Advertising

10 Reasons You Should Own Bitcoins

10 Reasons You Should Own Bitcoins
Advertising

Bitcoins have been all over the media lately. As Tim Draper believes: “Bitcoins are opening up a space that will create a revolution like the personal computers did in the 1970’s or the internet did in the 1990’s” . This article presents 10 reasons why you should be owning Bitcoins:

1. Bitcoins are independent of any central authority

Bitcoin is a digital currency that originated in 2009 by a software developer called Satoshi Nakamoto. Bitcoins are independent of any central authority. Therefore, no government nor central bank rules over them

dollar-vs-euro-8815384

    2. Lower fees than other traditional online payments

    Bitcoins come with almost no fees. In addition, all the apps and services that have been built around the Bitcoin ecosystem, and which the vast majority of end users end up using also carry lower fees than other traditional online payment methods.

    Advertising

    cost-cutting12

      3. Its the largest cryptocurrency out there

      As of now, there are lots of cryptocurrency on the internet. However, Bitcoins are by far the one with the largest user adoption and market cap. Therefore, if you have to pick a cryptocurrency, go for Bitcoins!

      cryptocurrency

        4. Europe just regulated it as a commodity exempt of VAT

        Europe has just approved regulations that qualify Bitcoins as a commodity. Therefore, they are exempt from VAT. The price of bitcoins is defined by demand and supply. The new regulations are likely to produce an increase for the demand of Bitcoins as they are regularized and exempt of tax within the European monetary union.

        Advertising

        europe_bitcoin

          5.  High volatility in the equities market can positively affect the price of bitcoin

          2015 has proven to be a highly volatile year for the equities as stocks markets around the world have been rallying up and down. Bitcoins are seen for some as a substitute to gold and therefore as a mean to store value. High volatility in the markets can create an inflow of money into Bitcoins. During the coming months the markets are likely to be highly volatile.

          150602120402-stock-bond-volatility-780x439

            6. More and more companies are creating tools for the Bitcoin ecosystem

            Venture capitalists have poured tons of money into the Bitcoin ecosystem. Different services and apps enabling the end user are now available for the non-technical consumers. As more products are build and used in the bitcoin ecosystem, the adoption rate for Bitcoins will increase and its demand with it. This mean you can easily turn a few hundred dollars into a few thousand dollars with enough increase in demands.

            Advertising

            screen-shot-2014-07-11-at-6-42-33-am

              7. To prevent a possible bank run (Think Greece or Argentina)

              Remember bank runs? You do not have to go that far in time. Both Argentina and Greece have suffered bank runs in the lasts years. Bitcoins can be a solution to store wealth outside of the traditional banking system and therefore avoiding people to panic when bank runs take place.

              This photo dated October 24th, 1929, shows a view of people rushing to a saving bank in Millbury, Massachusetts as the stock market on Wall Street crashed, sparking a run on banks that spread across the country.

                8-. Upwards trend in the coming month

                If we know something about Bitcoins is that they are highly volatile. Through 2015 it seemed for a while that the cryptocurrency would find a price resistance to stick to but the rally in October and post fall in November proved this stability wrong. However, Bitcoins are on upward trend towards $600 per Bitcoin that should start to stabilize through 2016.

                Advertising

                bitcoin-roller-coaster

                  9. Most secure way to pay online

                  The bitcoin protocol provides the most secure system to make online payments and with so many payment processing system creating products for the end user, bitcoins are definitely one of the most secure options to proceed online payments.

