8 Reasons You Should Get Into Bitcoin
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You must have heard of Bitcoins one way or another. A virtual currency that has taken the world by storm over the last several years, Bitcoins continue to be the most popular among its kind. Bitcoin is a pioneer cryptocurrency, and its popularity continues to grow at a steady pace.
The cryptocurrency market is growing at fast speeds, and it is expected to gain more traction in the succeeding years. That said, here are some essential and interesting facts about Bitcoin:
- The identity of the inventor of Bitcoin, “Satoshi Nakamoto,” is unknown up to this day.
- Bitcoin is pseudonymous. It is private but not entirely anonymous.
- Bitcoins can be lost or stolen. Hackers have already stolen millions from Bitcoin exchanges. You can also lose your Bitcoins if you lose your Bitcoin wallet.
- There is a limited supply of Bitcoins. Only 21 million Bitcoins will be produced.
- Bitcoin has many rival cryptocurrencies. More than 2,000 digital currencies now exist.
- There are many ways to spend Bitcoins. You can order food with Bitcoins, buy merchandise, book a flight, buy a car, and so much more.
- The first known purchase using Bitcoin was pizza from Papa John’s.
- The price of Bitcoin in 2010 was $0.0015. Currently, the value of Bitcoin is at five digits.
With all the fuss and commotion that Bitcoin receives, you may be wondering if it’s a good idea to get into Bitcoin. There are several reasons to get into Bitcoin, as seen below.
1. Simple and Straightforward Type of Investment
Many people are wary of getting into Bitcoin due to lack of investment information and advice. Contrary to popular belief, investing in Bitcoin is simple and straightforward. Bitcoin, in a nutshell, is online money that can be used to exchange for other currencies (for example, you can buy Bitcoins with Euros and vice versa). The value of Bitcoin changes every so often but usually increases in value over time. In 2017, the price of Bitcoin reached an all-time high of almost $20,000.
2. Use It to Pay Anywhere
As mentioned earlier, Bitcoin is electronic money that can be used to pay from any part of the world. Furthermore, Bitcoins are simpler and safer to use compared to credit cards because you won’t be required to supply any personal information. You should start getting into Bitcoins if you like the idea of anonymous or discrete payments. You can also save fees on online payments since paying with Bitcoins have reasonably lower fees compared to sending money through wire transfers and online payment processors.
3. Improved Regulations for Cryptocurrencies
Bitcoins and other digital currencies are virtual money used for online and electronic exchanges. Cryptocurrencies are not regulated, which means there is no single organization monitoring or governing them. However, due to the unexpected popularity of cryptocurrencies, regulations are now finally taking shape. Laws aim to protect Bitcoin users from scams and unauthorized exchanges, so it is safer to start buying, selling, and trading Bitcoins using automated platforms like Bitcoin Revolution.
4. Mass Adoption of Bitcoin
Although there are more than 2,000 cryptocurrencies in the market, the focus has always been on Bitcoin. As the pioneer digital currency in the world and currently the most recognized cryptocurrency in the market, more and more organizations and companies are accepting Bitcoin in their businesses. The continuous adoption of Bitcoin is proof of the potential value of cryptocurrencies in the future.
5. Celebrities Are Joining the Bitcoin Bandwagon
Maybe you’re thinking, why should I get into Bitcoin just because famous people and celebrities are investing in cryptocurrencies? Celebrities indeed have plenty of extra cash to invest in whatever they want, but these people did not get rich just by letting their money sleep. Most of them are also talented business people, so they know a thing or two about money and investments. Some of the most notable personalities that have invested in Bitcoins are:
- Bill Gates
- Richard Branson
- Gwyneth Paltrow
- Paris Hilton
- Snoop Dogg
- Ashton Kutcher
- Floyd Mayweather Jr.
- Mike Tyson
6. A Lucrative Alternative to Stocks and Foreign Currencies
Bitcoin has, without a doubt, dominated the digital currency market. Although the cryptocurrency market is very volatile, the same can apply to the stock market. What makes Bitcoins a lucrative investment comes from the fact that the cryptocurrency market is still young and has a high potential for price growth. Investors seeking alternative forms of investment should capitalize on Bitcoins to diversify their investment portfolio. The price of Bitcoins is expected to soar in the succeeding years, making it suitable for those willing to invest in high-risk, high return assets.
7. Hedge Against Inflation
Although some investors may disagree, investing in Bitcoins somehow provide a hedge against market inflation since its value cannot be negatively affected or influenced by inflation. Investors turn to Bitcoins the same way people invest in precious metals to preserve their capital. Precious metals are also worthwhile investments, but the advantage of Bitcoin is that you can immediately use it to spend on online purchases.
8. Limited Supply Results in Higher Prices
Only a total of 21 million Bitcoins can be mined. Approximately 85% of the world’s supply has been unlocked. Bitcoin is similar to gold in such a way that both have limited quantity. The finite amount of Bitcoins is one of the reasons for the continuous increase in value. As the demand for Bitcoins increases, its value will also increase. The possible gains from Bitcoin investing are one of the best reasons why you should get into Bitcoin now.
Many people are afraid to get into Bitcoin for different reasons. There are many uncertainties about investing and trading Bitcoin, but one thing is for sure: it’s here to stay. Although Bitcoin is relatively new compared to other forms of investments, the future looks bright for Bitcoin investors. 2020 is expected to be an excellent year for Bitcoin, so now is the perfect time to get your hands on it.
Are you ready to join the Bitcoin community?