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Bitcoin is one of the greatest technological breakthroughs since the Internet. It also has been called ?a black hole? into which a consumer?s money could just disappear. 

In 2009, 1 Bitcoin was 0.08 $ and now it is 6765 $. The growth was massive in 2017 as Bitcoin prices hiked to $20,000 per coin and many investors did cash out their stakes, resulting to high profits. But, as the year came to an end Bitcoin prices started to plunge, The price of Bitcoin has plunged by drastically since January in a ?bloodbath? which has seen the total value of the market plummet by about £31 billion. 

So, is it still possible to become rich with Bitcoin? Let us know few things first. 

Bitcoin can be a way to earn money but it depends on the Time and Amount you have invested. Bitcoin is an investment that requires patience and diligence. Getting instantly rich by investing little money that magically turns into much bigger money over the course of a few months is not very probable. You don?t want to invest so you can immediately resell, unless you are able to buy Bitcoin from someone below market value and then sell for a profit. You should consider this a long term wealth building strategy. The longer time and investment is in, the bigger the potential for growth. And so is with the amount.

 

If you are a cryptocurrency believer the most simplest way is to Buy and Hold; Buy a coin you believe in and hold until a pre-determined price if you believe in the future of cryptocurrencies. Many people who bought Bitcoin, Ethereum and other coins at an earlier stage ended up making a lot of money in the long run just for buying at the correct time. 

Today many banks do not allow Bitcoin trade, Lloyds Bank banned their credit card users from buying cryptocurrency and China tightened their rules around cryptocurrency in general, it?s no great surprise that the crypto market is shrinking. Though still it is an intimidating arena to step into. Current speculation suggests that Bitcoin still has a little further to fall, perhaps down to the $4,000 or $5,000 mark, but it is not at the rock bottom. 

The bottom line is your profit by investing in Bitcoin will always depend on you and the market, there are people who bought Bitcoin for $10 in 2011 and sold them at $1000 and earned 90% profit, The key is timing, risk and gut instinct. The advantage that Bitcoin investment has is that Bitcoin is the most recognizable cryptocurrency, it is known to a widest audience which is a large part of the reason why it?s reached its current status.    

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