5 Reasons to Get Excited about Bitcoin
Bitcoin is no longer the little-known cryptocurrency that it was only several years ago.
It has gone mainstream, and many people are either using it or planning to use it in the future-you may be one of them.
If you’re thinking to buy Bitcoin, these ten reasons to get excited about Bitcoin will help convince you that the crypto-currency revolution is on its way.
1) Cryptocurrencies are here to stay
As it’s often called, the blockchain, or distributed ledger, is poised to revolutionize all kinds of businesses-and not just those in finance.
The underlying concept of a decentralized and continuously maintained chain of records is much bigger than cryptocurrency.
So don’t be surprised if you start seeing other companies starting their own blockchains for other reasons.
It’s also worth remembering that there are already cryptocurrencies out there (and plenty more coming) beyond bitcoin. Many will come and go, but some will inevitably succeed.
2) More people are buying bitcoin every day
One of bitcoin’s greatest assets is also one of its best-kept secrets: The number of businesses that accept it is growing.
There are currently more than 100,000 global merchants and vendors accepting bitcoin-double last year’s total, according to CoinDesk.
While that might still sound like a tiny figure, keep in mind many people will buy goods and services from multiple vendors per month.
And while that doesn’t always mean they’re transacting with bitcoins themselves, it does show increasing interest in doing so.
With adoption comes better infrastructure: Bitcoin is a way for you to send money electronically without having to go through financial institutions such as banks or PayPal-which charge fees for their services.
That means lower costs for both you and your customers. Moreover, because bitcoin transactions are peer-to-peer (rather than going through a third party), they happen much faster than those involving credit cards or bank transfers.
More competition means lower prices: As more companies start accepting bitcoins, there’s greater competition among them, which could lead to lower prices for consumers who choose to use them.
3) Acceptance by Governments
In March 2014, The US Internal Revenue Service announced that all virtual currencies, including bitcoins, would be taxed as property rather than currency.
Since then, a number of governments around the world have issued explicit guidance on how to treat bitcoin for tax purposes. Government acceptance will play a key role in determining how widely bitcoin is adopted.
While some countries have explicitly allowed their use and trade, others have banned or restricted it. Likewise, various government agencies, departments, and courts have classified bitcoins differently.
State and provincial securities regulators, for example, are trying to regulate bitcoin along with other cryptocurrencies.
4) All You Need Is an Internet Connection and a Wallet
Yes, buying drugs, weapons, and other illegal stuff with bitcoin is a big deal. But even if you’re not trafficking in illicit substances, bitcoin offers a compelling list of benefits.
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For example, transactions are fast and cheap-send bitcoins anywhere in the world for less than $1 per transaction; furthermore, sending bitcoins from one mobile phone to another is as easy as sending an SMS text message.
5) Becoming Part of the Global Financial Revolution
You’ve probably heard of blockchain and bitcoin, but what do these things mean for you? What is a bitcoin worth? Where can you spend them? For your own security, never invest in anything you don’t understand.
Take a deep dive into cryptocurrency. Look at where bitcoin came from and where it might be going-then ask yourself how that might affect you.
Everyone has a different opinion on how long cryptocurrency will last; some say it could disappear any day now, while others argue that we are only in its infancy stage.
Either way, what happens with cryptocurrency could have lasting impacts on society and finance as we know it.