                  Secure_Online_Payments-512

                    10. To be an early adopter of the powerful blockchain technology

                    The most powerful about bitcoins, is not the bitcoin (aka the cryptocurrency). But the blockchain that they have behind. A blockchain is just a confusing name for a share data base and it will have lots of large scale applications. Bitcoins allow you to become one of the early users in this technology that can revolutionize the world.

                    graph

                      If you want to learn more about Bitcoins, the powers of the blockchain and why Bitcoins are likely to increase in price over the coming months check: My First 20 Hours With Bitcoin

                      Advertising

                      Featured photo credit: Bitcoins via esteve.co

                      More by this author

                      10 Reasons to own bitcoins 10 Reasons You Should Own Bitcoins 12 Books That Influenced Elon Musk Free business class upgrade 10 Ways to a free upgrade to business class Free Hotel Upgrade 7 Ways to Score a Free Hotel Upgrade nyc sky 10 Fall Motivational Quotes

                      Trending in Money

                      1 Financial Freedom is Not a Fantasy: 9 Secrets to Get You There 2 40 Healthy And Really Delicious Meals You Can Make Under $5 3 Life Insurance: A Secure Way To Protect Your Future. 4 How To Save Money On Groceries: 13 Quick Tips 5 10 Investment Tips For Beginners

                      Read Next

                      Advertising
                      Advertising

                      Last Updated on July 20, 2021

                      Financial Freedom is Not a Fantasy: 9 Secrets to Get You There

                      Financial Freedom is Not a Fantasy: 9 Secrets to Get You There
                      Advertising

                      Have you ever considered your life now, and how it would be if you had more time to spend with your family and less worries about money?

                      Nowadays, financial stress is one of the most troublesome weights in life. If you’ve ever encountered financial stress, you know the difficulty of not having enough income to pay your obligations or bills.

                      Many people say that money is not the ultimate goal of life. While that’s true, money certainly plays a very significant role. The meaning of financial freedom changes with the different phases of our life, but ultimately, it is something that many people strive for.

                      In this article, we’ll explain how to capture that financial freedom you’ve been looking for. Read on to learn the secrets to financial freedom.

                      Break Free of Your Finances

                      Financial freedom is about having a constant flow of cash from your assets to cover all your regular needs.

                      When you are not worried about your income, or living paycheck to paycheck, you gain a great sense of freedom. It’s the freedom to be obtain and do what you truly need to make your way through everyday life.

                      Gaining financial freedom, though, is a process of growth, making small improvements and gaining emotional strength.

                      Though it seems hard to believe, it is really very simple to get financial freedom.

                      To do so, you simply need to make sure that your assets exceed your liabilities. In other words, you’ll need to find the sweet-spot where your residuals meet or surpass your expenses. This is something that you can achieve with the proper plan.

                      While not every person will accomplish financial freedom, the potential for anyone to do so is certainly there. Anyone can achieve this success, regardless of their income level.

                      Advertising

                      Outlined below are 9 secrets that will help you in your goals of achieving financial freedom.

                      1. Stop Unnecessary Spending

                      We often spend money inwardly, instead of objectively.

                      For example, you may spend when you’re anxious, depressed, restless, exhausted, from fear of missing out, or to please others. This is a very unhealthy way to handle your finances.

                      To stop this habitual spending, log down all your spending over the course of a month.

                      Just as some people keep a food diary, keep an expense diary. Remember not to just write down how much and what you spent the money on, also include the circumstances of why you spent the money. Was it an impulse buy at the checkout line or was it something you planned to purchase?

                      This increased self-awareness could enable you to avoid triggering situations in the future when you are considering an impulse buy.

                      2. Plan a Monthly Budget

                      This is a great opportunity to get serious.

                      Take a seat with your spouse or partner and make a monthly budget based on your income, not your expenses. You are never again going to spend more cash then you have on hand.

                      Overspending is the thing that led you to more financial obligations. Make sure you decide every month what is coming in and what will be going out and stick to that budget… no matter what.

                      3. Cut-up Credit Cards

                      Perhaps you are the type of person who always pays your credit card balance in full before the end of your billing cycle, and enjoys the reward points you gain. If this is the case, then you’re already way ahead of the game.

                      Advertising

                      If not, you may want to consider ridding your life of the burden that credit cards bring.

                      Many cards have strategies set up so that if you make a certain number of late payments, they will raise your interest rate much higher. This can really add up in the long run and you won’t be doing your financial situation any favors. If you’re prone to late payments or have a large balance due on your cards, cut them up!

                      Without proper self control on credit card spending and payments, you are basically throwing your money away. To ensure that you have better control over your spending, use only cash or debit for all future purchases (and don’t forget to pay at least your minimum payment on your cut-up cards each month!).

