My friend was surprised and worried at the same time, when he heard I am spending my savings on Bitcoins. “Are you nuts?” he follows with the sarcastic laugh. Yeah that’s true, someone who has heard little or haven’t heard of Cryptocurrency, it may sound lunatic and wastage of hard saved money. But seriously, I have put on my whole savings on it.
Am I still nuts? Hell No!
Let’s think back, some centuries ago, when there was no money. Every business and exchanges took place in the barter system. Give one Goat, and you get clothes in return. You give salt, you get wheat and rice. And suddenly coins and printed money came into the market. Everybody was overwhelmed and it took some time to trust on coins and printed money, it took decades for everyone to accept it as a mean of trading.
That’s exactly what is going on with the Cryptocurrency as well. As it is newly invented, everyone is overwhelmed and thinking that it is kinda scams on the internet. But just like coins and printed money which has ruled us till now, the crypto currency will be the future money.
Shopping online, POS, recharging your phones, paying bills, sending gifts, your monthly salary, sending money overseas and receiving payments, everything is happening online now.
First, coins disappeared and now printed money are disappearing. Which means we are entering the digital world.
But to use your money online or send money overseas it is extremely difficult, time-consuming and expensive. You need to exchange the currency from your local currency to USD or Euro, the bank needs to send money to the receiver bank account and which bank charges fees for such transactions. Whereas you can easily send bitcoins without any middle man, no need to exchange and the money is received in very short period. That is the beauty of crypto currency.
Basically, crypto currency is a digital money which none of the countries owns it, there are no data centers for cryptocurrencies, and no server runs it, but it is mined just like gold in the internet using hash powers. That is why it is known to be the most reliable, unhackable and most secure form of trade on the internet today. And it is one of the greatest inventions on the internet in human kind. I don’t want to touch, how crypto currencies are being mined, what is hash and how it is invented as it is beyond the scope of this post and I am not capable of it. So do read on that by searching on Google.
Despite hundreds of different cryptocurrencies, I invest only in Bitcoins as it is the first cryptocurrency and the most valuable on the market today.
Anyway, I hope you got the basic ideas on crypto currencies. So let’s get started.
Why I have started to invest in Bitcoins
1. It is the future currency
As we have used coins and printed money as the mean for trading, Bitcoin will be used as the mean of trading in future. In fact, many Major companies like Amazon, Alipay, Microsoft, Expedia, Shopify, shop-joy, Steam (Get the whole list by clicking here) are already accepting bitcoins. And the list is expanding, there is no doubt that Bitcoin will be used in almost all the companies and countries in near future.
2. Many countries have officially legalized Bitcoins as the mode of currency
USA, Canada, China, Japan, South Korean, Estonia, Denmark, Sweden, Netherlands, Finland, UK, Australia, have already legalized Bitcoins. India is soon going to legalize Bitcoins, which can bring a huge difference in World Economic and usage of Bitcoins. So slowly and gradually, most of the countries around the world are going to legalize Bitcoins.
3. Securely stored
Do you know how your money is stored in the bank? Your savings are just entered on the system, in their servers and stored in Data centers. If anyone hacks and gets into bank’s data centers, they would take all of your money. Of course, it is extremely difficult but it can happen.
That is not the case for Bitcoins. It does not runs on any servers or stored in any Data centers. So nobody knows where to get into it, hack and take our bitcoins. As it does not require any Data centers to store, you can keep your bitcoins anywhere, you can keep on your offline computer, on mobile, on the hard drive, on papers and even people have started to store bitcoins Tattooed on the skin. Pretty unrealistic and amazing right, and does it sounds like in science fiction? But it is true, and that is the beauty of Bitcoins.
4. Easy to use
Just imagine, you want to send money from India to Japan, how difficult it could be. You need to first deposit your money in your local bank, then the bank sends to world bank by exchanging in Dollars. The world bank then sends to the bank in Japan, and the Japanese bank has to convert Dollars to Yen. This requires a lot of time and you have to pay a huge amount for transaction fees.
How complicated, time-consuming and expensive it sounds right?
Whereas, you can send bitcoins without involving any third party, no need to exchange, no need to pay a huge amount of transaction fees and the receiver can receive it from any part of the world. That is why it is one of the easiest’s way to send currencies overseas.
5. The value increases
Bitcoin was invented in 2008, the price was only a few cents back then. But today, at the time of writing it has reached to $3200 USD. Which means, in just 9 years, the value has risen more than 10000%.
Traders and Marketers are predicting that the bitcoin price could reach $10,000 USD in 2018. Pretty amazing right? And you might be asking, “Why it is rising?”
Bitcoin was invented by Satoshi Nakamoto, on 31 October 2008. He created only 21 million bitcoins, which cannot be copied or modified.
One has to mine just like gold on the internet by using hash powers supplied by complicated computer hardware. But you cannot mine all the bitcoins in one day, Satoshi Nakamoto has created bitcoins in such a way that it can be mined only 12.5 bitcoins (in the entire universe) every ten minutes until mid-2020, and then afterward 6.25 bitcoins per ten minutes for 4 years until next halving. This halving continues until 2110–40, when 21 million bitcoins will have been issued.
So it means, there are only limited Bitcoins available for us to use. But companies, countries, and users are increasing every day, which is putting more demand for the Bitcoin supply. This adds value to it.
As we are limited with only 21 million Bitcoin, that too will be completely mined until 2110-40, the value of Bitcoin will continue to rise.
We all are in the Technology world, where we witness greatest inventions. From which Cryptocurrency is one of them. Get out of the box, get going with the latest inventions and let’s all be digital. Say yes to Bitcoins.