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4 Reasons You Should Always Have Bitcoins With You

4 Reasons You Should Always Have Bitcoins With You

Have you heard of Bitcoins before? I find that most of the time when I ask someone about Bitcoin, they’re either skeptical or unaware that it exists.

Believe me though, Bitcoin is the next big technological development on the Internet and will transform the world for better.

What is Bitcoin?

It is a digital currency, which is created and held electronically. No one controls it. It was developed by an unidentified programmer or programmers under the name of Satoshi Nakamoto.

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The peer-to-peer system operates on servers to make payments directly to users, without involving an intermediary.

Here’s why you should always have bitcoins with you:

1. Bitcoins are affordable

The first and the foremost reason to have bitcoins with you is the affordability or ease of use. No doubt, using Bitcoins provides convenience to almost everyone. Moreover, the Bitcoin network is a tad cheaper than bank transfers, credit cards and other conventional modes of banking.

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If you’re using the Bitcoin system for payments, you’ll be charged only very small transaction fees (much cheaper than banking or credit card fees!) and everyone has the right to use it.

Low transaction fees make them preferable currencies due to low cost and ease of use.

2. Bitcoin Might Help Us In Inflation

As we all know, inflation is increasing all over the globe and it could develop into a severe economic crisis sooner than the Federal Reserve or The Wall Street Journal warned. In such a tenuous situation, Bitcoins come in handy. They act as a deflationary system, meaning merely 21 million bitcoins will be circulated in the market.

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At present, approximately 13.5 million bitcoins are in circulation and the last bitcoin would become available in the year 2140. You might be wondering why 2140 will be the year for the last bitcoin to become available?

Circulated bitcoins cannot exceed the limit of 21 million due to a technical computing limitation so the price of a bitcoin is projected to increase as more euros and dollars flow into the system. A lot of people call bitcoin as a substitute for gold, naming it “Gold-2.0”.

3. Bitcoin – People’s Money

It’s a fact that the entire banking infrastructure all over the globe can be traced back to a small group of people making decisions and adjustments. In other words, you could say that all major finance-related decisions are in the hands of a couple of businesses, individuals of tremendously rich families, and establishments that own and control the majority of the money.

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Bitcoin is actually an infringement of these cartels, being publicly registered and consensus driven with free bitcoin cloud mining. It’s a decentralised cryptocurrency and the isn’t controlled by any single organization or institution. Bitcoin system seems to be a promising endeavor to take control of economies away from a handful of people making decisions, increasing stability and potentially prosperity.

4. Bitcoin Is Secure

Bitcoin and cryptocurrencies are secure. A lot of people are frightened by the intangibility of Bitcoins, however, they are very safe to use as they can’t be multiplied or counterfeited at will.

If someone wants to forge cryptocurrencies, they would have to hack the software present on a decentralised network running on hundreds of thousands of servers. A professional hacker can hack certain exchange websites, but Bitcoin itself can never be hacked. Dan Kaminsky – a renowned hacker and security expert tried hacking bitcoin network but got failed. To anyone’s knowledge so far, counterfeiting bitcoin is impossible.

Bitcoins are considered as future of currency and gradually it is taking over the traditional currencies. Though it may not have the government backing it is quickly becoming a recognized currency and may soon be used as normal currency.

Featured photo credit: Cointelegraph Bitcoin via cointelegraph.com

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Adnan Manzoor

Data Analyst & Life Coach

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Last Updated on April 3, 2019

How to Nix Your Credit Card Debt in Less Than 3 Years

How to Nix Your Credit Card Debt in Less Than 3 Years

Debt is never a fun thing to be in. But, there are many actions that you can take that will help you rid yourself of the burden of debt once and for all.

By coming up with a set plan, eliminating your debt can feel much easier than constantly thinking about it.

This post will provide some tips on how you can do this to help you nix your credit card debt in less than 3 years.

Hint: there are ways that are easier than you think.

1. Consider Consolidating Multiple Credit Cards If Possible

This may not be applicable to you, but if you have multiple cards – it is something to consider. Keeping up with multiple bills is time consuming.

It will depend on the balance you have on each. Consolidate ones you can but do not do it to the point that you get too close to the maximum limit. Also, it is ideal to pick the card with the lower interest rate.

Consider if there are any fees or alternatively, rewards, with transferring a balance to another card. Watch out for fees. Note that some cards offer rewards for transferring a balance to them. This is extra cash that can help go towards paying off your debt.

