Bitcoin is a cryptocurrency that has taken the world by storm in the last decade. In a range of fundamental ways, it stands apart from more traditional currencies such as the United States dollar, the Euro, or the British pound sterling. Perhaps the most prominent of these differences is the fact that it is not represented by any physical bill or coin, but is rather entirely digital. While this is historically unconventional, there are a number of reasons to consider purchasing Bitcoin. Take a look at just three of the biggest ones below.
The price of Bitcoin is volatile, but the potential for future earnings is huge. At the very beginning of 2016, to take just one example, the price of 1 Bitcoin was valued at just around $400 USD. A little more than five years later, in April 2021, the same amount of Bitcoin reached staggering heights that placed its value at over $60,000 USD. Representing an increase in value of nearly 15,000%, there are few currencies or commodities that can match this kind of potential.
Bitcoin's popularity has long been driven by the potential for extreme profits, but its emergence as the leading cryptocurrency also means that more retailers are beginning to accept it as payment. Microsoft and AT&T are just two of the biggest companies that now accept payment for certain products and services in Bitcoin. Even entire countries are taking note of Bitcoin's benefits. For example, the small Central American country of El Salvador announced in 2021 that the cryptocurrency would soon become legal tender. With the ability to pay for everyday items in Bitcoin using a digital wallet downloaded to your smartphone, Bitcoin is arguably even more convenient than credit cards and cash.
One of the most unique aspects of Bitcoin is that it operates within an entirely decentralized system based on blockchain. Many traditional currencies are seen as objectively valuable because they are controlled by institutions such as a national bank. The harsh reality is that even the most stable currencies suffer from inflation, and are worth more or less relative to each other due to large-scale trends, announcements, or unexpected events. Bitcoin, on the other hand, is not tied to any one country's or region's economy. This has huge implications for where the control of currency lies. In Bitcoin's case, in the hands and wallets of everyday consumers.
For more information about how to buy bitcoin, reach out to a local financal business near you.