Bitcoin: The Changing of the Card?
We’ve all stumbled across and immediately ignored those spammy emails, blogs, and ads haven’t we? You know the ones – ‘the overnight Bitcoin billionaire’, ‘Buy Bitcoin now and make X in a month.’
Well, maybe it’s time to not be so quick to disregard them anymore. Or, at the very least, look at some trusted sources to find out what bitcoin is really about and how you can invest smartly. Because, with Elon Musk dropping bitcoin buzzwords, and it suddenly hitting the main news pages for the right reasons, it’s becoming clear that Bitcoin and cryptocurrencies are becoming a real-world financial resource and possibility. Who knows, maybe Breslin’s expert accounting services will one day include cryptocurrency services!
What Are Cryptocurrencies?
Here’s a definition:
A cryptocurrency is a digital or virtual currency that is secured by cryptography, which makes it nearly impossible to counterfeit or double-spend. Many cryptocurrencies are decentralized networks based on blockchain technology—a distributed ledger enforced by a disparate network of computers. A defining feature of cryptocurrencies is that they are generally not issued by any central authority, rendering them theoretically immune to government interference or manipulation.
So, if you bypass the jargon, it’s a essentially a digitally created currency that is pretty much counterfeit proof. And also immune to government manipulation. Essentially, a massively attractive proposition to commercial industries, enterprises and more, once it is regulated, used universally, and of course, understood.
How It Begun
It’s a pizza delivery that will go down in history.
Just 11 years ago or so, Laszlo Hanyecz, one of the early adopters of the newfangled cryptocurrency that had just been coded into existence, purchased a pair of Papa Johns pizzas, using 10,000 bitcoins.it may sound a lot but it equated to roughly $41 dollars (based on the going rate for bitcoin back then), and is widely viewed as the first time a virtual currency had been used to buy anything in the real equate
However, those 10,000 bitcoins, at the current rate for the world most prominent crypto, would now be valued at approximately $380m. That’s one expensive pizza! The rest is history. Hanyecz became obscenely rich, people took punts on crypto across the world, people forgot about crypto they had bought on impulse over the decade, some crypto was gold dust, some was no better than saw dust. And ad infinitum.
What’s Happening Now?
Suddenly, Bitcoin and cryptocurrencies are no longer for the few who knew, it’s become a populist movement for people looking to invest and play with stocks and shares. Several cryptocurrencies have exploded on the stockmarket – kudos to Elon Musk for causing a huge spike with his nod to crypto!
Now that everybody is jumping on the bitcoin boom, various crypto markets have fluctuated, so as always, it’s BUY BUY BUY or SELL SELL SELL at the right time!
But what remains remarkable is that it is not a real currency, but somehow it’s now being accepted into real world purchases. It may still be limited in terms of what you can buy, but it’s certainly expanded from two Papa John’s pizzas!
Like any form stocks and shares investments, there is always a risk of losses, and cryptocurrencies are no different, but with it being hot in the finance world right now, it’s always worth a look. Though Breslins are expert accountants with great business and financial knowledge, even we will not claim to be in a position to advise on bitcoin and cryptocurrencies just yet, but don’t be surprised to one day seeing such services on an accountants’ website. Naturally, Breslins will be one of the first!