Why It is A Good Idea To Invest In Bitcoin: 7 Good Reasons
Bitcoin is a cryptocurrency (digital currency) that was introduced back in 2009. It is completely decentralized and no single entity is responsible for controlling it. One of the best things about Bitcoin is that it costs less in transaction when compared to other types of currency or debt settlements. If you are wondering whether it is a good idea to invest in Bitcoin, here are the top reasons why you should:
1. No Third-Party Involvement
Nobody can tamper with your Bitcoin since a redundant copy of all transaction is stored in a database. Government agencies are not involved in transactions, which means that they cannot freeze someone’s wealth. This gives Bitcoin users true freedom.
2. No Tracking
Unless you publicize your wallet address, nobody can trace individual transactions. Besides the owner of the wallet, nobody else can know how much Bitcoin is contained in a particular address. If your address is publicized or compromised, you can easily generate another address.
3. No Paperwork
Opening a bank account, transferring funds, or even receiving funds involves quite a bit of paperwork. However, Bitcoin transactions don’t involve paperwork of any form. You don’t need a passport, ID card, or even proof of address to transact in Bitcoins. All you need is a Bitcoin address and wallet.
4. No Taxes
Bitcoin transactions don’t involve third parties, which means that even the government itself cannot influence such transactions in any way. It means that there can never be a viable way to implement a Bitcoin taxation system.
5. Lower Fees and Charges
Bitcoin transactions cost very little in comparison to traditional financial transactions. No third party is involved, which means that users move Bitcoin between themselves without any extra costs. In comparison, an inter-bank transfer can cost hundreds if not thousands of dollars.
6. Appreciating Value
Back in 2009 when it was first launched, Bitcoin was worth just a few cents. Fast forward to 2018 and it is now well above $6,000. Analysts estimate that one Bitcoin will be worth over $100,000 in the next decade. Bitcoin’s value has increased tremendously and will most likely continue with this trend.
7. Immediate Settlements
Traditional debt settlements usually take time. It can take several days if not weeks for bank transfers to be initiated and completed depending on where the two parties are located. In contrast, Bitcoin transactions are typically completed within just several minutes regardless of where the two parties are located.
Bitcoin has completely revolutionized the financial industry. If you have been on the fence regarding investing in Bitcoin you now have 7 good justifications for investing in this new currency. Happy Investing!