Bitcoin was the first autonomous digital currency with no regulation. It provides users ultimate control over their money rather than banking entities. When people properly manage Bitcoin, they can count it as a good investment. In recent years, Bitcoin has inspired several other cryptocurrencies. In this article, let’s discuss if Bitcoins are a reliable investment instrument. Are bitcoins worth it?
Historical Background of Bitcoin
In 2008, a person called Satoshi Nakamoto came out with a novel concept of Bitcoin. In a whitepaper, he outlined the notion of Bitcoin as a decentralized, virtual currency. Decentralization here means that instead of having a separate administrator, there is a common record of transactions that anybody can maintain on their computer.
Furthermore, the paper explained how Bitcoin would function, and the currency went live on January 3, 2009. On this day, blockchain technologies were released along with the first block or genesis block mining. Later, one week after the launch, the technology offered its first-ever bitcoin transaction. During this period, Bitcoins do not contain any real monetary values.
Earlier, the initial Bitcoin transactions people used to ‘negotiate’ on online forums. The users were bartering products/services in exchange for bitcoins. However, in 2011, miners and programmers started constructing new networks, such as Ethereum and Litecoin, and modifying the code that underlies Bitcoin’s Blockchain.
There was a surge in Bitcoin usage in payment as a few firms decided to embrace it alongside regular currency. It had become easier to acquire, trade, exchange, and store Bitcoin when it was easily available on exchange platforms in 2010. It has come a long way and still reigns supreme in the bitcoin world capital site or cryptocurrency world.
Pros of Investing In Bitcoins
There is a reason why so many investors and people enter the bitcoin network every day. Let’s outline some benefits of Bitcoin trading that one must know:
- Quick Transactions: With the help of Bitcoin, you will obtain your funds as quickly as possible. There are no middlemen, which implies less waiting time and less worry. You can enter your bitcoin address and get your money.
- Safe: All bitcoin transactions are processed on a public distributed network, which means there are no chances of any unauthorized access. As a result, bitcoin transactions are extremely safe.
- Lower Transaction Fees: Bitcoin transactions do not contain fees for payments of any amount. All you spend is a minimal charge for the payment to be processed by miners.
- Privacy: These transactions are anonymous, making them ideal for those who value their privacy. Every Bitcoin wallet holder has one or more shared keys that serve as their address. These addresses are needed to complete the transaction.
Future of Bitcoin- All You Need To Know About
When Bitcoin’s value got low compared to previous highs, there was a steady expansion in the number of sites where it could be used, resulting in its sustenance. With new Bitcoin apps coming infrequently, it was clear that the Bitcoin and cryptocoin ecosystem would emerge stronger. During this time, the total market capitalization of all crypto coins increased from $11 billion to nearly $300 billion. Meanwhile, the blockchain technology that underpins Bitcoin has spurred a finance (and beyond) revolution that is just getting started.
No matter what critics think about Bitcoin and cryptocurrencies – and knowledgeable observers have called them everything from the future of money to a complete rip-off – it seems that they are here to stay. Now the question was if Bitcoin would be able to reach a place as thought earlier, i.e., replace government-controlled, centralized money with a distributed and decentralized alternative governed only by market forces? 2018 may provide some hints, but we won’t know the answer for a long time if bitcoins are worth it.
Now that you know that bitcoin investment is worthy, you can easily plan to invest in crypto. Even big giants and some very famous personalities invest in them. Bitcoins is a completely safe and futuristic investment option worth considering. One piece of advice would be to always stay abreast of the latest highs and lows, market movements, experts’ opinions, your budget, and most importantly, your risk-taking ability. The idea is to minimize risk!
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