You should trade or invest in bitcoin only when you are ready.
To some people, Bitcoin or cryptocurrency is a hype, others look at it as a scam and others think it is a business for drug dealers. However that is not true.
Investing in bitcoin is as investing in Forex, Stocks or Indices. The difference comes in when you compare the level of risk involved.
In this lesson, we shall look at some of the reasons you should at least consider to invest in bitcoin.
5 Reasons you should trade or invest in Bitcoin
1. Convenience
Bitcoin is a global currency which means it works the same way everywhere you go in the world and carries the same symbol.
You can use it to pay for anything anywhere in the world. This makes it more convenient to the user than having to first go through the banking processes.
Similarly, you can use Bitcoin to make any payments to anyone at any time regardless of business hours, weekends and holidays unlike banks.
With no bank services or internet you can still use bitcoin. You just need a mobile phone to send a text message to any mobile number in the world in exchange for bitcoin.
In other wards, when you have bitcoin, you are in control of all your money and can make transactions yourself.
2. Very low transaction fees.
You can directly convert your bitcoins to any local currency of your choice to your bank account. The next day, your funds will arrive to your bank account.
The transaction costs are relatively low compared to using credit cards and PayPal.
3. Available and accessible information
You can access any kind of financial data from all corners of the world through the block chain.
The bitcoin network and all transactions such as payments’ origin, destinations.
Also, you can track or monitor when the money is on the move through the block chain.
The bitcoin system cannot be manipulated by anyone in the system or any organization. This makes it more secure.
In addition you can easily access any kind of information about bitcoin online. Any search engine you can access, type in Bitcoin. It’s available and for free.
4. Bitcoin is very private and anonymous.
Whenever you use bitcoin to move funds around, you can hide your identity behind a bitcoin wallet address.
These are complex numbers and letters used to create your personal address instead of using your personal information like your real name and address.
Hiding your personal information mainly protects the users of bitcoin from scams and hackers.
The bitcoin wallet is part of the block chain or ledger.
Like we mentioned before, the block chain tracks all the outgoing and the incoming transaction.
So all the users see how transactions are moving but cannot tell the owner of the address.
5. Limited risks and losses.
Bitcoin transactions cannot be reversed or manipulated.
The fact that the merchant’s identity is also hidden, it saves Bitcoin users the risk of exposure to fraudsters and criminals.
However since everyone sees all transaction movements, it is very risky to always expose your wallet address in public.
When someone knows your wallet address, he can track all your transactions whether past or current.
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