Maybe you once thought about investing in Bitcoin, but the worldwide macroeconomic uncertainties and price volatility hindered you from investing in Bitcoin. But 2021 could be the year to invest in this electronic currency. Many individuals and businesses are apprehensive about accepting Bitcoin as an exchange medium and value storage.
However, this cryptocurrency users and blockchain-based companies are steadily increasing. In the last years, these entities have increased by more than thrice. But why should you take Bitcoin seriously? Here are reasons to think about this virtual currency more and probably invest in it.
Blockchain, the underlying Bitcoin technology, makes it decentralized. That means no central authority can control or regulate Bitcoin. Ideally, no state apparatus or central bank is in charge of Bitcoin. While people argue that decentralization has pros and cons, one sure thing is that it enhances security for this virtual currency. Decentralization makes Bitcoin less vulnerable to different security threats. What’s more, this property makes the virtual currency more efficient and resilient.
Bitcoin transactions are also pseudonymous. Users don’t disclose personal information though somebody can link a Bitcoin transaction to a physical user. So, users uncomfortable with the idea of revealing personal or banking details online can use Bitcoin because it’s relatively safer.
People with internet access can transact with Bitcoin on smartphones and computers. Platforms like Bitcoin Circuit allow people to purchase this electronic currency using fiat money. Once you create an account with this platform, you can load it with fiat cash and use it to buy Bitcoin.
With Bitcoin, you don’t need a banking institution to open an account or save funds. A Bitcoin wallet is all you need to receive and send Bitcoins. And this makes Bitcoin popular in developing countries where people have low or limited access to banking services. That’s because all a person needs is a computer or mobile device and the internet to start trading this digital currency for profits.
Ease of use
With more people getting used to software solutions and applications, the popularity of digital money keeps growing. Today, people use applications to complete daily tasks and solve different problems. Almost everybody expects an app for nearly everything they do online.
Bitcoin wallets are applications that people use to send, receive, and store this virtual currency. And using this technology provides a more efficient and easier way to do business. Therefore, more people are likely to embrace Bitcoin due to the efficiency it brings to their lives. While initially, people thought blockchain was a highly complex technology, they’ve realized it’s easy to use.
If you’ve tried to complete an international transaction using a traditional method like bank transfer, you know that the process is not easy. What’s more, conventional international money transfer methods are not cheap. Online platforms may have made the process more affordable and more accessible compared to traditional banks. However, the configuration issues and fees are still hindrances for these transfers.
Bitcoin simplifies international funds transfers because transactions are almost instant. Since Bitcoin transactions don’t involve third parties, they are way cheaper compared to bank transfers. Essentially, using Bitcoin to transfer funds makes markets globalized. And more market players can now benefit from the products and services of foreign companies.
Since no entity regulates or controls Bitcoin, this virtual currency is inflation-resistant. What’s more, being a global currency means it’s compatible with the operations of most businesses. Additionally, many people see Bitcoin as an investment, exchange medium, and value storage. All these reasons should prompt you to take this virtual currency seriously and probably invest in it.