Bitcoin, the up-and-coming cryptocurrency that is sweeping through the markets right now, has captivated many people with its stability and relative anonymity like 1971 peso coin value. While it is true that this virtual currency is gaining a reputation for being difficult to trace — those who have bought bitcoins know firsthand how tenuous this anonymity can be.
In this article, we have compiled ten reasons why you should consider becoming obsessed with bitcoin and getting involved with its volatility today.
1. Accessibility
Since its creation in 2009, bitcoin has gained an incredible amount of popularity. In fact, you can purchase bitcoins through major websites like Expedia and Overstock.com — and bitcoins even have their own ATM cards. These cards make it possible to anonymously transfer cash into bitcoin-based accounts.
2. Unmatched Stability
Bitcoin has gained a lot of attention because it has been shown to be a lot more stable than other popular currencies like the dollar or the euro; this is due in part to its complex algorithm that repels hackers and makes it nearly impossible to counterfeit via traditional hacking methods. In other words, you can be sure that bitcoins are an excellent investment — and are not likely to devalue over time.
3. Currency Movement
At the same time, bitcoins have been gaining so much momentum that the amount of currency circulating has been increasing rapidly. As a result, the price of each bitcoin has been growing exponentially in recent months.
4. Unparalleled Anonymity
While it is true that bitcoins are not entirely anonymous — they are more difficult to trace than cash or credit cards. And any time you can keep yourself anonymous on the web, you have a powerful tool in your possession. Another reason people are interested in bitcoins is their anonymity; anyone can buy bitcoins using cash or debit card anonymously — although a credit card is preferred — and no identification is required to begin trading on an exchange site like Mt Gox or Bitstamp.
5. Speculation Real Returns
And finally, bitcoin has shown its worth as an investment by generating real returns for the first time. For example, the price of 1 BTC increased from about $0.00 in December 2010 to $1,242 by mid June 2011 — and this was only a 37% gain in less than a year! And that is not all: bitcoins have been continuously rising in value ever since then, showing that they are likely to continue to be an excellent investment over the long-term.
6. Market Value
In fact, bitcoins are now worth more than twice as much as the currency of some countries; this means that bitcoins have a large, fluctuating market that is likely to continue growing in the near future. In addition, bitcoin’s market value has been increasing at a steady rate since its creation which indicates that it is a sure investment for the long-term — especially when paired with a market trading bot .
7. Other Uses
Currently, bitcoins can be used to pay for goods and services, it has been used to transfer value over the internet, it has been used in the creation of speculative bubbles, and it can be used in securing existing financial transactions. While bitcoin is by far the most popular cryptocurrency available on the market, it has only recently gained worldwide recognition; however, many people who are interested in cryptocurrencies believe that other virtual currencies like Litecoin , Dogecoin, and Peercoin will multiply in value over time.
8. No Bank Support
Finally, bitcoin doesn’t have the support of any traditional banks or financial institutions like JP Morgan Chase or Goldman Sachs, which means that it is less likely to be affected by actions taken by the federal reserve or any other institution. Another reason people invest in bitcoin is because it is not backed by any national bank; some people like coins that are untouchable by the government and, therefore, not subject to inflationary factors. Because of this, many bitcoin advocates feel safe investing their hard-earned cash into bitcoins.
9. Often Cheaper Than Gold
Finally, bitcoins are often cheaper than the gold that has traditionally been used as a safe-haven asset. Bitcoins are often cheaper than gold (which has been a good investment for centuries) and other commodities such as oil and copper — which is why many investors believe they will continue to gain value over time.
10. Investor Advantages
By far, the greatest advantage that investing in bitcoin offers investors is its speed; since bitcoin transfers can be done off the blockchain (the public ledger that records all bitcoin transactions), they are typically completed in less than ten minutes, unlike a bank transfer which can take from three to five business days. This speed advantage is, of course, welcome by investors and has helped to raise bitcoins’ popularity over time.
Summary:
In conclusion, this article confirmed that you should consider investing in bitcoins for one or more of these reasons: market value gains, no bank support, unprecedented anonymity and unmatched stability. With that being said, investors should remember to do their own research before investing and understand that bitcoins are not guaranteed to make them money.
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