Sitting on the fence with Bitcoin?
Are you still sitting on the fence and not joining the Bitcoin Revolution? Do you need reasons why you should get involved? Bitcoin is hitting main steam media yet many people have still not been exposed to or even understand the exciting, innovative world of cryptocurrency.
Here are ten points to consider which will make your decision to get involved that much easier.
- Bitcoin is not to be feared… it is just new. Bitcoin feels much like we felt when the internet or email was in it’s infancy. Nowadays, who can live without these innovations? Bitcoin is the greatest invention since the invention of the internet!
- Bitcoin can be moved to other users, retailers, even across borders, very quickly and cheaply. This means saving in time and cost of changing from one currency into another. Super efficient.
- Once the Bitcoin has been sent, there are no charge backs as experienced with Credit cards or Paypal. This is a huge plus for sellers and merchants.
- Bitcoin does not belong to anyone, it is the people’s currency. It is Open Source which means there are many eyes and hands involved ultimately making Bitcoin transactions robust. If a transaction is not verified by everyone on the blockchain, the transaction is rejected.
- In time of crisis, the Government of Greece wanted to take their people’s money from their bank accounts to help stabilize the country… with Bitcoin, no one can touch your account. Bitcoin is decentralized which means that you own it! If you have no trust in traditional banking, Bitcoin is for you.
- Security is a massive problem these days… online purchases are increasing and this means our secret payment information is added to websites making it vulnerable and open to abuse. You are not required to give up any secret information with a Bitcoin transaction. There are two keys, one is public – and this is your account number – and the other is private and only you have it.
- Bitcoin is deflationary, unlike Fiat currency (paper money). Bitcoin is finite as only 21 million Bitcoins will ever be created. Governments and Central banks can print as much paper money as they please which devalues their currency and in some instances, the currency crashes – the world witnessed the fall of the Zimbabwean currency not so long ago.
- Bitcoin is as private as you want it to be. Everyone can see transactions on the blockchain but no one knows who they belong to. Transactions are anonymous however it does create a forensic trail which can be traced… law enforcement are working with miners so criminals beware.
- You do not need to trust anyone because you are your own bank and own it! No longer do you need to pay exorbitant banking fees or trust someone else with your hard earned money. When you send a Bitcoin transaction it is digitally signed and secure plus an unknown miner will verify it to complete the transaction. The person or merchant you are sending Bitcoin to does not even need to know who you are.
- You can even create you own money however this is not very easy as Bitcoin mining is getting more and more difficult. The mathematical problems are becoming harder to solve, hardware and maintenance costs soaring and as a results, individuals are joining mining pools instead of mining themselves. Do your due diligence on “Cloud Mining Companies” selling mining contracts to individuals to ensure their legitimacy. Bitcoin creation is halving mid 2016 from 25 bitcoin every 10 minutes to 12,5 – halving occurs every four years and the impact of this will be closely watched.
More to ponder…
Bitcoin price is volatile however, the trend continues upward.
Experts are bullish on the price and the future of Bitcoin
Rule of Economics 101 - when supply is limited + increased demand = higher prices
Smart money and institution investors are moving into Bitcoin – a safe haven currency and natural hedge.
Many Billionaires and Millionaires have already been created from Bitcoin and there are many more to come.
Banks, Large Corporations and Countries are investing millions into the technology.
Innovation is rife, new start ups are mushrooming, if you have a good idea you can run with it.
Job market in the Bitcoin and Blockchain arena increasing – great opportunity for the tech savvy.
Bitcoin has moved into mainstream media.
Consumer adoption is growing.
Increased demand, increased price.
Convinced yet?
Bitcoin is unstoppable, now is the time to start GROWING YOUR WEALTH with Bitcoin.
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No, it's not. There is a significant inflation as new coins are still being created in the process of mining, making Bitcoin actually quite inflationary. The inflation rate indeed decreases with time and eventually it will be zero but at this moment it cannot be called a deflationary currency.
No, you are incorrect. The total supply of Bitcoin is known in advance, the fact that new coins are created until the total is reached does not make it inflationary at all. Inflation is the sustained increase in supply of a commodity or prices. Clearly there is not a sustained increase in the supply of Bitcoin over time because we know that firstly there is a fixed total supply and secondly the continuous supply decreases every 4 years or so. So calling Bitcoin inflationary at any point is an illogical argument.