Bitcoin is the first decentralized digital currency created in January 2009. Following the housing market crash, it is based on the ideas set out by the mysterious and pseudonymous Satoshi Nakamoto. The identity of the person or the group of persons who created the Bitcoin is still a mystery.
Unlike other government-funded currencies, Bitcoin provides the assurance of lower transaction fees than traditional online payment mechanisms and is operated by a decentralized authority. Once it is issued by an individual, it is only then considered centralized.
Bitcoin has grown rapidly and spread across the globe in a very short span of time. Multi-billion dollar companies and corporations such as Dell, Microsoft, Expedia, PayPal, etc., are dealing in Bitcoins. Magazines are promoting Bitcoins; Websites are publishing Bitcoins, whereas forums are discussing cryptocurrencies and trading in Bitcoins every day. All over the world, companies from a large jewellery chain in the United States, to a private hospital in Poland, accept Bitcoins. Bitcoin is highly efficient as it has its own Application Programming Interface or API, price index, trading exchanges and exchange rates.
Nowadays, there’s an immense fascination in the cryptocurrency space and equal parts perplexity, uncertainty and bafflement. Bitcoin, cryptocurrencies, Bitcoin wallets, blockchain, ICOs. What do these even mean? The natural response to these concepts is always scepticism and non-acceptance, but beneath the jargon lies a powerful brand new technology rehabilitating our financial system.
Bitcoin started off as an experiment in the depths of the global Financial Crisis of 2008 with objectives to establish a better financial system. Early on, cryptocurrencies developed a disreputable undertone as they were mainly related to black market trades: drug dealing, ransomware payments, money laundering and tax evasion. Cryptocurrency has been considered as the most disruptive or troublesome technology since the Internet as well as deceit or an enormous Ponzi scheme.
Experts say it is a conjectural bubble, but that’s simply an easy out for those who couldn’t provide proper explanations. They are worthy of asking the right questions, but ultimately miss the mark when it comes to identifying the major reasons behind the fast-growing hunger for cryptocurrency. Bitcoin and other cryptocurrencies are an emerging new asset class encountering expeditious growth as a fundamentally new-fangled technology.
Now, let’s get straight to the point as to why you should invest in Bitcoin?
The conventional move would be to fence against stock volatility with gold. This was proved to be an efficient method in the past, but a newly discovered alternative is challenging the old-time hide-out. Created in 2009, bitcoin marked the start in a new era of digital currencies. As the leading cryptocurrency, bitcoin has many of the attributes of a currency, but with some unique features that could make it a viable safe-haven. Ultimately, though, it is up to the individual investor to acknowledge if bitcoin is a suitable safe space in times of market trouble.
Here’s why you should invest in Bitcoin:-
- Potential for substantial growth with Bitcoin: Bitcoin will precisely steady down throughout the 20s. Bitcoin is stored in Bitcoin wallets, and as more people will try to operate blockchain-based applications, the discord and forking with Bitcoin will be a hindrance until one emerges above the other. It will still remain a store of major value.
People need to see faith and start believing in digital technology. Only then will this currency be adopted by the mass. Technically speaking, once this happens, there will be a revolution. It’s our duty to step forward and ensure we’re at the position of prominence, breaking barricades with our technology and services. And in return, you shall make a remarkable profit.
- Bitcoin has greater liquidity as compared to other cryptocurrencies: The entire theory of liquidity has many dimensions, and they exert influence on the price of Bitcoin. What is liquidity? Well, one way of describing liquidity is the ability of an asset to be converted to cash on demand. Another aspect is that liquidity is defined by the bid-ask spread. (An investment with a lower bid-ask spread has higher liquidity). This means that there are no discounts or premiums attached to an asset during purchasing or selling, and therefore it makes it an easy task to enter and exit the market.
- Bitcoin has a lower transaction fee: Bitcoin’s average transaction fee has reached a low-price level since April 28. The standard cost of sending a Bitcoin transaction today is only about a dollar.On May 20, the average cost of a Bitcoin transaction was $6.64. This was the highest average fee recorded- not since July 2018. At the end of the year, the standard fees were as low as $0.28, marking a literal 2.213% spike since January 1.
- Vast acceptance as a Payment Method: Bitcoin, one of the most popular cryptocurrency, has been dubbed by the pundits as the secure money of the Internet. Taking proper precautions, one can send or receive payments to anyone without revealing their real identity or any sensitive information linked to their Bitcoin accounts or Bitcoin wallets. Cheers to the Bitcoin payment services provided, you can now easily pay for a cup of coffee at the coffee shop by scanning the shop’s QR code on your mobile phone or pick up a high-end laptop from an established corporation by making payments in Bitcoin.
- Beneficial Savings and Accessible Credit: First off, let us make one thing very clear that cryptocurrencies do not suffer inflation. Say, if you want to join the crypto space in search of a better store of value than what the traditional system offers for your money, go ahead, you ain’t got nothing to lose! Your money is absolutely safe. Digital assets based on the authentic principles of Bitcoin have a limited contribution, setting them apart from the rest of the pack, i.e., the fiat currencies, which can be constantly pitched down when governments create more money through quantitative easing or by manoeuvring benchmark interest rates. Historically, long term investments in many major cryptos, including Bitcoin, have been admired and held in high regard.
Everyone is free to transact directly without any middle-man. Using peer-to-peer digital money doesn’t necessarily involve any third parties, which is again a very strong point. Thus, you have easily accessible credit at hand, and you can make profitable savings, as well.