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Bitcoin Hit $5,900 CAD Today

Symbolized Bitcoin price rising (Pixabay)

The cryptocurrency has now hit yet another milestone in its lifetime. It hit a whopping $5,900 Cad. That's certainly a high number and a high increase for anyone that has already invested in the currency. The coin has received a lot of support and is managing to keep rising in price, however, when will it go back down. However, despite the differences in price, is it worth to invest in or not.  What are the dangers of investing in crypto coins?

Anyone that had invested in the currency when it was at $3,100 Cad is probably jumping around now that they had the patience to hold onto their investment until they got a hefty profit. Some people even managed to buy it when it was pretty low at $5,300 and could still get a nice increase on that investment.

Bitcoin has had support from Japan and many large companies that accept it. Some of those companies are large banks such as Citi Bank who supposedly support the crypto coin.

Support from simply people all around the world has grown tremendously over the years with people dedicating their computers to mining Bitcoin and in turn, keep the price staying consistent with a steady amount of block chains and many other factors.

One question that is a difficult one to answer for a lot of people. Is it worth to invest in or not? As in should, someone purchase some Bitcoin when it goes low and hopes that it rises again, so they can sell it for profit. Well that depends, you're only supposed to invest capital that you're willing to lose. It's possible that you can lose your investment because what you bought will be worth less if Bitcoin's price goes down. However, if the price rises you can end up making some money, which is always fun to do.

In short, you should invest a small amount of money that you're willing to lose, if it goes up you make money and if it goes down, you basically lose some money. If it does go down at least you didn't invest a lot of money into it. That's why it's best to invest a small amount of capital that you're willing to lose.

P.S only invest money that you're willing to lose.

By Michael Normandin

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