Most people have heard of Bitcoin today, but some people are still unsure about it. It is becoming more mainstream, and it is standing up to test after test of its ability to last. Bitcoin has become more mainstream in the last year, as conventional investors began adding it to investment funds and portfolios.
It offers a great opportunity to diversify investments. Although some people aren’t sure how to buy Bitcoin, it is quite simple. All you need is a mobile phone and an Internet connection. Take a look at the top seven reasons to buy Bitcoin.
1. Bitcoin Is Decentralized
Most currencies and investments are controlled by central agencies and regulated, but Bitcoin is not. It is a digital currency that was created by a software developer, Satoshi Nakamoto, in 2009. Because it is decentralized and exists on the blockchain, it is not controlled by a central bank or a government. It has a public ledger, and transactions are transparent. Each transaction has a unique ID, and it goes directly from one person to another.
2. It Has Lower Fees for Online Payments
There aren’t any fees to hold Bitcoin. You simply download a digital wallet, and you store your Bitcoins there. The apps and services around Bitcoin are open source and free to use. There is a transaction fee for sending Bitcoin, but it is much lower than most wire transfer or online payment fees. The fee pays for the actual transaction, and there is no middle man driving up the cost. You can send Bitcoin to anyone in the world for a small fee, and they receive the payment to their wallet within minutes.
3. It Is the Largest of the Cryptocurrencies
There are a lot of different cryptocurrency choices out there, but Bitcoin is the largest. It is the most popular, and it has withstood the test of time. Several countries have adopted it as their official currency because it provides people with a way to send money to family members in other countries easily. As long as you know how to buy Bitcoin, you will be able to hold it, transfer it, or invest in it without any trouble. You simply download a digital wallet and find an exchange where you can buy it.
4. Venture Capitalists Are Building Apps and Products with Bitcoin in Mind
As Bitcoin has increased in popularity, there is more that you can do with it. Several years ago, Bitcoin was a high-risk cryptocurrency, and very few people were willing to get involved. Today, it is easier to buy and sell, and there is more you can do with it. Companies are learning how to incorporate Bitcoin as a payment method, and you can use it to buy and invest in other cryptocurrencies.
5. It Is a Secure Way to Make Online Payments
Bitcoin operates on the blockchain, and every transaction is recorded in the public ledger. If you want to send a payment, you need a wallet address and Internet connection. You can
send the payment and it will go directly to the recipient’s wallet. The simplicity of this process eliminates errors, and it is very secure.
6. You Won’t Have to Worry About a Bank Run
Several countries, including Greece and Argentina, have had bank runs in recent history. It can be frightening to think that your life savings could disappear. Although that is less likely to happen in Canada, you can store some of your savings outside of the traditional banking system so that you never have to panic.
Bitcoin is inflation-proof because there are exactly 21 million Bitcoin that will ever be created. Its value is based on supply and demand, and if you have Bitcoin, you have it until you spend it or trade it. It will always be in your digital wallet unless you move it out.
7. It Still Has a Large Upside
Although Bitcoin has been increasing in value in recent months, it is highly volatile. However, it still has room to grow. If you want to invest money to diversify your savings, Bitcoin offers the potential for returns. The key is to learn about Bitcoin and watch it for a while. When you see it drop in value, you can take your chances to see if you can ride it up. Many people have had some luck doubling their money, so you can give it a shot as well.