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
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.
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!
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.
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.
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.
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.
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.
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.
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.
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
Featured photo credit: Bitcoins via esteve.co