In recent years Bitcoin has been getting a lot of media attention because of its upward price trajectory. Bitcoin is an unregulated digital currency, also known as a cryptocurrency, and it’s become a popular investment for many people who see its price increase over time. You can also get complete and authentic information on Bitcoin Revolution. Bitcoin has many advantages to offer individual investors, including the following:
1. Bitcoin is Not Lacking in Convenience
Bitcoin is very convenient to use, and it can be used anywhere where you have access to the internet or mobile devices that will provide you with access to Bitcoin exchanges. In this way, Bitcoin offers many conveniences when compared with other forms of investments such as stocks or bonds which can only be traded through brokers in your area when they’re open for business. Bitcoin transactions are typically processed in 2-3 business days and Bitcoin exchanges offer 24/7 access to trading Bitcoin.
2. Bitcoin is Not Lacking in Liquidity or Value
Due to the fact that Bitcoin is unregulated and there’s no central bank controlling it, Bitcoin transactions cannot be reversed if you accidentally send Bitcoin to the wrong address. However, at this point Bitcoin transactions are still low risk because of the fact that they’re irreversible and because every transaction must be verified by a decentralized network of miners before it can be added to the public ledger known as “the blockchain.”
3. Bitcoin Offers Protection from Identity Theft
Bitcoin transactions do not typically contain any identifying information about who sent them or who received them which makes them ideal for people who would like anonymity or privacy. Bitcoin also makes it nearly impossible to commit identity theft as Bitcoin exchanges do not require any form of government ID or proof of address which means Bitcoin transactions can’t be traced back to you without the Bitcoin Wallet where your Bitcoin resides being identified first.
4. Bitcoin Allows Users to be Their Own Bank
Bitcoin users control their Bitcoin by storing them in a Bitcoin Wallet, and Bitcoin Wallets contain a Bitcoin address and a private key that’s used for making Bitcoin transactions with other people on the Bitcoin network. You may consider this similar to how traditional banks work because you’re considered the owner of funds that are stored at that bank, but unlike traditional banks, Bitcoin wallets do not allow you access to your private key. In order to gain access to Bitcoin in your Bitcoin wallet, you must remember the password that was used to encrypt it.
5. Bitcoin is Not Decimated by Loss or Theft
Bitcoin is not controlled by any third party, and nobody can freeze Bitcoin accounts or take possession of Bitcoin wallets against the will of their owners like they could with traditional bank accounts. Also, all Bitcoin transactions are verified multiple times which means that once a transaction has been approved it cannot be reversed without someone spending additional Bitcoin to process the reversal. This makes Bitcoin very secure even if your Bitcoin wallet becomes lost or stolen.
6. Bitcoin Can Provide Economic Freedom to Many People Around the World
For many people around the world, Bitcoin is considered an investment because its value tends to go up with time but unlike traditional investments, Bitcoin does not require you to be wealthy, own property, or go through complicated bank account opening procedures. Bitcoin allows many people around the world to escape poverty by giving them economic freedom and Bitcoin users may consider the currency similar to how homeless people view cash because Bitcoin can easily be used to pay for goods and services without hassle.
7. Bitcoin May Be Tax-Free
Currently, it’s unclear whether Bitcoin is considered a currency or an asset (or something else) in many countries, and this has caused cryptocurrency taxation policies all over the world to vary widely which makes Bitcoin difficult to accurately define as either currency or an asset. Many experts agree that this uncertainty surrounding Bitcoin regulation benefits those who use it as long as they don’t keep their Bitcoins in exchanges for extended periods of time, Bitcoin is decentralized which means Bitcoin users are not required to pay Bitcoin tax. Bitcoin exchanges are still expected to pay Bitcoin income tax though.
8. Bitcoin Maybe More Secure Than Traditional Transactions
Because Bitcoin has remained uncorrupted for so long it’s considered to have an advantage over traditional currencies because Bitcoin transactions cannot be manipulated by third parties. Bitcoin transactions are also encrypted through cryptography which makes Bitcoin extremely secure even if somebody gains access to your Bitcoin wallet or steals your Bitcoin address and private key.