Whether you are already invested in the world of cryptocurrencies, or you are looking to learn more, it is likely that you will have already hard to the Bitcoin. Bitcoin is one of the oldest and top-performing cryptocurrencies on the market, and it is set to continue to boom in the coming years. No matter how much you are looking to invest, this guide is here to help you to learn more about how Bitcoin can change your life.
A Little History of Bitcoin
Before outlining some of the most impactful benefits of bitcoin, it is first useful to spend a bit of time explaining what Bitcoin is and where it came from. Bitcoin is a decentralized digital currency that can be sent directly from peer to peer using the bitcoin network.
Bitcoin was created in 2008 by an anonymous individual or group known publicly as Satoshi Nakamoto. Bitcoins can be created from a process known as mining, which is performed using sophisticated hardware to solve complex computational maths problems. Bitcoin is always in flux and changing all the time. Check out my crypocurrency section to see what’s happening with bitcoin today.
One of the biggest advantages of Bitcoin is that it is hugely accessible. It will only take you a few minutes to transfer Bitcoin from one person to another. It can be easily sold or exchanged with no fee applied. All of this means that Bitcoin is an easily accessible solution.
This high level of accessibility means that bitcoin is a much easier investment option than traditional stock solutions. Bitcoin is open to anyone who wishes to invest in it, and with many mobile applications on the market, it is possible to make an investment and bitcoin within moments. Unlike a traditional stock brokerage, there are no minim amounts you will need to invest. With no maintained fees and manual trading costs, bitcoin is a hugely accessible option for many people who would not be interested in investing in traditional stock portfolios.
2. High Returns Potential
Another key benefit of investing in Bitcoin is the high return potential. This high return potential can be seen in the most famous of bitcoin tails. The story goes that a pizza delivery driver once took a payment of 10,000 bitcoin for two pizzas. Today, that 10,000 bitcoin is worth. More than $20 million.
$10 million dollars for one pizza! Seriously?
While the value of bitcoin has been steadily increasing since its introduction in 2008, like many other cryptocurrencies, is a very volatile day today. This means that there is a very high return potential which is increased by the belief that many investors have, which is that the price of Bitcoin will continue to rise in the future. While investing in bitcoin does come with a higher level of risk than some other investments, this, in turn, increases the potential return you can expect.
3. Increased Usage Potential
Cryptocurrencies have become mainstream, and with this has come an increase in potential usage. For example, you can now play casino games via bitcoin, placing your wagers in the digital currency. You can play various games via this method, and when using bitcoin, some casinos will give you some extra bonuses. Getting a cafecasino bonus in bitcoins is better than getting the usual fiat bonus. With these extra bonuses, you can play extra spins or increase your odds of winning the jackpots.
4. Financial Stability
While cryptocurrencies are more volatile than many currencies, this rule isn’t universal. In fact, cryptocurrencies have already changed the lives of many people who invested instead of keeping their money in an unstable government-backed currency. For example, the recent financial crisis in Venezuela saw the government take strong action to try and deal with the levels of deflation. People in Venezuela who invested in cryptocurrencies were able to avoid much of the impact as their assets were safe from government action.
5. Increased Security
Bitcoin is a much more secure currency than many others. Users are identified by numeral codes and have secure public keys. All of these measures have been designed to ensure that tracking is impossible and that no transaction can be traced back to the user. While sometimes this has been used by cybercriminals for nefarious means, the consequences are not all negative.
As no personal information is needed to conduct a bitcoin transaction, there is no risk of personal data being leaked by an authority. This means that bitcoin offers an increased level of security and reduces the chance of fraud.
6. Increased Payment Possibilities
Unlike standard wire transfers and foreign exchanges, transferring and sending bitcoin does not incur a fee. You can transfer bitcoin quickly and easily, which has been found to be a huge advantage for people who are looking to send money to friends or family aboard or for people who are traveling.