13 Reasons You Should Get Into Bitcoin

February 17, 2014

You definitely can’t carry the most popular currency in your pocket now. Actually, you can carry it in your pocket, provided you’ve got a smartphone or a tablet.bigstock-Judges-wooden-gavel-and-law-bo-44211532

Here are 13 reasons to consider investing in Bitcoin.

1. Governments Are Acknowledging Bitcoin

A judge in Texas was the first known U.S. official to acknowledge that Bitcoin is money and global governments are following suit. Still, we have yet to see how much control governments will try to impose on cryptocurrencies.

2. Major Retailers Are Beginning To Accept Bitcoin

In January 2014, Overstock became the first major online retailer to accept Bitcoin.

In part, the retailer made the decision to avoid the 2 percent credit-card transaction fees and boost profits. Given the financial incentive, other retailers are slowly beginning to accept Bitcoin as a payment method.

3. Bitcoins Provides Autonomy

Bitcoin is not managed by governments or agencies, making transactions private and anonymous.

4. Bitcoin Is Growing

Since its creation in 2009, Bitcoin’s growth has been steady. Also, in the last two years, the value of Bitcoin was surprisingly stable, annulling the volatility factor inherent to cryptocurrencies.

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5. Low Risk Of Inflation

Unlike the dollar or any other traditional currency, Bitcoin is not as susceptible to the whims of politics and economy. The Bitcoin system is designed to fight inflation by being finite. Only 21 million Bitcoins will ever be released, which means the growth of the currency will decline in future years and the current stock will retain value.

6. Bitcoin Transactions Are Simple & Cheap

Small online sellers may begin to favor buyers with Bitcoin because transactions are easier. There isn’t a way for buyers to create chargebacks and there aren’t large fees, which are sometimes associated with Paypal and other online payment systems.

7. Companies Are Paying With Bitcoin

Certain members of the high-end corporate world have adopted Bitcoin transactions some years ago. The number of transactions is increasing by the day.

8. You Can Mine Bitcoin

You can purchase Bitcoin in exchange for dollars or earn it in exchange for goods or services. You can also start a Bitcoin mining business using complex software and turn a profit from your efforts.

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9. Cash Is A Poor Alternative

In an effort to spend less or curtail debt, many individuals are moving to cash-only purchasing. Using alternative currency like Bitcoin is a better option, say some. Cash is dirty, doesn’t work online, encourages theft, and is inconvenient.

10. Bitcoin Is A Precursor

Alternative currencies have been around since man had items that other men wanted, but Bitcoin is one of the first viable and widely used virtual currencies. Some experts believe alternative Internet currency is likely to play a big role in future economies.

11. Bitcoin Is Secure

Bitcoin is housed in an encrypted format on computers, making it impossible for petty thieves to steal it. While it’s not impossible for skilled hackers to access Bitcoin, it is unlikely. The method of producing Bitcoin also makes it very difficult to counterfeit.

12. Anyone Can Accept Bitcoin

Anyone who signs up for a Bitcoin merchant account with a dedicated company can accept the currency. Fees for exchange and payment processing are usually a fraction of a percent.

13. Risks May Be Overrated

Though there are risks with any currency, most experts agree that the risks associated with Bitcoin use are overrated. The fear of a new currency system and political backlash have exaggerated the few downsides to Bitcoin.