How To Make Money from Bitcoin
- In 2014, Mt. Gox, the most popular Bitcoin exchange, filed for bankruptcy after being hacked, losing around 850,000 coins. Since then, the market has more or less recovered, but the future of Bitcoin will depend on ensuring investors' trust and security.
- Cryptocurrency is still largely unregulated. If governments or regulatory bodies change this, they could make a big dent in the current values. We've seen this happen before, when the price dropped overnight after the Chinese government introduced trading restrictions in 2013, and could easily happen again, multiple times or on a larger scale.
- Although it has been enthusiastically adopted by geeks and speculators, the general public is yet to buy into cryptocurrency on a large scale. The ecosystem of apps and services surrounding the currency will have to demonstrate some movement towards making it more user-friendly for the not-so-technically-adept to justify its valuation.
- There is now a wide range of alternative digital currencies that compete with Bitcoin. None have proved to be a major challenge so far, but it could be in the future.
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