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Having one or two cards can make nixing your debt much simpler than keeping up with the balance of a bunch of cards. Keeping track of paying the minimum towards a bunch of cards is time consuming. Spend the time to consolidate instead to make the overall process simpler going forward.

My tip: Have one main credit card. Have a second one that you use for necessities – such as groceries or gas – that offers rewards for those purchases (a lot of cards do) and set the second one on auto-pay. You should be able to pay off a smaller amount on auto-pay if it is a necessity. If you think you cannot, then you may need to cut down a lot on expenses.

Why do I suggest doing this? Having one thing set to auto-pay is one less thing to think about. One less thing to waste time on. Same idea with consolidating to one main card. Tracking down too many is a hassle.

2. Try to Pay the Full Balance You Spent Each Month at the Very Least

You need to pay off the amount you are spending each month when that bill comes in. This is the amount you spent THAT month.

Do not let the debt keep accruing while you work on paying any unpaid debt that has accrued. It will become a never-ending battle. Try as best as you can to be current on paying for each month’s expenses when that month’s bill comes out.

If this is a strain, consider why. You may need to cut expenses. Or you may need to consider other cards. Or look at where this money is going.

3. Pay Extra When You Can – Every Small Amount Counts

This cannot be emphasized enough. If you are looking at a lot of credit card debt, it can look daunting, but each extra amount that you can put towards the debt will really add up – no matter how small it is.

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It does not just reduce the principal amount that you have left to pay off, but it reduces the amount that is collecting interest. You will always save money with that reduced interest.

4. Create a Plan on How to Pay Extra

Back to the main point, having this plan is giving you one less thing to think about.

This plan should be a plan that works for you. If it does not work for you, your spending habits, and your views on debt, then it will not be an effective plan.

For instance, if a set plan of an extra $50 (or another amount that you know you can afford) works for you, then do that. Set that aside every month and pay that extra amount. Treat it like a bill. Choose an amount that works for you and pay it like clockwork as though it was a bill you had to pay each month.

Little amounts will not nix it entirely, but they will help tackle it and having a set plan can make it less of a chore. Creating a new plan of how much to put towards it each month is an unnecessary added stress.

5. Cut out Costs for Services You Do Not Use

If you are signed up for subscriptions that you do not use because of some free trial or for some other reason, cut it out. Your overall financial position will look better.

In turn, that will make cutting your credit card debt easier. Look at your statements to find these expenses. If you do not use them, you may forget you are paying some unnecessary amount each month. Cutting it out can really add up in savings that you can put towards other needed expenses.

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6. Get Aggressive About It

Consider these points:

Depending on the interest and the level of debt, you may need to give up a few indulgences. For example, instead of ordering delivery or going out to eat, cook at home. Everything adds up.

Other things may be more of a sacrifice. It may be a trip you wanted to go on, or a daily latte habit you’ve picked up. In these instances, consider how important it is to you and if it’s worth the sacrifice. And if it is a costly expense, think whether you can wait to indulge.

Cutting an extravagant expense can really help make a dent in your overall debt. Try not to add to debt when you are trying to pay it off. It will be a never-ending battle. Make it less of a battle with these tips and it will feel easier.

Bottom line: Do what you can to make this process easier for you. Implement steps that do this. It takes time now, but will help overall. Also, keep track of your spending and paying down of your debts. Which is the next point.

7. Reevaluate Your Progress at Set Intervals

Doing a regular check-in can help you see your efforts pay off or maybe indicate that you need to give this a bit more effort. If you check every 3-6 months, it will not feel so much like a chore or feel so daunting.

By doing this, you will be able to better understand your progress and perhaps readjust your plan. Bonus: if you see it pay off, it will feel great to do this check-in. You will get there.

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Finally (and most importantly)…

8. Keep Trying

Do not get discouraged. Pushing it off will make it worse. Just keep trying.

Once your debt becomes lower, each monthly payment will reduce the balance more. Why? You are paying less towards interest. It will be a snowball effect eventually and it will become much easier to manage. Just get to that point. And know once you do, it will feel easier and motivating.

Start Knocking out Your Debt Today

The best way to eliminate debt is to get started right away. Begin by implementing the above steps and watch your debt just melt away. Try out some of the above strategies and see what works best for you. Soon you’ll be on your way to a debt free life.

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Featured photo credit: Pexels via pexels.com

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