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4 Reasons Why Bitcoin is Worth It

Nearing the end of 2017, the entire world has had plenty of time to learn a thing of two about Bitcoin in the eight years it’s been available. The cryptocurrency is not the first of its kind, nor is the idea behind its creation original and never before thought of in the age of supercomputers, internet, and booming technology. Forward-thinking people have been conceptualizing digital money long before 2009, the year Satoshi Nakamoto introduced Bitcoin as a solution to our economic woes. It caught quickly, establishing itself as the most popular alternative to conventional currencies. But despite the fact Bitcoin is a hot topic that sparks a lot of interest globally and is fervently discussed at least once a week in all major news and media, many people still can’t wrap their heads around the idea. How can something be created out of nothing? How exactly does Bitcoin work? How do you earn it, who makes it and controls it, is there even a place to spend it? Though it prompts a flurry of questions, once you get past the initial confusion, the currency is really not that complicated to understand and wield with various degrees of success. There are major advantages that make it worth a shot or at least give it potential to become the norm in the future.

It’s Safer than Mainstream Currencies

Although not impervious to hacks, Bitcoin is undoubtedly safer than bank systems, credit card or electronic wallet networks. Its value cannot be changed, and being decentralized, the currency is anonymous and free of outside control, so there’s no need to rely on encryption protocols of third-party services to facilitate transactions safely. It is true that Blockchain technology is pretty robust and has not been successfully attacked to date, the danger to be wary of lies in Bitcoin exchanges and wallets: if you make sure to only buy from reputable vendors, encrypt and update wallet software regularly, use offline wallets when possible and create backups, you should be as safe as it gets right now.

Bitcoin Has Real Value

Detractors and skeptics often say Bitcoin is not backed by gold and therefore is worthless. But neither are fiat currencies, which are just paper whose value is generated on the market. In fact, the currency is considered digital gold and is created in the process called mining done by users themselves, subject to specific rules and a predictable rhythm, which further makes the blockchain network resistant to inflation. Anyone can mine Bitcoin, and the more it is used, the greater its value becomes given that it is derived based on supply and demand, as opposed to the material the money is made of, such as gold or paper.

Nowhere to Spend?

This might have been true early on, but right now the situation is anything but. More and more retailers are recognizing the popularity and potential of Bitcoin transactions, accepting the currency and making it a viable way to manage online purchases. Alternatively, for those who are intrigued by the prospect but fearful of unforeseen consequences, there is a way to link Visa debit cards to Bitcoin wallets: fund the card with the cryptocurrency and it will convert to any traditional currency of your choice, which you can then use everywhere where Visa is accepted. Bitcoin’s relative anonymity, speed, and irreversible transactions come invaluable in the iGaming sector, where players can use it to fund their online casino accounts and withdraw winnings in a matter of minutes.

Too Volatile for Comfort?

Bitcoin does fluctuate quite a bit, but its value is also registering unprecedented growth – some predict the price might even hit half a million dollars by 2030. It is not a stretch to consider this a probable outcome, and therefore not a surprise to see so many hopeful investors interested in digital cash. After all, you will always have the same amount of Bitcoin regardless of how much or how often the value decreases or increases. Count in the near-instant speed of transactions, and you have much more leeway to buy and sell at the highest available price. Furthermore, retailers and companies are recognizing this issue as a valid concern, and try to come up with ways to bridge the problem by allowing customers to purchase or sell items and services using Bitcoin, but to receive the value in the amount of the current BTC price in any major currency.

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