Bitcoin (BTC) is the most popular cryptocurrency nowadays. The digital cash system is considered revolutionary, especially with the level of autonomy that it offers to users. Aside from being a medium of exchange, a growing number of people are also looking at BTC as a viable investment option.
Due to this, buying Bitcoin, whether in Canada, the US, or Europe, has become convenient and accessible. A lot of platforms have been developed to cater to the increasing demand for purchasing and selling cryptocurrency.
If you’re considering investing in BTC, here are the common reasons that can persuade you further:
As mentioned above, the cryptocurrency system, including BTC, gives its users full control over their finances. Its decentralized nature, which means that no central entity governs it, has changed the way people exchange money.
In the traditional structure, institutions like banks, are the sole holder of your financial information. While you do know how much money you have, they’re the ones who control the process of transferring funds and charge a fee for doing so.
BTC, on the other hand, runs on a blockchain network, which is a distributed ledger. This public account records all transactions made in the system. Everyone who joins or uses this cryptocurrency will have a copy of the ledger.
When one user transfers cryptocurrency to another member, everyone in the network will know about it because it’ll be incorporated into the ledger. Your copy will also automatically be updated with the new data.
Nonetheless, you don’t have to be afraid of your privacy because the ledger only contains your electronic address. It doesn’t disclose your personal information, such as name and address.
This balance between anonymity and transparency can also be enjoyed by investors since the system basically runs the same way.
2. Low Transaction Fees
The decentralized nature of BTC has significantly decreased the transaction fees for transferring funds. Remember, with banks and other traditional financial institutions, you need to pay them for processing your transfer. This reduces the power of your money.
One of the typical investment approaches with cryptocurrency is peer-to-peer buying and selling. With lower transaction fees, you can get the most out of your investment and expect more profitable returns.
3. Secure Transfers
BTC transfers are encrypted. This means that it’ll be difficult and time-consuming for cybercriminals that want to hack into the system. Moreover, attempting to manipulate the transactions would entail changing all copies of the ledger that each member has, which is not worth the effort actually.
It’s a boon for investors, though, since you know that your investment is secure in the system. If you want to ramp up your security, you have the option of storing your BTC offline using a specialized tool or wallet.
4. Growth Potential
During the early days of BTC, people were hesitant to invest in the cryptocurrency because of its newness. After all, it still needed time to prove itself as a viable investment option.
The following years have been tumultuous. BTC has had its dips and rises, often within the same day. This contributed to its infamy as a volatile digital cash system.
However, investors are still enticed to place their money in cryptocurrency because of its past performance. After every crash, its value almost always increases to new heights, surpassing its own record.
People have noticed this phenomenon, which adds to the demand. Another thing that you need to know about Bitcoin is that its production is limited to 21 million coins only. The increasing demand will definitely lead to a surge in its price over the years.
As stated earlier, a lot of platforms have been created so that people can easily buy, sell, and invest in cryptocurrency. This level of accessibility can open up new doors for investment opportunities and further drive BTC’s value up.
6. Growing Adoption
The advent of new platforms and cryptocurrency exchanges has led to the growing adoption of BTC as a medium of exchange. Some stores now allow you to pay for their products and services using Bitcoin.
This adoption makes it a good investment option, especially when you consider it, along with the limited supply and growing demand. You should buy BTC now and wait for its value to soar to new heights in the future.
BTC is one of the most popular cryptocurrencies in the world today. Aside from being a viable medium of exchange, it has also been considered a solid investment option due to its decentralized nature, low transaction fees, security, growth potential, accessibility, and growing adoption among mainstream brands.