It appears that Bitcoin’s prices dropped significantly on 9/14/17 causing a widespread panic across the globe. If you have not heard of Bitcoin, it is a “cryptocurrency“. A whole documentary about it can be found on Netflix called “Banking on Bitcoin“. The drop in the currency was due to China deciding to ban the currency.
My friend who is good with money introduced me to this currency when she said her coworkers made thousands of dollars in the last few years. Anything that involves people getting rich quick is always going to make me questions it because there are so many money scams to look out for out there. I was skeptical at first but I looked into it a bit. Here is how I understand the Bitcoin currency so far.
It was designed to bypass banks and allow peer to peer transactions. In other words, banks will not be the middle man of your financial transactions in which banks could “potentially” be skimming some of your money. Also, banks can invest your money in all types of businesses that may not align with your mindset. Such as some women would rather not support Exxon Mobile but some banks invest in Exxon Mobile. We have to look closely and do our own research into what banks invest our money into. It takes some research but it if that kind of thing matters to you, it is possible to look into. AKA Google search: Where does my bank invest my money?
With the news of Wells Fargo’s multiple scandals, the fear of banks being corrupt has surged along with the price of Bitcoin in the last few years. Since 2016, Bitcoins’ value has soared from about $500 per one coin to its peak in Sept 2017 of about $4900 per one coin.
Recently on 9/14/17, Bitcoin dropped down as low as $3000. If someone was wanting to get into Bitcoin may have been a good day to buy some. Many people already owning Bitcoin were panicking due to the bad news of the drop in Bitcoin price. Looking at the currencies value today at around $3,700, it could be that Bitcoin is bouncing back. However, with any stock or currency value, it is all educated guesses. Hopefully, the currency value bounces back up and everyone makes back their money.
If you are interested in purchasing Bitcoin, you could buy Bitcoin directly on their website or through an easy app called Coinbase. Personally, I bought about $200 of Bitcoin through Coinbase. I have not made any money so far. I will let you know if I lose it all or if I make a profit. Cross your fingers!
If this currency is the wave of the future in currency then we may be saying goodbye to the dollar. Until then, keep hustling and making that money.
Keep in mind, I am a regular person with no accredited financial training and I am not qualified to provide financial advice. This blog post is from an average/ layperson’s understanding. Please double check me and do your own research when it comes to your wallet. Thank you.