                      4. Increase Savings

                      There is no doubt that for a comfortable retirement you must accumulate satisfactory savings throughout your working life.

                      It’s good practice to save up to 15% of your income.

                      Start with your workplace 401(k), if you have one. If not, a Roth IRA (if you are eligible) or a traditional IRA (if you are not eligible for the Roth) are the next logical steps.

                      Increase in longevity means you might be able to look forward to 25 to 30 years in retirement, or possibly even significantly more. Investing now in good retirement plans will ensure that you have a guaranteed a stable monthly income when the time comes to stop working. [1]

                      5. Invest Wisely

                      Consider investing in funds.

                      Specifically, you will gain higher returns if you invest in different types of mutual funds such as Debt funds, Equity funds and Hybrid funds with a proper balance, although it absolutely relies on your personal preferences and sense of risk taking.

                      To get the most of these benefits, make sure you are investing in a variety of assets. Another resource of investing in mutual funds is SIP (Systematic Investment Plan) where you invest some money every month in funds. SIP works by averaging the per unit price of the stock.

                      Advertising

                      Mutual fund investors are aware of the benefits of an SIP (Systematic Investment Plan). For one, it is the most secure way to invest in equity mutual plans so that wealth is created over a long period of time. This plan also helps you to gain a better sense of financial discipline, which will come in handy in all your financial endeavors.

                      6. Invest in Gold

                      There isn’t really a better way to invest in gold than to have the physical gold itself in your possession.

                      You can purchase gold coins and bars from mints as well as from coin dealers and other private sellers.

                      Another way to invest in gold is through ETFs (Exchange Traded Funds).

                      These are is similar to mutual funds but they are exclusively investments of gold. ETFs are great because they offer more liquidity; the ETF owns the actual physical gold, stores it, and retains the value of the shares. These shares can then be bought and sold in the stock market, and one big benefit is that the transaction costs of gold ETFs are much lower than the that of physical gold.

                      With its consistently-increasing demand, investment in gold can be very wise long-term investment to make.

                      7. Stash Emergency Funds

                      Whether it’s a cash gift or a work bonus, always try to save any extra money that comes your way rather than making unneeded purchases.

                      If you get paid every other week, you’ll get an “extra” paycheck (three rather than the usual two) twice a year. Either save those paychecks towards your emergency funds or utilize the money to pay down other obligations, such as loans, credit cards or other debts.

                      Make it hard to get your cash.

                      Put your savings in an alternate bank, maybe an online bank that forces you to delay for several business days before transferred money hits your regular bank account.

                      Advertising

                      8. Find Fabulous Mentors

                      Find a mentor, such as a friend or family member, who has exceptional control over their finances and pay attention to everything they do.

                      If you do not have any friends or family that are enjoying financial freedom, then find a mentor online! There are numerous blogs and guru websites featuring the advice of many people who have reached financial freedom, and they exist primarily to let you in on how to achieve it for yourself.

                      There are also plentiful forums available that share tips and tricks on how to best achieve financial freedom. Read as much as you can and start changing your habits for the better.

                      9. Be Extra Patient

                      Patience is the key of financial success.

                      Being patient can be quite tough, especially when you’re struggling with your finances, but having faith is worth it. You’ll continuously be on the right track if you are taking the proper steps above.

                      So don’t be discouraged, even if you are only saving a few dollars a month; it all adds up. Within just a few years you’ll look back proudly at your accomplishments and be glad that you had the patience to get there.

                      Financial Freedom for All

                      Anyone can achieve financial freedom, regardless of their financial circumstance.

                      Use the tips provided above to get yourself on the track to financial freedom and toss your monetary concerns out the window. If you wish to achieve a life with financial freedom for yourself and your family then you must adopt a disciplined approach towards your finances.

                      Following the simple secrets above is a great start to making your money work for you, so you can work less and live more!

                      Featured photo credit: rawpixel via unsplash.com

                      Advertising

                      Reference

                      [1] Hartford Gold Group: IRA Retirement Accounts

                      Read Next