Bitcoin has been blowing up for a few years now. It’s so big that it’s even spawned hundreds of other cryptocurrencies to go along with it. Bitcoin, Ethereum, Ripple, and Litecoin are just a few examples of hot cryptocurrencies on the market right now.
Playing the cryptocurrency game isn’t for everyone though. You’d be wise to be a little skeptical about the whole ordeal. It hasn’t been around for too long, and there is a lot of risk involved in owning cryptocurrency.
This hasn’t stopped people from grabbing their fair share of the pie though. That’s especially the case for the younger generation who thrives on new tech advances. Some people are saying there’s a cryptocurrency bubble forming and that eventually these cryptocurrencies will be worthless.
Do I think that’s going to happen? No, not really. I do think there is some sort of bubble forming, and I think it’s been forming for a while now, but I don’t think Bitcoin will be worthless. It might crash, but I don’t see it becoming worthless anytime soon.
Still though, I don’t advise anyone jump into cryptocurrencies with any sort of money they can’t afford to lose. It’s just way too much of a risk right now. With high risk comes high rewards though so if you’re looking to get into the game I do think it’s still early enough to do so. That’s even after the most recent run ip for a bitcoin going above $3000 in value.
How can I play Bitcoin and other cryptocurrencies safely?
If you want to play it a bit safer though with the cryptos then you might want to buy into the Nvidia stock instead. Why Nvidia? It’s simple really. Because Nvidia is an ancillary stock to the cryptocurrency craze.
More specifically, people are using Nvidia’s products to help them mine for cryptocurrencies. Mine for digital currencies? Sounds crazy at first, I know trust me, but it’s a real thing. People are buying supercomputers and running them all day long for the sole reason of mining digital currencies.
Nvidia is in the middle of all this because people learned early on that their graphics cards were helping them mine faster than using something else. Nvidia is banking on this trend by developing graphics cards that are specifically made for digital mining purposes. With the value of the cryptocurrencies going up so does the need for mining equipment. More and more people are getting into the mining game everyday.
So if you wanted to get into the cryptocurrency game with a little less risk that outright buying Bitcoin or some other digital currency that comes out tomorrow then you’d do well buying into Nvidia’s stock.
Nvidia is flying high right now sort of the same way that Bitcoin and other cryptocurrencies are. That doesn’t mean that both of these can’t continue to do so. In fact, I would expect them to climb higher. Just be careful with plays like this and don’t play around with too much money in case you get burned.
If you like being speculative though I do think it’s a decent high flyer to chase. It’s definitely less risky than trying to pick out a real cryptocurrency that isn’t a scam to invest in. I’m not implying Bitcoin is a scam by any means, but some of the other cryptocurrencies are most definitely a scam and I wouldn’t want anyone to get burned in one of those.