The blockchain technology is slowing beginning to make its way into traditional finance as banks see a use for it. If you follow Bitcoin or any cryptocurrency, then you may know that the blockchain is essentially unhackable, meaning no one can take down the core system that allows Bitcoin to be transacted. Certainly coins can be stolen and it happens all the time. However, this can be compared to debit cards and security compromises at stores. You can cold store Bitcoin so no one can access it through a computer. Cold storage would be comparable to cash and that is lies within a unique QR code on a piece of paper.
As recent as today, Bitcoin is being used to purchase real estate. Of course there could be some issues with the transaction such as the volatility of the exchange rate. It is becoming clear that people are using Bitcoin as a form of payment more and more, which will bring along with it a great following and use in the marketplace. Many people believe that Bitcoin is a fad and will fall apart, but if people are now using it to purchase property, this could be a giant step in the right direction.
Lastly, Bitcoin continues to be a place people turn to when the traditional markets are slowing or volatility may be increasing. It has been looked at as a safe haven asset, which is intriguing given the fact it is not as widely accept as many other assets and products. Investing is unique to each individual and certainly Bitcoin is not for everyone.
It has been several years since Bitcoin first hit the market and it continues to push boundaries and prove it is here to stay. There are several questions that have to be answered before one invests in Bitcoin because it can be used as an investment or spending, and those two options entail different end points. Understand what the currency is about and how it applies to your current lifestyle. It could be life changing in the future, but for now, we continue to watch it in its infancy stage.
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Try AI Portfolio ArchitectNathan Young is a Senior Member of Macroaxis Editorial Board - US Equity Analysis. With years of experience in the financial sector, Nathan brings a diverse base of knowledge. Specifically, he has in-depth understanding of application of technical and fundamental analysis across different equity instruments. Utilizing SEC filings and technical indicators, Nathan provides a reputable analysis of companies trading in the United States.
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