Jack Liao is credited with introducing Bitcoin Gold to the world. He introduced it as a hard fork to bitcoin. For those not familiar with the term hardfork, it is defined as a change to a bitcoin protocol that renders all previously invalid bitcoin transactions valid. Bitcoin gold was introduced as a better cryptocurrency than bitcoin. As is with bitcoin, there are two ways to look at investing in bitcoin gold:
The Good.
- Short-Term Price Change
Any good investor will tell you the first step to any investment is research. The short-term price activity for bitcoin gold has been showing signs of better things in store. The current holders of this form of cryptocurrency are making good on their investments. This is a good sign that you should jump on the bandwagon while it’s at its current price rather than after it has peaked.
- Longer Term Price Change
While people tend to be swayed by a hike in price for any investment, a key factor to look out for is consistency. Bitcoin gold prices although steadily on the rise have been performing rather consistently in the market. Comparing the price metrics for a period of six months to a year will give you an indication of how the investment has been performing. With such metrics in mind, it is easy to see why the time is now to invest in bitcoin gold. Also, factors such as the current price bloom of bitcoin have helped the bitcoin gold mine market.
- Bitcoin gold earnings estimate
Over the past couple of months, bitcoin gold earnings estimates have gone higher compared to its decline for the full year. This estimate tells us that now is the right time to invest in bitcoin gold as the estimates show a positive outcome in the long while. This gives a current bitcoin gold investor peace of mind as you can clearly see your investment looks to be on the up for the coming months. These estimates are also welcomed news to would-be investors as it should encourage them to commit to bitcoin gold before its prices get out of hand.
The Bad.
- Expense
The process of converting to bitcoin gold can be expensive. The current market prices have recently shown promise. Although this is good news for both current and would be investors, other forms of cryptocurrency are relatively cheap when compared to bitcoin gold. Once a fork is complete, prices will surge fast and some investors will make loses from what they initially invested.
- High risk
While every investment requires an investor to factor in risk, buying bitcoin gold now might be a bad idea. This is because bitcoin gold prices may fall as many people invest in and switch to the cryptocurrency. The increase in demand and supply might make an investor wait for the dip in prices to buy bitcoin gold at low prices.
- Value
While bitcoin gold has been showing great signs as an investment option, the fact still remains that it is not as valuable as other forms of cryptocurrency.
All factors considered, it’s still on you as a good investor to decide whether you will or will not buy bitcoin gold investment.
