Nowadays, when bitcoin and the entire cryptocurrency market is well below its 2018 highs, the general consensus regarding it has soured. Investors have cashed out long ago and moved their money to safer investments, such as the stock market, while people who were enamoured by the idea of getting rich quickly using a mysterious digital currency are now thinking it was a scam all along.
If you are still a firm believer in bitcoin and its mission to revolutionise the way people pay for goods and services, then good for you, as even though bitcoin’s monetary value has fallen drastically in the last year, it still is as valuable as ever. Here are five reasons why bitcoin is still worth the investment.
The Most Advanced Currency
Whether or not people have lost their interest in bitcoin due to its value dropping, it still is the most advanced currency at the moment, offering greater security than online banking, as well as anonymity. There is also a plethora of hard-working developers actively trying to improve the way people trade with bitcoin, by improving either the transaction speeds or the security systems. Back in the winter of 2017, when bitcoin reached its peak in both value and popularity, there was one glaring issue: the transactions times. The worst cases meant that transactions took days to go through, and they also had ridiculous fees. Luckily, a team of developers started working on a solution for this, and with the release of the Lightning Network in early 2018, the transaction problem was solved.
Bitcoin: The Trendsetter
Bitcoin is a trendsetter for the entire cryptocurrency market. Whenever bitcoin’s value rises, the other cryptocurrency experience a rise in value too, and the same is true whenever bitcoin dips in value. Additionally, the value of every other cryptocurrency is usually obtained by comparing it to two other currencies: the US Dollar and bitcoin. As long as this will be the case, bitcoin will continue its reign over the digital currency market.
A Trustworthy Investment
Its worth noting that bitcoin and the cryptocurrency market were not the only ones to fall drastically recently. Many investors, along with reputable publications, have named 2018 “the worst year for stocks in 10 years”, with the Dow falling by 5.6%, S&P by 6.2% and Nasdaq by 4%. Some experts would argue that a new financial crisis may arise when the new housing bubble will crash. That being said, it looks like even old-fashioned methods of investing money, which would usually be considered safe are not trustworthy anymore.
A Well-known Currency
Bitcoin is now a household name: from the tech-savvy investors that know everything about it to their grandparents who only know that it represents a way of getting rich quickly, everyone has heard of and talked about bitcoin in 2019. This is supported by the fact that more and more retailers and online shops are accepting bitcoin payments, the most notable examples being Microsoft’s online store which includes computers, software as well as video games for Xbox consoles, and Newegg.com, a reputable hardware vendor.
An Established Reputation
Bitcoin has nothing left to prove. The fact that it once managed to reach a value of almost twenty thousand dollars means that it will one day be able to do it again, if not even surpass that. With millionaires such as John McAfee investing heavily into bitcoin and other cryptocurrencies, it means that the future is bright for this market. Remember when bitcoin was at its peak and many people (possibly even you) wished they had bought into it when it was only a few thousand dollars in value? Now is that moment.
What are you waiting for? You have been given a second chance at investing in bitcoin while the value is still relatively low. Just remember to only invest amounts of money you are comfortable losing, or else you might end up regretting your decisions.
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