Bitcoin Fever

Posted by Nicholas Dussault on

Full disclosure: There are affiliate links in this post, so we are monetarily compensated with a small commission on transactions made through purchases made should you decide to click through.

This is not an in depth look into what Bitcoins are, for that, I suggest Wikipedia. This is merely my experience with them that has got me where I am today.

Back in 2013, a friend introduced me to a virtual currency. I was skeptical, but I spent some time looking into it and thought, "What the heck, I can afford to lose a few bucks." 

There were only a few places that were accepting Bitcoins at the time and the cost per Bitcoin was around $40. So I bought several. Most of the places that were accepting them were online businesses.

With the ebb and flow of markets that one might see on a high risk, volatile stock, over the years the price of a single Bitcoin has climbed. As of this blog post, the price is approximately $14,000 CDN. You can see a brief history below showing the value of Bitcoins in USD since late 2011.

While purchasing a single Bitcoin at the current price may bar entry to some, and with the inherent risk involved with a decentralized digital currency that can see large price fluctuations, purchasing portions of a Bitcoin is still quite viable for those that can tolerate the risk.

As more and more businesses begin accepting Bitcoins as a payment option, the demand for them is driven up. Governments around the globe are enacting legislation for their respective companies as to how to, or even whether or not to allow trading of digital currencies.

Recently, in January 2018, we saw what looked like a large crash when news was released about various governments looking at enacting heavy regulations on the sale and trade of Bitcoins, and other digital currencies.

Looking at the chart above, you can see the dip in value, but overall, there has been a steady growth, and for early holders of Bitcoins, they have seen the value increase by approximately 73,000%. That's 73 thousand percent.

I'm not a financial adviser. I can't recommend how you invest your money. If you are interested at all in Bitcoin, and have money that you can afford to lose like I did, it can be interesting to see what a small investment can do in an emerging technology.

At East Coast Couture, we are doing our small part to increase demand for the currency by accepting it through our payment provider, BitPay.

You can check out QuadrigaCX if you are looking for an authorized Canadian Bitcoin exchange.

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