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Anyone have any layman knowledge? Just seeing clients of mine making tons of money and I'm completely in the dark. Something called litecoin went up 3000% today? That's crazy!
Man I wish I understood it better. I have been watching bitcoin for about a year.
Sense I have been watching it 1 bitcoin went from a value of about $3500.00 to today about $17000.00. Thats sense April 2017.
When it started 10 years or so ago the value was .06. Yep 6 cents! The first purchase with bitcoin was 2 pizzas. Todays value millions.
Sorry I don't know anything specific about litecoin but its based off the same premise. It unregulated and the value is based off supply and demand because there is a finite amount availible. Who determins how much is availible idk.
I even went so far as to download a couple crypto currencie wallets but lack of money makes it hard to risk any.
Anyone have any layman knowledge? Just seeing clients of mine making tons of money and I'm completely in the dark. Something called litecoin went up 3000% today? That's crazy!
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from what i saw on the news the other day, it shot up super fast and then the bottom fell out of it. most of the money people say it will possibly be good in the future but right now it is a huge risk. i personally dont know dick about it other than the gov watches the fuck out of people using it
It's definitely a risk, I would personally mark the money invested as a loss if you were to invest unless you understand the technical analysis(analyzing price charts) aspect of it. You can look up on youtube on the basics of how crypto-currency works but it can be overwhelming as someone just coming into it. Also, there is a lot of hackers/scammers so you need to know how to be smart about the security part of it. When it comes to the profit aspect of it, think of it like the stock market but way more volatile(more risk/reward) but you're dealing with a much smaller pool so you're chances can be greater.
Some examples, if you would have invested $200 in Mona Coin less than a year ago you could have cashed out 10k this week. $1,200 in Bitcoin in 2009 would have netted you over a billion dollars. Some of these coins are starting out at a fraction of penny so when you see an increase from .005 cents to $1 that's a lot....let alone hundreds or thousands.
There is some issues surrounding bitcoin right now due to transaction fee's and long transaction times but if they can get it worked out the potential could be very high if it's adopted by the general public. There will only be 21 million bitcoins and we won't see them all released for another 100 years. If people all around the world started to use bitcoin regularly each coin would have to be worth 6 or 7 figures due to the 21 million coin limit.
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