Bitcoin the boss of earning
Cryptocurrencies like Bitcoin and Ether have become symbols of hope for a new, decentralized world where people don't have to live by the whim of the government. But how do you make money as a virtual currency creator? While there's no one answer, plenty of entrepreneurs are entering the space.
2. Bitcoin futures
Welcome to the wild, wild West of the stock market. After a highly contentious road to market, bitcoin futures officially went live at the Chicago Board Options Exchange on Sunday, December 10. The contracts trade under the ticker XBT, which stands for the Bitcoin exchange rate. Investors can now wager on whether the cryptocurrency will go up, down or stay level, though most observers expect the contract to move in line with bitcoin prices in the future. And at least for now, Wall Street loves it.
3. Buffett and Dimon talk
Buffett was the latest billionaire to wade into the debate over bitcoin, and no it's not a love-fest. On the same day that Buffett warned investors about Bitcoin, JPMorgan Chase CEO Jamie Dimon even called it a fraud. The two came face-to-face at an event in the Bahamas. Both agreed to disagree.
4. Bitcoin and stocks
It's been a roller-coaster year for bitcoin, and its stock performance has reflected that. As this chart from Statista shows, bitcoin's price has followed the Dow Jones Industrial Average's ups and downs, rising as the tech-heavy index has plummeted. Will this dynamic hold next year?
5. Bitcoin as a payments currency
When a new technology is released, everyone wants to know what its killer app will be. Many thought it would be mobile payments and digital currencies like Bitcoin. But for now, most people are using cash or a credit card. That's not stopping the GoCoin team from planning to make Bitcoin as easy as PayPal. The app, set for release in January, allows users to convert Bitcoin to dollars and vice versa.
ways to invest in cryptocurrency
How to buy Bitcoin, Ethereum and other cryptocurrencies: A beginner's guide
How to buy Bitcoin at major exchanges: A guide
Top Bitcoin transactions of 2017
6. Bitcoin vs. the dollar
Since Bitcoin doesn't have a central bank or brokerage firm to be sure that everyone is playing by the rules, many people see it as a riskier form of money than buying a bond or a savings account. Some skeptics, like Buffett, are down on the idea of buying Bitcoin as a form of investment. But not everyone is so bearish. Tim Draper, a venture capitalist and backer of many early-stage cryptocurrency companies, believes it's "the most undervalued asset of all time."
7. Like in movies: Crypto-enthusiasts want to upgrade from silver coins
Silver and gold coins are a stable store of value and an ideal way to invest your money, but one group of investors is looking to step up its game and get excited about Bitcoin. And since the value of cryptocurrency is often tied to the value of real-world assets, a new model of crypto-enthusiasts are even trying to turn coins into cash with plans to mint copper, silver or gold versions. But the legality of their ideas could vary state-by-state.
8. A new way to invest in cryptocurrency
A new ETF that tracks the performance of a number of cryptocurrency-related companies could be coming to an exchange near you soon. The proposed fund, listed on the OTC Markets Group exchange, doesn't really exist yet, but several people have signed on to be potential managers of it, including Jerry Brito, senior research fellow at the Mercatus Center at George Mason University.
9. An exchange for investors who want to trade in a regulated environment
Many individual investors aren't comfortable with or able to invest in cryptocurrency because it's unregulated, but the people at LedgerX, a crypto-exchange and clearinghouse, are trying to change that. LedgerX is planning to become a regulated exchange and clearinghouse for digital currencies and derivatives. It's in the process of registering as an exchange, but is still waiting on approval.
10. A couple of ways to sell your bitcoins
How to get bitcoins
Interested in getting into Bitcoin? First, you have to find some Bitcoin to buy. Right now, the most popular way to get some is by getting a Bitcoin debit card. There are a number of apps and websites that will allow you to use your bank account to buy bitcoins and immediately spend them. Some of these include CoinLab, Mycelium and Coinbase.
You can also use a website called Local Bitcoins, which allows users to buy, sell and trade Bitcoins for cash. You can also buy Bitcoin in person at a few dozen legitimate "bitcoin ATM" businesses around the country. ATMs allow people to trade Bitcoins for cash right in front of them. If you're looking to get into Bitcoin but don't have a debit card, that's another option: You can get a prepaid Visa or MasterCard at a number of places that allow these types of credit card purchases. They include the Bitcoin ATM in New York City, as well as Circle's Bitcoin ATMs.
