Satoshi Nakamoto published a white paper on decentralized currencies in 2008, and he launched bitcoin in 2009. It is a virtual currency that does not have any physical existence. It is true that you cannot carry bitcoin in your wallet such as cryptocurrencies, but you can use your digital wallet to buy goods and services. Major businesses, including Microsoft and Starbucks, are accepting bitcoin as a valid payment mode.
Bitcoin is not a legal tender because it is not accepted by the government and banks, except in El Salvador. You do not need to rely on a banking system or any third-party services while you transfer such coins from your wallet to another. But still, people believe that bitcoin can replace the fiat currency in future because people are investing in this coin at a rapid pace, and people prefer this coin for online transactions to save their transaction fees.
Bitcoin is based on blockchain technology, which has become popular since 2009. The price of one bitcoin in 2010 was $0.06, and now it has touched $302.5 per coin. So, you can imagine the growth that has faced the market, and you can earn some profits from this coin with sound knowledge about the crypto ecosystem. As a result, large financial institutions and businesses like Intel, Walmart and Barclays have shown their interest in this market, and countries like Brazil, Turkey, Venezuela and Colombia have adopted this coin as a legal investment option. Even you can invest in this digital currency anytime from anywhere, and it is completely legal because you need to pay taxes on the profits that you earn from your BTC investment.
5 reasons to invest in Bitcoin:
- Now, you can use your Smartphone to buy bitcoin, and you do not need to open an account even. Financial institutions and payment system like PayPal has an option on their platform to buy BTC , and you can buy and send BTC through your PayPal account. But there is a fee associated with payment from PayPal. This may vary from one platform to another, so make sure that you compare this aspect before registering yourself. It is very simple, and you can easily open your account by digital KYC verification. And you can click here to open your account.
- Crypto is 100% secure and safe, and it is considered digital gold. All transactions with bitcoin are made between users, and there is no third-party involved. The overall network of bitcoin is secured, and all transactions are available on its public ledger. You do not need to visit any bank to buy such coins, and you do not need to wait for a day to transfer your funds. Even you can complete your cross-border transactions with bitcoin within a few minutes, and you need to pay fewer transaction fees for the same.
- Blockchain made this coin 100% transparent, and it is easy to track suspicious activities and accounts over the BTC network. The transaction history is stored on the ledger, which is visible to the people in the network. But they can be traced through their crypto account because without KYC verification; you cannot enter into this trading industry.
- You will get complete control over your currency, and the government cannot track or control your investment. Bitcoin is a decentralized currency where the government cannot interfere, and banks cannot even track your transactions. So, you can own such coins, which you cannot do with fiat currency.
- Large companies like Microsoft, Tesla and Square have invested a huge amount in cryptocurrencies. These investments are stabilizing the crypto market. You can get the best ROI from bitcoin investment. You can save your fiat currencies in your locker for a year, but the value of fiat currency will be decreased over time, and you will not get the same value in future. On the other part, you can store such BTC in your digital wallet and keep them for a year, and you will get the best returns.
So, investing and trading bitcoin can help you to earn a huge profit, but it is highly volatile. So, you must keep aware of the trading market. Following these basic tips will simplify the trading experience.