Owning Bitcoin is the new cool! Those who own Bitcoin have 125% more chance of stealing your girl! Had you bought Bitcoin a couple years ago, you’d be a millionaire by now! This and many other things you’ll get to hear during a Bitcoin discussion. Despite all its cool features, Bitcoin is not a currency that comes from heaven and has its pros and cons.
In this post, we are going to discuss three reasons to buy and three reasons not buy Bitcoin investment.
Get, set, go!
3 Reasons To Buy Bitcoin:
Increased Attention From Major Investors:
Ever since Bitcoin was created, its biggest boosters have been computer geeks. However, the trend is starting to shift as the major investors and financial industry has turned its eye to Bitcoin. A growing number of investors and entrepreneurs have recently joined Bitcoin as they consider it a legitimate asset class such as commodities, bonds, and stocks.
The Number Of Bitcoins Is Limited:
Bitcoin is limited. Yes, it is not your traditional currency which exists in billions or trillions – it’s limited in nature and only 21 million of it will ever come into this world. This is the very reason why Bitcoin is so valuable and has a single BTC being traded at $3456.00 at the time of writing. To your surprise, it’s expected to go even higher.
Some Term Bitcoin As The New Gold:
Those who own and invest in gold do so because it’s an asset whose price is not determined by government. Regardless of the fact that a country is ravaged by war or its improvident national bank keeps on printing excessive cash, the value of gold will remain. Bitcoin has a whole lot of similar qualities. It exists on a decentralized computer network that rises above national fringes, and there is no Federal Reserve-like authority that can downgrade it.
3 Reasons Not Buy Bitcoin:
Core Users Of Bitcoin Are Still Fringe Figures:
Because of obstacles like high transaction fees, slow transaction confirmation, and restrictions on payments through credit/debit cards, Bitcoin’s primary use remains what it has always been: buying drugs and other illicit activities.
The ordinary consumer is still not using it as a payment method, and this is the main reason why Bitcoin is far too less useful than gold in the real world.
Bitcoin Is Highly Volatile:
Bitcoin is highly volatile and has experienced some spectacular crashes over the years. In 2013, for instance, the currency went on to hit $1100 only to fall back to $700 a few months later, and then to $200 in 2015.
While Bitcoin is currently over $3000/BTC, there is no guarantee that it won’t tumble back t0 $2000 or below.
Bitcoin Only Exists On Computers:
This may sound obvious but, Bitcoin is the most intangible form of money in the history of money. It’s basically just a piece of code stored somewhere on the internet and there is no authority in the world you can ask to honor it.