Bitcoin is something of a mystery to most. The cryptocurrency has attracted the attention of many, but few understand it. For the most part, Bitcoin can be thought of as a digital currency. However, this description does little to explain the underlying value of virtual money. Investing in Bitcoin requires a significant commitment of time and money, with the potential payoff being nothing less than extraordinary. To help you wrap your mind around it, below are reasons why you should consider investing in Bitcoin right now.
Strong Acceptance Among Merchants
Many people wonder why there’s a need for Bitcoins at all. The main reason is that it can be used to purchase items and services directly from many websites and companies instead of indirectly through banks or credit card processors. With an ever-increasing number of businesses opening their arms to virtual money, the need for online currency will only continue growing. It’s currently possible to buy just about anything with Bitcoin, including plane tickets, household items, clothing, and even pizza. The list of merchants is growing constantly. There are even ATMs that will allow you to buy and sell Bitcoins conveniently. You just have to find the nearest Hermes Bitcoin ATM and you can turn your Bitcoins into cash or vice versa in no time. They are quite easy to use and completely secure.
Bitcoin is Secure
Bitcoin is an encrypted computer file. This makes it incredibly secure. To steal Bitcoins, someone would need the necessary encryption key to decode them. If a person has such a key, they could likely access other aspects of your digital life as well. Cryptography improves security instead of compromising it. Because of its encryption keys and record-keeping protocols, all transactions made within the network are public knowledge. This means that a person can’t just go and withdraw money from your account or charge back a purchase made without being noticed.
It’s Easier to Send Money
With Bitcoin, money can be sent anywhere in the world. All you need is an Internet connection. The transaction goes through almost instantly. It’s even possible to send tips or payments to anyone else for free without having to go through a bank or credit card company that will charge you significant fees for coming in between you and your friend. This is especially valuable when transferring funds internationally because it allows people who don’t have access to traditional banking services to gain access to them faster than ever before. Instead of waiting weeks for money transfers done through banks to process, Bitcoins are released within mere moments after they’re deposited into your account.
No Inflation Risk
The government can print more money when they want, however, this affects everyone because its value decreases as more is printed. Virtual money like Bitcoin is not influenced by this sort of thing because only a certain number of Bitcoins will ever be made available. This means that its value can fluctuate, but it’s more likely to go up than down since the currency is still gaining in popularity and more people are using it each day. With less risk of devaluation than regular currency, Bitcoin allows people to save their money without fear that they’ll lose their purchasing power due to inflation or outside factors that may affect currency values.
Bitcoin transactions are free or very cheap to process as compared with traditional money transfer services. If you were going to send a large sum of money over, say, Western Union, they would charge you a large fee for it, anywhere from 15-25 percent of the total amount transferred. With Bitcoin, it’s possible to spend a significant amount of money without having to dish out a single dime. This is because Bitcoins aren’t controlled by any bank or credit company. You just pay for the processing fees that go into maintaining the network and storing your Bitcoins securely in digital wallets online. This makes it possible to save hundreds if not thousands of dollars when sending money internationally. There is also no need for currency exchange because Bitcoins can be converted into whatever local currency is preferred.
Though Bitcoin transactions remain anonymous, they are much more transparent than traditional payment methods. Each transaction is recorded in the Blockchain, which can be viewed by anyone who wants to at any time. This keeps fraudulent activities in check and provides greater security for both vendors and customers alike. There is no way that a vendor can claim that they didn’t receive your money or that you never paid them if their wallet shows otherwise. With this kind of transparency, it’s possible to build trust between parties without having to resort to revealing personal information about yourself like your real name, address, phone number, etc. It also keeps dishonest people from posing as legitimate merchants and requesting payments from unsuspecting individuals or companies.
As you can see, there are more than enough reasons why you should consider Bitcoins for your future investments. There are always some risks involved, but the trade-off is worth it when you weigh it against the downsides of using regular currency.