08 November 2017
Cryptocurrency seems to be on the rise and is now being recognised by many more countries. Countries are even welcoming the virtual currency to the extent of accepting Bitcoin as a method of paying school fees. However certain countries like India is actually suspicious of the new rising virtual currency as it fell under the radar of the Reserve Bank of India (RBI). Bitcoin as a virtual currency is extremely volatile and keeps fluctuating. Reports claim that the value of Bitcoin has reached an all-time high of $5,000. This rise in value skyrocketed over the time period of just two weeks!
It was only two months back that the value of Bitcoins dwindled and hit such low depths that miners were literally selling off all their GPUs in an attempt to regain some of the loses which they had incurred. If you are wondering who a miner is, it’s a person who mines or runs an algorithm using his or her computer in order to get rewarded for the efforts in terms of a virtual currency called Bitcoins. Some miners even build Bitcoin farms which consist of over hundreds of GPUs.
Should you invest in Bitcoin? Well, that’s a tough question considering its value can take a toss and reach such lows from which you may never recover. At the same time, it takes only a few days to reach a new all-time high. Right now the value is high and it may not be the best time to purchase bitcoins but may be a good time to use your computer resources to mine!