Although 2017 was amazing year for cryptocurrencies, it was apparent governments would not allow the cryptocurrency-space to remain unchecked. After all, not only was Bitcoin hitting market-value highs at a record-setting pace, but the average bitcoin trader was making awesome returns on their investments without having to bother with typical SEC regulations and fees as you would normally encounter when trading traditional stocks. This simply meant an average person could invest a few hundred dollars in Bitcoin or altcoin relatively easy, watch their investment gains skyrocket (granted they bought-in low), then cash out richer than when they came in–all in a matter of days, if not weeks.
As the word got out about Bitcoin’s exceptional gains and how much money early-adopters were making, mainstream media decided to focused their attention on “educating” consumers on the risks associated with buying and trading cryptocurrencies in efforts to dispel the hype. A few notable people in the financial-space such as Warren Buffet also added their doubts about cryptocurrencies. Instead, the cryptocurrency-space only gained more steam as consumers and large financial institutions were more intrigued to get in on the action, thus increasing investments increased globally. Bitcoin / Altcoin backers, ICO (Initial Coin Offerings) starters, and block-chain advocates were all optimistic, and rightfully so.
Then, as the saying goes, “nothing lasts forever”, several Asian governments announce their decision to crack-down on local cryptocurrency exchanges and possibly ban Bitcoin altogether. The common rationale behind their decision is based on Bitcoin (cryptocurrencies in general) being too volatile and an increased financial risk to the global economy. Other governments share similar sentiment towards cryptocurrencies. However, If you read between the lines, it seems more like a power-play to gain total control of virtual currencies which by their very design is to be decentralized and not ran by governments.
While some people remain skeptical about Bitcoin and cryptocurrencies in general, especially since China announced its ban, Bill Gates and several other high-profile people in various industries are still very optimistic Bitcoin will rebound, hit new highs than the previously seen in 2017, and continue to transform the global financial-space in a good way. I totally agree with Bill Gates and am looking forward to cryptocurrencies gaining mass adoption and improving the quality of life for everyone, not just the top 1%. That said, if you pay very close attention to the market and buy Bitcoin, Ethereum, Ripple, Litecoin, and other altcoins with potential while they’re at a low price you’re likely to see good profits when they rise in value.
If you’re just getting started with cryptocurrencies or you’re curious about how they work, here are a few excellent books that explains how the technology works, how to get setup with crypto wallets, and how to mine, invest, and exchange Bitcoin and Altcoins.