To say that cryptocurrency is the way of the future would be an understatement. It has come a long way since the introduction of Bitcoin to the public in 2009; nowadays, there are dozens of forms of cryptocurrency out there. Despite this, Bitcoin continues to reign over all forms of cryptocurrency and others simply don’t live up to Bitcoin.
Those who do not know much about Bitcoin might not see the point of purchasing it or may not even understand what it is. In fact, there are countless reasons to buy Bitcoin that you may not be aware of and it’s much easier to understand than you might think.
1. It’s Accepted Internationally
Bitcoin is widely accepted in most countries, which means that you can use it as a form of payment without having to pay conversion fees or any transaction fees on it. Bitcoin is also safe and fast, so you won’t have to wait around for payments to go through or worry about your payment getting lost along the way.
Because bitcoin is housed in a digital wallet, you also won’t have to worry about managing separate bank accounts in order to pay for things internationally.
2. Bitcoin’s Value Continues to Increase
As time goes on, Bitcoin’s value continues to rise. In just one year, the value of each bitcoin grew from $13 to $1200. If someone were to buy Bitcoin now, its value would be much higher a few years from now. Bitcoin is constantly being mined, but the number is being halved every four years. This will continue to happen until 21 million bitcoin are created, which is the total amount of bitcoin that can ever be produced.
3. It’s Safe to Use
Using credit cards online can be risky, thanks to scammers and websites that may be at risk for phishing. With Bitcoin, however, it’s not as easy to steal. Bitcoin is encrypted with a system called blockchain, which, along with keeping Bitcoin encrypted, also keeps transactions and personal information hidden to potential thieves.
While bitcoin isn’t impossible to steal, there are some things that you can do to keep it safe. Using a cryptocurrency wallet is the best way to make sure your bitcoin is protected and can be installed using a CD or USB. Having two wallets would be ideal, as you can keep your “spending” bitcoin in one and the rest in another offline wallet. This way, if a hacker were to be able to get into the wallet on your computer, you wouldn’t lose all of your bitcoin.
4. Bitcoin Isn’t Ruled by Any Authority
One of the best things about using Bitcoin is that there is no government or bank to rule them, so it is entirely in your control. This means you don’t have to worry about inflation or the loss of bitcoin value. You also don’t need to rely on a third party to use Bitcoin. You won’t risk losing your money if a bank fails and you won’t ever have to worry about any of your assets being frozen.
If Bitcoin is ever discontinued, it will be a unanimous decision between users and not one made by one authority figure. Every member of the Bitcoin network gets a say in decision-making, which puts your money in your control.
5. There Are Almost No Fees Involved When Using Bitcoin
Oftentimes, when you pay for something with a credit or debit card, you or the company being paid end up having to pay a fee for using the card. For example, you may find yourself paying a withdrawal fee any time that you use an ATM that isn’t associated with your bank. With bitcoin, however, you don’t have to worry about any of that. If you are spending bitcoin, it usually involves a flat and reasonable fee no matter how much you are spending. Even when sending money internationally, you don’t have to worry about paying a conversion rate.
6. Bitcoin Is a Rare Commodity
As mentioned earlier, there are only 21 million bitcoin that can be produced. As a result, they will eventually become scarce, thus bringing more value to it if the demand continues to increase as it has been.
As time goes on, more and more people are starting to realize the convenience of using Bitcoin; therefore, it is becoming increasingly popular. When all 21 million bitcoin are gone, people will be scrambling to get their hands on it, no matter what the cost.
As you can see, Bitcoin has dozens of benefits, all of which are worth your consideration. If you’re looking for a safe and reliable way to invest, purchase things online, or simply be a part of something revolutionary, you should consider Bitcoin before it’s too late.