Do you still have cold feet when it comes to Bitcoin, cryptocurrency, digital currency, and virtual assets? Not to confuse you, they all mean the same thing. Another quick question: If you look back 5 years from now, will you applaud yourself for having been a spectator instead of jumping on the bandwagon? Let’s leave that to you while we show you the top 3 reasons why you should invest in cryptocurrency.
First off, cryptocurrency is a term used to describe Bitcoin, Ethereum, Litecoin, and the other altcoins. You cannot see them with your eyes, hence the term virtual currency. In the same vein, Cryptocurrencies are based on their own blockchain technology such as the Bitcoin Blockchain, Ethereum, EOS, Ripple, and soon to be launched Binance chain.
Why then should you invest in these assets asides from the obvious fact that they are the current hype of the 21st century? Here are 3 reasons that top the charts, giving you an insight into why you should buy bitcoin now.
Flexibility in Payments
Cryptocurrencies offer you flexibility where you can send money to any part of the world without limitations. It is also worthy to note that intermediaries such as banks are not needed for such transfers. Therefore, a value can be exchanged between you and the recipient with a small amount of fee levied. Payments can also be transmitted speedily thanks to the concept of the Bitcoin Lightning network.
In the same vein, imagine visiting a foreign country without their fiat currency such as the dollar, euro, or pounds, what will you do? Hit the closest bank for an exchange or trade your Bitcoin, Ethereum, Dash, and other virtual assets for food, jewelry, cars, or even a house? Keep in mind that each of these assets has been massively adopted in countries like Argentina, Turkey, and Venezuela.
Anonymity and Traceability
The innovation of the blockchain brings about anonymity in payments, while also aiding in traceability. While the latter feature has been abused by criminals, traceability ensures that every transaction carried out on the blockchain can always be tracked. This is also an immutable database whose content cannot be manipulated by a central authority.
Here’s what we’re getting at, you can send and receive payments securely on the blockchain and also be confident that such transactions will not be tampered with. As Tim Draper, a venture capitalist also stated on February 18, only criminals will use fiat in the next few years because blockchain’s traceability feature discourages their activity.
An investment of a Lifetime
The acceptance of Bitcoin and altcoins for payments by reputable companies around the world such as Microsoft, Chess, Overstocks, Wikipedia, Bob Moore and several others means these assets are here to stay. Therefore, these firms are not just merely there for the spike and dump in prices, but adopting the currency of the future and you too can be a part.
On the other hand, it is advisable to spend what you are willing to lose and never be cajoled into the market. Take your time to make findings which will help you to discover where the industry is headed. Most importantly, less priority should be given to the current market prices and more focus on the outcome of these digital currencies in the long run.