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Are you wondering whether you should own Bitcoin? If yes, find out why you should purchase this virtual currency and hold onto it.
It’s no secret that the media has paid keen attention to Bitcoin lately. Some experts argue that this cryptocurrency has opened a space for creating a revolution; the same way the internet and computers did in the 1990s and 1970s, respectively. However, some people are unsure whether they should own this digital currency. If yet to purchase Bitcoin, here are the top reasons why you should buy it in 2021.
Bitcoin is Independent of Any Central Authority
Satoshi Nakamoto introduced Bitcoin back in 2009. This virtual currency doesn’t have a central authority releasing, regulating, or controlling it. Thus, central bank and government rules do not apply to Bitcoin. And this makes Bitcoin immune to the immune that affects the traditional currency.
Lower Transaction Fees
Compared to conventional online payment methods, Bitcoin has lower transaction fees. Essentially, Bitcoin transactions are almost free of cost. What’s more, all services and apps in the Bitcoin ecosystem also charge lower prices compared to conventional online payment methods. For instance, you will spend a small amount of money purchasing and selling Bitcoin on a platform like Yuan Pay Group. Thus, you can use this platform to cash your Bitcoins or to buy this virtual currency using fiat money at any time.
Bitcoin is the Largest Virtual Currency
Currently, the world has many digital currencies online. However, Bitcoin is presently the largest in terms of its market cap and user adoption. Consequently, anybody looking for a digital currency to invest in should go for Bitcoin.
Innovative Regulations
Countries the world over are adopting innovative regulations around Bitcoin. For instance, Europe has approved regulations, qualifying Bitcoin as a tradable commodity. Consequently, Bitcoin is exempt from VAT. What’s more, supply and demand define Bitcoin prices. With such regulations, the need for this virtual currency will most likely increase. That’s because people will see Bitcoin as a regularized asset exempt from VAT in the European monetary union.
Positive Effect of High Equities Volatility on Bitcoin Price
Recent years have been highly volatile for equities, with stock markets the world over rallying down and up. Most people compare Bitcoin with gold, and therefore value storage. High volatility creates money inflow to Bitcoin in the market. Thus, people rush to Bitcoin when markets for equities become volatile.
Creation of Bitcoin Ecosystem Tools
More companies are rushing to create Bitcoin ecosystem tools. Venture capitalists are now spending a lot of money on the Bitcoin ecosystem. Today, different apps and services enable end-users to purchase and spend Bitcoin. And this includes non-technical consumers. With more products emerging around Bitcoin, the adoption rate for this virtual currency will increase. What’s more, Bitcoin demand will increase. Thus, investing in Bitcoin means you could turn a few dollars into thousands once the value of this cryptocurrency increases.
Paying with Bitcoin Online is More Secure
Bitcoin protocol creates a secure system for completing online payments. Today, many companies that process payments are developing end-user products that enhance safety. Consequently, Bitcoin provides a safe option for processing online payments.
Blockchain Technology’s Potential
Among the top reasons to invest in Bitcoin is the potential of the technology behind it. Blockchain is a shared database with a lot of potential for large-scale applications. Some experts argue that Bitcoin is the technology that will revolutionize the world.
Final Thoughts
Most people know about Bitcoin’s volatility. And this hinders them from purchasing and owning this virtual currency. However, Bitcoin has maintained an upward trend, regardless of its volatility. For people yet to invest in this cryptocurrency, now could be the best time to purchase it before its price exceeds what many can afford. And returns from this investment could be great once the world gets the maximum of 21 million Bitcoins.
