Bitcoin is the hottest investment trend since the Internet. Whether you’re a seasoned investor or just starting, you need to know about reason to invest in this cryptocurrency before you decide to buy bitcoin.
- There’s a finite supply, unlike fiat currency
Bitcoin is limited to 21 million coins. There will never be more than that amount. This means bitcoin won’t face inflation like the dollar or euro because no additional bitcoins can be minted beyond the set limit of 21 million (this cap could one day be increased if it’s necessary). And since there are only 11 million Bitcoins in circulation today, new investors must bid up each Bitcoin for it to go from being worth $100 to $200 and so on. GS Partners
- Bitcoins are easy to transfer
Owning bitcoins means you have possession of the private cryptographic keys that give you access to your digital wallet. This represents a massive advantage over fiat currency because it’s not tied down by borders, making international transfers more accessible than they’ve ever been before. In addition, dealing with currency exchanges and conversions can be eliminated because
there is no exchange rate between different currencies when transferring Bitcoins from one country into another.
- Bitcoins are accepted worldwide
More and more retailers accept bitcoin every day. Thousands of companies like Microsoft, Expedia, Dell now accept bitcoin as payment for their products or services. And because no exchange rates apply when transferring bitcoins from one country to another, international
payments become even more accessible than they already were. Bitcoin is quickly becoming an acceptable form of currency around the world that can be used in place of fiat money due to its
decentralized nature, which makes it anonymous, secure, cheap, and safe.
- Bitcoin is easy to store
One of the most significant issues that people have about bitcoin is where they can safely store it. Storing your bitcoins online means you could potentially lose them forever if something happens to the site you’re holding them on (i.e., a hack, data loss, etc.). This risk favors using offline storage methods for keeping your digital money safe and sound.
- Bitcoin is private
While all bitcoin transactions are recorded in a public ledger called the blockchain, user identities remain anonymous thanks to heavy cryptography. This means it’s difficult for someone to hack your account information or steal your bitcoins without having access to both your password and any one of your private keys.
Bitcoin is known as an ‘anonymous currency’ because only basic identifying info about users is available on the network. As a result, transactions can not be traced back specifically to individuals using Bitcoins, making them very popular among people who wish their online activity remained unidentified.
- Bitcoin is global
Because there is no centralized bank controlling the supply of bitcoins, the currency itself cannot be controlled. This means that bitcoin can’t be inflated or deflated artificially by any one government’s monetary policy — this makes it an attractive alternative to traditional currencies for many people around the world since inflation has plagued so many countries
throughout history, causing devastation among citizens’ savings accounts.
- Bitcoins are fast
Transactions made via bitcoin happen within minutes, and confirmations of those transactions (which occur after a transaction is first broadcast) can take place in as little as ten minutes. This means no more waiting days for checks to clear before you can buy or sell something online —
it’s all done digitally, which makes things much faster.
Bitcoin has the advantage over other digital currencies because confirmation time doesn’t depend on how powerful miners’ computers are like with many cryptocurrencies where slow network speeds usually cause long wait times. Instead, each new block that gets mined adds about ten minutes onto the processing time, so around every hour, six blocks get added to this distributed ledger called a blockchain.
- Bitcoins are non-repudiable
Non-repudiation means that once a transaction has been made, it can’t be reversed or disputed. This is one of the main things which make digital currencies are attractive because you don’t have to worry about someone reversing a payment — which is especially useful if you’re making an online sale.
In conclusion: If you’re looking for something new that’s different from traditional forms of currency or investing, then Bitcoin may be worth taking into consideration since there are many advantages over more time-tested options like stocks, bonds, real estate, etc.
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