bitcoin?
Bitcoin has taken the world by storm in the last few months, as people have been bowled over by the incredible rises in its value that we have seen. Yet, there has been relatively little talk of whether using it is a good idea for students.
If you have been watching developments in the cryptocurrency world with interest then the following are a few of the most relevant points to take into account when deciding whether to get involved with it.
Get Used to using digital currencies
Many bitcoin supporters believe that the currency marks a new, modern way of dealing with money that will soon become commonplace for businesses and individuals all over the planet. This means that no matter what type of career you are interested in, you will want to become familiar with digital currencies as soon as you can.
In this way, you will feel more comfortable with the idea of working with cryptocurrencies such as bitcoin. Naturally, the best way of familiarising yourself with this way of moving around money is to do it yourself with your own cash.
You will find that it is easy to get set up and start using bitcoin once you open up a new wallet for the first time at a site like Coinbase, Electrum or Armory. Any sense of mystery or fear that you have about this currency should soon disappear once you start using it for real and see that it is easy to get the hang of.
Have some fun
It is easy to think of digital currencies as being boring things that are best avoided if you want to enjoy your life as a student. Yet, you can also have a lot of fun by using bitcoin to pay for the interesting things that you most enjoy doing as well.
You can cut out the middleman to buy a concert ticket at Cointicket, get hold of the latest video game at Steam or to travel with Expedia. If you enjoy playing games of chance online then you could also play at VegasCasino and discover how the arrival of bitcoin gaming has caused an evolution in the online betting industry.
As an investment or as a currency
Of course, what you will mostly hear about on the news just now is the incredible rise of bitcoin as an investment. This virtual currency has grown massively in 2017 and there are numerous investors who have made a fortune from it.
So, is it still a good investment for a student right now? The truth is that expert opinion varies wildly in terms of what the future holds for the currency – it could continue its meteoric rise or it could crash to pennies, the market remains extremely volatile.
Certainly, you may feel that the current asking price is too high for it to be a sensible investment. Therefore, you might prefer to use it simply as a currency and look for investment potential in lower value cryptocurrencies such as Litecoin, Ripple and even the Bitcoin Cash (BTH) off-shoot.
However you start using bitcoin, you are sure to discover that it is a convenient way of paying for things as well as of gaining experience in something that could play a big part in our digital future.
Photograph by BTC Keychain