Top Reasons to Go For Bitcoin
Globally, the economy is going digital. Most people worldwide prefer cashless and paperless payments, especially in the wake of infectious illnesses like COVID-19. Also, many people want alternative investments, not subject to government influence and central authorities’ manipulation. Bitcoin has emerged as a lucrative investment, especially after its value surged significantly during the COVID-19 pandemic.
Satoshi Nakamoto’s initial vision was to create an exchange medium like fiat money but running digital. Ideally, people would use Bitcoin to pay for services and products using their phones, tablets, and computers to complete transactions. Therefore, Bitcoin was to serve as a decentralized virtual or digital currency.
To make it hard to counterfeit, Bitcoin uses cryptography. And because no government or central authority can issue Bitcoin, confiscating it is tricky. But Bitcoin’s increasing price or value has made it a popular investment vehicle or asset. Today, many people purchase cryptocurrency on platforms like bitcoin up and then transfer it to their crypto wallets. But why should you go for this virtual currency? Here are the top reasons.
The world has many digital currencies, but Bitcoin dominates them all. What’s more, this virtual currency has earned trust from more people, with some using it to complete local and cross-border transactions.
Initially, some people thought Bitcoin was an exchange medium for criminals. However, more people embraced Bitcoin after realizing its benefits and capabilities. Today, the number of individuals, businesses, and companies accepting Bitcoin has increased globally.
What’s more, its value keeps growing despite being volatile. For instance, people that bought the cryptocurrency in 2010 can sell it at a higher price today. Thus, if you purchase and hold Bitcoins today, you will sell them at a higher price in the future.
Almost Instant Settlement
The underlying technology is the primary reason for Bitcoin’s value. This virtual currency is easy to use, requiring you to have a computer, smartphone, or tablet and a stable internet connection. With that, you can join the Bitcoin network and start trading with this virtual currency. And joining the Bitcoin network means you will be moving around with your banking system and transferring funds anytime, anywhere.
Bitcoin stores all information in a blockchain’s public ledger. This ledger comprises information about the coins, including the wallets where owners store them. Also, this technology encrypts the coin owners’ identities to make record-keeping legit. Bitcoin’s decentralization means the person or entity that buys Bitcoin owns it. Therefore, no bank, government, or other central authority can confiscate or control your Bitcoins.
Bitcoin is global and digital, with more than 2 billion people accessing the internet, and therefore, can also join the cryptocurrency’s network. Perhaps, this explains the increasing number of organizations and individuals entering the Bitcoin network in developing countries. Ideally, unbanked people in third-world countries can use this digital currency to transact without opening bank accounts or using other traditional financial services.
Bitcoin miners validate the transactions that users complete with this virtual currency. The Bitcoin ledger keeps an accurate balance when digital wallets transact. By checking all Bitcoin transactions before adding them to the database, the system ensures that users spend only the digital coins in their wallets.
The system encrypts the transaction blockchain or the public ledger to ensure that nobody can hack the system. Additionally, smart contracts make this system devoid of fraud. The security that blockchain technology brings to the Bitcoin network is why many players in different economic sectors want to embrace it.
These are not the only reasons to go for Bitcoin. However, they should convince you to purchase this cryptocurrency and use it as a payment method or hold it as an investment.