Rohan MathawanIt goes without saying that Bitcoin has the power to revolutionize the global financial sector and become the universal payment method in the distant future. After all, millions of people are very fond of it and are using it daily. To make sure that you understand how powerful this cryptocurrency is, we’ll take you back to 2017, the historical year for Bitcoin.
In 2017, Bitcoin spent most of the year with a value that just kept rising at a stable rate. Since that value reached several thousands of dollars, it caught the attention of the global financial sector and many people saw huge potential in making a profit. After millions of people joined the flow, the price for 1 Bitcoin spiked on December 27 and it went over $19,000. The whole world was talking about it and the main focus was on Bitcoin.
Since then, Bitcoin has stabilized and is now worth a little above $10,000. But, recently, several factors have indicated that Bitcoin has the potential to peak again, only this time go over the 2017 record-breaking value. Some even believe that it has the potential to go as high as $50,000. With that being said, we decided to name a few reasons as to why you should use Bitcoin. Let’s check them out.
The Chance to Make A Profit
The first and obvious reason as to why you should use Bitcoin is the chance to make a profit. After all, that is the only reason for many people when they are asked what motivated them to use Bitcoin. But how do traders make money?
To make money with Bitcoin, you must first possess it. How do you obtain it? By mining it. Mining is a process of recording every transaction made with Bitcoin on its log. The log is called a blockchain while every transaction in the blockchain is called a block. The more blocks the miner records into the blockchain, the more Bitcoins will he earn. The equipment that you need for this is a powerful computer or laptop. After acquiring it, earning Bitcoins is practically free of charge.
After you obtain Bitcoins, comes the hard part – selling them. Since Bitcoin has a high volatility rate, meaning that its price varies from day to day, you need to determine when is the best time to sell them and make the highest possible profit. Many miners are not able to predict the future price of Bitcoin, which is why they get help from reputable platforms such as https://www.bitcointrader.site/. This site has an AI-powered system whose algorithms consider numerous factors and predict future prices. Thanks to the success rate, the profitability rate of its users is high.
No Hidden or Added Fees
Bitcoin is a self-sustainable currency, meaning that it is not controlled from any centre. To put that into perspective, FIAT currencies are controlled by banks and governments, who place various added or hidden fees quite often. So, when a person wants to complete a certain transaction he or she is likely to pay more money than originally planned.
Bitcoin cuts the middleman, thus allowing its users to save money by not paying all of these fees. Additionally, the general fees that are implied for transactions such as the international ones are way lower than the standard.
Online Security
Thanks to Bitcoin’s cryptography, users have a high level of online security. What does the cryptography do? It secures all of the private information, thus making it almost impossible to read. In doing so, users gain a certain level of anonymity, which is a very important feature, considering the fact that we live in an era where online scams are taking place each day.
Instant Transactions
Bitcoin is a digital currency, hence fully optimized for online use. Every transaction made with it is instant, which is a huge benefit for both payers and sellers. Other methods such as credit or debit cards may take up to a few days before a transaction is completed because they have a certain processing time. That is not the case with Bitcoin.
Conclusion
As you can see, Bitcoin has a lot of advantages over the other currencies, which serve as reasons why you should use this cryptocurrency. The chance to make a profit is the biggest one, and considering the fact that experts think that Bitcoin will spike in value very soon, maybe it is time to start trading with it. After all, it recently topped $20,000, which is a historical achievement.