The Bitcoin is a form of currency that was developed as an alternative to the regular currency used all around the world. One of its most attractive features is that it does not require any conversion procedure and thus, can be used directly without having to move away from your traditional currency. It was developed in 2009 by one or more anonymous individuals and since then has been growing at a high pace due to its increasing number of users.
What makes this type of virtual currency so attractive among others? Bitcoin has some appealing features such as:
- Almost instantaneous transactions
- Nearly free transactions (the fee you pay for sending bitcoins is determined by the amount you are sending)
- No need for credit cards or other information
However, there are also some serious risks that Bitcoin Revolution users are exposed to. Probably, the biggest one is the possibility of Bitcoin value dropping in a matter of days. This happens due to the fact that Bitcoin was created as an alternative currency and therefore, it does not have any actual assets or real representation behind it. When Bitcoin’s value drops, it becomes useless for buying things online since merchants do not accept payments with Bitcoin when this type of currency has lost its purchasing power.
Another issue related to Bitcoin use is connected to security. Since there are no regulatory institutions that guarantee Bitcoin transactions, anyone could ask you for your password or use malware for stealing your bitcoins if you keep them on your computer. Also, because Bitcoin transactions are anonymous you should be very careful when sharing account information or Bitcoin address. Bitcoin is currently one of the most volatile currencies in the world and it can be a very risky investment for those who are not familiar with the virtual currency market. People interested in Bitcoin should consider all pros and cons before investing money into Bitcoin.
Just a few years ago Bitcoin was known among computer specialists only, but now more and more people start learning about this new type of currency. This means that Bitcoin’s price will increase even faster because there is a limited number of bitcoins available on the market which makes Bitcoin scarcer every day on its way to maximum 21 million units possible to mine. So if you want to get your share from Bitcoin booming value make sure you invest safely and wisely.
Benefits of investing in Bitcoin:
- Bitcoin is a type of currency that has no conversion procedure, making it easy to use.
- Bitcoin transactions are nearly free and are sent almost immediately.
- Bitcoin can be used for financial freedom.
- Bitcoin is an investment opportunity with great returns on your money.
- Bitcoin is not regulated by any government and cannot be impacted by their economic decline.
- Bitcoin encourages people to save since Bitcoin value increases over time.
- Bitcoin can be used as a hedge against inflation, making it attractive to those who want protection for their assets.
Things to consider:
- Bitcoin is still not very well known and has to undergo many changes before reaching the stability level of other currencies. It’s value can grow very fast but also drop in a matter of days.
- It’s important to take into consideration that Bitcoin transactions are anonymous which makes this currency the ideal one for criminals and terrorists which might use Bitcoin for illegal activities such as buying/selling drugs or weapons, laundering money or evading taxes.
- Bitcoin is not regulated by any government or institution, so Bitcoin price remains highly volatile and unpredictable.
- Bitcoin value is directly related to Bitcoin popularity which means Bitcoin has to go through many changes in the next few years until it reaches the stability level of other currencies. Also, Bitcoin’s use will be under constant scrutiny from governments around the world making Bitcoin legality questionable at times.
Conclusion
Bitcoin is a type of currency that has no conversion procedure, making it easy to use. Bitcoin transactions are nearly free and are sent almost immediately. Bitcoin can be used for financial freedom or as an investment opportunity with great returns on your money. Bitcoin encourages people to save since Bitcoin value increases over time; Bitcoin can be used as a hedge against inflation, making it attractive to those who want protection for their assets. It’s important to take into consideration that Bitcoin transactions are anonymous which makes this currency the ideal one for criminals and terrorists who might use Bitcoin for illegal activities such as buying/selling drugs or weapons, laundering money, or evading taxes; Bitcoin is not regulated by any government or institution, so Bitcoin price remains highly volatile and unpredictable
