The Spark
4
Bitcoin: the next big thing?
As the computer age rolls on, the next big thing is being anticipated by billions. However, to most people the “next big thing” is already here. Virtual currency is not what anyone was probably expecting as the next big step in technology. More companies are accepting many different virtual currencies as payment for their goods and products. Gary Thomas says, “I think this is a point in history that will never be repeated.” Millions of people like Mr. Thomas agree to the fact that this is the next big thing to invest in. This is the big break to make millions of people rich.
Digital currency looks very simple until you are the one that is charge of picking what to invest in. Bitcoin is the leading virtual currency with a market of about $6.6 billion and much room to grow. Greg Schvey says that most of them won’t likely succeed and ultimately become worthless. Bitcoin seems like the safe option with its huge market value but others also have their benefit. At any moment Bitcoin can crash and the next best digital coin can take its turn at the top. Also an advantage to not investing in Bitcoin and choosing an “up and coming” digital currency. The people who made all the money on Bitcoin were those who were there early on. Bitcoin may be able to make its investors thousands over time, but by choosing a newer currency the risk is high, but the rewards can be even higher and may make it worth the risk. If someone were to invest in a new company like Litecoin or Bbqcoin and it were to boom as great as Bitcoin, the value would skyrocket and be worth millions.
Even though many people have already made millions of dollars on virtual currencies, many big investors on Wall Street like Greg Schvey aren’t buying into the new craze. The market for Bitcoin is booming so much that it is very unstable and unpredictable. One day it can be up to $1,000 per coin and then drop as much as $500 the next day. This is too high a risk for many to take but the rewards are plentiful at this early time in a company like Bitcoin or Litecoin. The Bitcoin “wannabes” are very popular due to the possible rewards but are just like many new small companies who will never be successful. This possibility, along with the likelihood of the market crashing, has made most investors avoid this digital currency. Even with these big risks in place, many people throughout the world still believe in the growing economy of virtual currency. Is this the next best thing in technology right now? To some it is, and to some it is not. The big questions is will you help the virtual currency economy grow or sit back and hope that it fails? But if it doesn't fail, you’ll be missing out on millions to be made.
-ANDREW C.