Ten reasons why you should consider buying
Bitcoins are a digital currency that acts like store of value as well as a means of exchange, buying and selling online as well as exchanging for other foreign and local currencies.
You should have heard of this wonderful digital currency before now and probably still on the sidelines.
Here are ten reasons why you should consider buying Bitcoin now.
If you look at the price charts of bitcoins over the years, it has only shown upward trends and looks very healthy.
The price of bitcoins as of January 2017 was between $750 to $920, currently as of today being 11/13/2017 , the price of 1 bitcoin is currently $6298.
Some financial scholars and market analysts predict that the price will hit $10,000 even $100,000 in the nearest future, but we cant say for sure. All these are speculations and predictions which are healthy and of high probability.
This predictions and market uptrend arise as a result of the market adoption, many and many people, banks, investment institutions, and traders have all been buying and adopting bitcoins over the years which means that the future of bitcoins is indeed bright.
2. Bitcoin is Fast
It takes an average local bank transaction- 24 hours to process a money transfer.
It takes 2- 3 days to perform an international bank transfer.
It takes seconds to transfer bitcoins and under 30 minutes to confirm transactions to anywhere the person is in the world no matter the location.
3. Bitcoin is transparent
All bitcoin transactions ever done over time are recorded on a public ledger known as the blockchain. Hence anyone can follow a bitcoin transaction and money flow discouraging illegal business and promoting only legitimate business online.
The transactions sent from a bitcoin wallet are kept public but the identity of the owner of the wallet is kept hidden.
4.Bitcoin is global
Bitcoin transactions knows no borders and can be sent across borders to everywhere in the world with no 3rd party regulations or impediments since its a peer to peer transaction. It can also be bought and converted to local fiat currencies.
5. Bitcoin is good for business
A normal credit card transaction online in merchant and ecommerce stores get charged a certain percentage between 2-3% for each transaction with high risk of online card fraud.
This charges are also passed down to the cost of the product making it costlier than normal. In bitcoin transactions, you just get charged a fraction of these charges and there are no chargebacks after a successful transaction.
6. Bitcoin Protects your Privacy
When opening a bank account or sending money using cash in a bank, you get to send and involve so many private datas, from handling down your date of birth, to your mothers maiden name, down to your address and next of kin. Some people would prefer keeping their private information private and would not release it to the bank as it breaches their civic rights.
Bitcoin transaction doesn’t need to know your stepmums name before making transactions. All it just needs from both parties are bitcoin wallets, and internet connectivity.
7. Bitcoin – a bank for the unbanked
Many developing nations, many people in rural areas who don’t have a bank in their vicinity or who would need to walk a distance before they would get to the nearest bank may start considering the option of bitcoins because it favors them.
Also many people who don’t have the opportunity to make international payments from their bank due to government restrictions can use bitcoins who knows no borders to transfer millions of their fiat converted into bitcoins in the cryptosphere just by a mere tap of the button.
8. Bitcoin is Decentralized
Unlike traditional money, no central body or unit or institution or government is in charge of bitcoins.
As such there is no potential central point of failure. It involves a network of computers across the world working together. If a part of this network goes offline tomorrow, the rest of the network will comfortably work alone without any form of interference.
9 Bitcoin is Irreversible
Unlike paypal and credit cards, the payment on this platforms can be reversed after payment once a dispute is opened.
In bitcoins , transactions cannot be reversed, once the coins are sent, they are sent.
10. Bitcoin is separate from the global economy
Fiat and other local currencies are printed by banks and controlled by government institutions who regulate its usage.
Well not for bitcoins as it has no central body controlling it. Bitcoin is decentralized and as such its not affected by government policies, rules or stock exchanges. So as the traditional economy collapses, people turn to bitcoin as an avenue to store the value of their wealth which also leads to price increase due to the uptrend in adoption.
If you are scared of your country’s economy, then why not try converting your money to bitcoin