Perhaps you have heard of Bitcoin and how its price is going up. With all the current hype about it, you may find it challenging to understand what this digital currency is and whether it’s wise to invest in it. If you’re in this dilemma, stay tuned for an in-depth evaluation of the virtual currency and the compelling reasons to invest in it at the moment.
What’s Bitcoin?
Before delving into why you should consider investing in Bitcoin, it’s essential to understand its basics. Bitcoin is a digital currency that was created in 2009. The virtual currency is supported by a system known as a blockchain, which is decentralized. Decentralization here means that Bitcoin lacks the backing of authorities and other financial regulators.
Bitcoin, therefore, operates outside of the regulations that come from governments and other financial agencies. And this is critical because of multiple reasons, like it’s fast, cheaper, and offers users some financial freedom. But why is it wise to invest in this currency? Keep reading to discover some powerful reasons why you should invest in Bitcoin now.
Scarcity
During challenging economic times, governments can create policies that encourage the printing of more currency pieces. Although it initially appears to be a good gesture, it weakens the purchasing power of large amounts of money in the inflation of the economy. Countries like Zimbabwe and Germany have grappled with inflation, where their local currencies massively lose value.
Bitcoin counteracts the issue of inflation because of its embedded code. As per the code, the maximum amount created through the blockchain system is 21 million. There will be no point in the future where the digital currency will be in excess. Surprisingly, the minting of the last Bitcoin will happen in 2140.
Due to its scarcity, Bitcoin’s price will continue growing. Therefore, an astute investor can invest in the current now to reap handsome returns shortly.
Minimal Transaction Charges
Cross-boundary transactions can be too high if you use the traditional systems. This is because the standard payment methods come from third-parties who offer their solutions at a fee. On the other hand, Bitcoin’s charges are meager, and sometimes transactions happen without any fees.
If you’re tired of bearing high costs while conducting cross-border transactions, then you should wholeheartedly embrace BTC. Digital currency is your best bet due to its minimal costs and the fact that transactions happen at a meteoric speed.
Bitcoin is decentralized
A core reason why you should consider choosing bitcoin is that third-parties don’t control it. You can conduct your transactions with excessive freedom, knowing that nobody is monitoring what you’re doing.
On the other hand, traditional payment systems are regulated by banks, which must verify your transactions. If you break any of their rules, your transactions may not go through. Sometimes they can even freeze your assets, like what they did to Wikileak’s founder, Juliana Assange.
And because the platform is decentralized, it’s virtually impossible to end its operations. So if you’re looking for monetary freedom, then Bitcoin is your best option.
Although some government agencies are mulling into the possibility of formulating rules to govern BTC, the strictures can only affect the traders, digital currency exchanges, and other commercial activities related to digital currencies. It’s critical to note that governments cannot have direct control over Bitcoin.
Clearer Regulations
During the earlier days when Bitcoin was created, there were minimal rules concerning digital currencies. And due to this, many governments prohibited digital currency trading.
Lately, however, the situation is changing as many governments are formulating rules for classifying digital currency assets. And the increasing regulatory steps are attracting more sectors to embrace BTC, like insurance and financial institutions.
All these regulatory milestones make BTC a perfect area that you must consider seriously. And the best time to buy it is now so that you can be part of the global movement.
Transparency
One of the key attributes that make BTC stand out is its high level of transparency. All transactions on the platform are recorded on a public ledger, which is accessible to all users. This means that no shady deals can happen behind your back. Through the BTC platform, you can see the number of new coins created and those in circulation.
This is in contrast with fiat currency, whose records aren’t publicly available. And many things can happen behind the scenes. Some institutions may decide to play fast and lose with your money, and you end up in the financial doldrums. For example, before the US’s 2007 housing crash, some institutions behaved irresponsibly with people’s savings that led to a recession. Sadly, big brother decided to bail out those institutions using taxpayer’s monies.
Therefore, if you’re looking for a transparent system to conduct your transactions, BTC stands out as the best. You’ll see everything happening in the system.
Bitcoin Delivers Financial Returns
Due to its price fluctuation, Bitcoin is one of the best digital currencies to invest in. For instance, a decade ago, the price of Bitcoin was almost naught, but these days, the virtual currency is trading at $9,000. From the time the network came into being, the digital currency has produced over 8.9 million percent profit. And this makes it the best asset for your investment.
Bitcoin is an open-source innovation
Because Bitcoin is an open-source system, its development by volunteers located all over the world is continuous. It’s being improved to enable it to deliver its solutions in the best way. Therefore, you can benefit from conducting quick and cheaper transactions via the platform.
Digital Gold
Gold is an excellent precious metal accepted in many parts of the world as a store of value. However, during this digital era, gold has specific weaknesses that make it look small when side-by-side with Bitcoin. For one, gold is heavy to carry around and requires money and time to transport from one location to another. On the other hand, Bitcoin is simple to transfer from one part of the world to another. Furthermore, its transfer can take the shortest time possible. Therefore, if you’re looking for the best store of value for your assets, BTC is your best option.
Mainstream Adoption May Happen Soon
Within a span of 10 years since it was created, Bitcoin has achieved multiple milestones. Although the digital currency hasn’t been mainstreamed, famous stock exchanges and institutional investors are eyeing it. Some are even creating tradable things equivalent to BTC. If you take a step and buy it, you’ll reap massively once it’s mainstreamed.
Quick Transactions
Unlike the standard methods of transactions that require approval, Bitcoin settlements are instantaneous and take a short time to complete. Blockchain technology, which supports Bitcoin, is a decentralized system, meaning that external entities’ rules don’t bind it. One of the pain points of traders in the international arena is that transactions via the standard methods take many days to complete. And this not only wastes time but can be costly as well.
If you choose Bitcoin, you can continue with your business smoothly with minimal interruptions. Thanks to blockchain technology, BTC transactions are faster and cheaper.
Multiple support solutions
You don’t need to be skilled or possess vast amounts of knowledge to participate in Bitcoin. Multiple tools exist online that can help you to invest wisely and conduct a profitable BTC business. If you need such tools, please try the Chinese cryptocurrency yuanpay and discover a ton of solutions that can assist you in conducting your BTC trading.
Goods and Services
At the moment, many businesses and organizations are accepting Bitcoin payments. And this number is expected to go up dramatically soon to enable clients to have multiple options for making payments. At the moment, some of the goods that you can purchase through BTC include video games, cars, real estate, fast food, etc.
Companies like Microsoft, Etsy, and Expedia are now accepting BTC. Some nonprofits like WikiLeaks, Wikipedia, etc., approve donations in the form of BTC. Therefore, because of the convenience that comes with BTC while purchasing goods and services, it’s essential to buy it now.
Bitcoin Millionaires
The short history of Bitcoin is awash with multiple inspirational stories of early adopters who have invested in Bitcoin and emerged as millionaires within a short time. And the inventor of BTC, Satoshi Nakamoto, is now the wealthiest person alive. Other people who have invested in BTC and succeeded include Eric Finman, Tyler, and Cameron Winklevoss. These are individuals like you and me who took a calculated risk and emerged victoriously. You can also take the investment step today and start your journey of becoming a millionaire.
Final Thoughts
You now see some of the compelling reasons why you should invest in Bitcoin. Among the core reasons explained above include BTC’s decentralized technology, which offers the users some financial independence, the fastness with which transactions are completed, low costs, and the fact that many famous entities in the market are warming to the digital currency.
