Recently, the cryptocurrency Bitcoin has skyrocketed in value, and as of writing, it is on its way to 1 bitcoin being worth 17,000 USD. That's a lot of money compared to where it was just back in October, where 1 Bitcoin was equivalent to just over 4,300 USD. So why has Bitcoin nearly tripled in value in just two months?

What is Bitcoin?

Well, to put it simply, it's a form of currency. Just like a U.S. dollar, or a Pound in the United Kingdom, but there is a difference. This currency isn't one that you can hold and look at. It only exists on the internet. This only seems like a natural progression based on where the world has been heading in recent years, with devices made for easier access to the internet becoming more and more commonplace. In August of 2008, Bitcoin.org opened and in November of that very same year, a person called Satoshi Nakamoto linked the site to a paper written by Nakamoto titled, Bitcoin: A peer-to-peer Electronic Cash System, which was a paper that established what the idea of bitcoin was, and how it could be implemented. Following this, in January of 2009, the first Bitcoins were made in the process called mining. which is simply put as the process by which Bitcoins are created and it is how a supply is created. There is certainly much more to it, but that is the basic level of what mining is.

The Future of Bitcoin

Bitcoin has not only recently exploded, but is projected to continue for at least a few more years. Some predictions for the value of a single Bitcoin in 2018 are as high as 150,000 USD by the end of 2018. This means that over the next few years, expect to see Bitcoin become more popular, and people will begin to take a higher interest in it. This type of increase is in part due to the nature of the supply of Bitcoin, as it is actually a finite resource, unlike most forms of currency, as once 21 million Bitcoins are mined, there will not be anymore.

Bitcoin can also become bigger and more important in its future, as there is always a possibility of more support, as, at this current time, Bitcoin has yet to have a nation adopt the cryptocurrency officially, and so this leaves a possible boost to Bitcoin, and so the future of Bitcoin looks very good, but there are naturally some concerns about the future of Bitcoin, as it is certainly mostly speculative, and subject to flip at any moment. It is said to be a speculative bubble, about to burst.

Should You Invest in Bitcoin?

Well, that is certainly up to you, as Bitcoin, along with any cryptocurrency in this early stage of life, it would certainly seem as though it could skyrocket further in value, but there is also a risk that it could tank as well. But if you do decide to invest in Bitcoin, there are some tips to make sure you do well.The first thing and this one is iterated by just about everyone who does this sort of thing, and that is to never put in more money than you are willing to lose, as I have said before, this market is still very early, and so it has a lot to do to become more stable.

The next thing is that the market for Bitcoins will sometimes dip at varying times for varying amounts, but you shouldn't panic and move to get rid of all of your Bitcoin, as this will only cause the market to be harmed further. The last tip which I will offer is to not expect this to be some sort of get-rich-quick type of thing. This is an investment, and for the most part, it will act like one, and so don't plant a seed and expect to have a farm the next day.

Where Can I go to Invest in Bitcoin?

Well, the most common place for those who are new to the Bitcoin scene is Coinbase.com, which provides easy access to buying and selling cryptocurrency, and is what I use myself.

Overall, Bitcoin seems to have a bright future ahead of it, and can certainly pave the way for a new kind of economy in the future.