The year is 2017. By now you should have heard of Bitcoin, somewhere or another. I hope.
If not, now is the time to listen! Bitcoin prices are soaring like never before. And if you haven’t invested in, or mined some Bitcoin yet, don’t worry – it’s not too late. The sooner you start investing into Bitcoin in one form or another, the better.
First some basic history of Bitcoin and Litecoin.
Bitcoin started in January 2009, almost 9 years ago.
Bitcoin is a cryptocurrency and use the SHA-265 hashing algorithm.
When I started mining Bitcoin in 2012, using a couple of AMD R 290X graphics cards, 1 Bitcoin (1 BTC) cost about R600. I mined a few bitcoins and sold them over the next few year when prices rose to about R9,000 at the end of 2014 and then finally “crashed” in 2014. My return on investment, on the computer I used to mine Bitcoin and Litecoin was about 170% When
Litecoin started in 2011, as a fork of Bitcoin Core but different to Bitcoin in many ways. It use a different algorithm, scrypt instead of SHA265. My last Litecoin sold for R400 before the
Bitcoin reached an all-time high of USD 17,100 / ZAR 263,800 on the 8th December 2017.
Litecoin is still rising and have reached an all-time high of USD 167.52 / ZAR 2,900 on the 9th December 2017.
Where to buy, sell and trade Bitcoin or Litecoin? I have been using Ice3X since 2012. You can start with an investment of as little as R250. Buying Bitcoin is as easy as making in EFT of R250, or more, into the specified bank account, and then “bidding” on some Bitcoin fractions on the Ice3X exchange.
From here on you have two options:
- You can sell the Bitcoin, or Bitcoin fractions you brought on the exchange, back on the exchange and make some profit on your sale. If you sell at a higher price than what you paid, you can buy again at a lower price and repeat the process and make some good profit.
- OR you can hold onto the Bitcoin that you brought for a few year and sell at a much higher price than what you initially paid. For a long term investment, this could easily earn far greater profits than any “traditional investment” currently on the market. One of the biggest advantage here is that you can sell at any given moment if you need to. Unlike most long term investments which could attract penalties if you pay out early, your Bitcoin or Litecoin investment can be sold whenever necessary.
Lastly, what about security? Ice3X make use of Secure Certificates to encrypt all communications on their website and 2 Factor Authentication to ensure that only can login to your account. All transactions need to be verified by you.