What Is Bitcoin And Why You Should Invest In Bitcoin Now?

1. The Mysterious Man Behind Bitcoin

A global myth we heard for more than once, a person or known as Satoshi Nakamoto introduced Bitcoin to the world in the year 2009. In later 2010 he disappeared from the Internet, and he hasn’t been heard from since. Just as his identity is always in mystery, nobody really knows if he’s even alive or dead. The only communication people had with him was through emails and forums.

Interestingly, his Bitcoin wallet holds around 980,000 bitcoins, which makes him one of the richest people on the planet.

2. Limited Supply To Keep Bitcoins Valuable

There’s a limit to how many bitcoins can exist in the market: 21 million. As of this moment, 17 million bitcoins are already in circulation; that means almost 80 percent of the 21 million have already been mined. But don’t worry; until 2140, we will still have bitcoins to mine. This is because of how miners are rewarded. Miners are rewarded with 12.5 bitcoins for each block added to the blockchain, and every four years the reward is reduced by half. The next halving is supposed to occur in 2020 when the reward will be reduced to 6.25 bitcoins.

3. The Satoshi

The smallest unit of a bitcoin is known as a satoshi is a sign of respect for Bitcoin’s creator. One satoshi is valued at around 0.00032174 U.S. dollars (as on 22nd July 2021), which is a very small value. To make one bitcoin, you need approximately one hundred million satoshis. According to current bitcoin values, which fluctuate a lot, to make a dollar you need close to 3145 satoshis.

4. Importance Of Private Key In Bitcoin

Losing your private key which is also generally known as your bitcoin address not only means losing your unique identification; it also means losing all the bitcoins in your wallet. Research shows that at least 60 percent of all Bitcoin addresses are ghosts, which means a huge chunk of the people using Bitcoins have lost their addresses and have no way to access their wallets.

5. Mining Bitcoin 

The process of mining bitcoins is expensive; you pay a lot in money, time, and electricity. Mining bitcoins requires high-end servers used for that specific purpose. The faster you process the data, the faster the block can be added to the blockchain, and the faster you’re rewarded with bitcoins.

Ireland consumes approximately 5,000 kilowatt-hours of electricity each year. All the bitcoin mining farms together consume about 60 terawatt-hours of electricity, which is approximately 6 x 1010 kilowatt-hours—a large amount of power. The entire country of Ireland with 4.9 million population consumes less electricity than all these farms combined.

6. Bitcoin Acceptance and Ban

Although several countries around the world, such as Canada and America, have wholeheartedly accepted Bitcoin, some haven’t. Countries including Bolivia, Iceland, Bangladesh, and Ecuador have completely banned the usage of bitcoins. There are also countries, including India, Thailand, and Iran, that have asked their residents to be careful while using cryptocurrencies but haven’t completely banned it—however, they do not accept it as legal tender.

7. Liberland

In April 2015, a micronation between Croatia and Serbia known as Liberland was born. It was founded by Vít Jedlička, a politician, publicist, activist and president of Liberland. The official currency of Liberland is bitcoin. The government believes that Bitcoin and its underlying concepts of blockchain provide a secure and transparent method for recording electronic, financial, and physical assets.

There are numerous beliefs around bitcoin investment. A big chunk of people think that it might not be the best for them to invest in bitcoin. Some people are not sure about bitcoin because both the hackers and expert professionals have made it hard to start investing in bitcoin. Experts have different opinions about the future of bitcoin, and scammers make people worried about losing their investment. However, with some precaustions there is nothing to worry about investing in bitcoin as it is one of the best ways to make huge profits as of today. Learn about legit reasons that make it very lucrative to invest in bitcoin.

Top Reasons: Why Should You Invest In Bitcoins

Acceptance of Bitcoin

Just like the acceptance of the internet, bitcoin is also being adopted globally in many countries. More and more businesses are ready to accept bitcoin as their mode of payment. Bitcoin is integrating into our everyday life with the moment of every single day. If you want to take advantage of bitcoin’s growing power. Experts are saying that, it just the beginning. Conventional fiat currencies are becoming obsolete as they can’t be the ultimate solution to the modern-world problems. One has to wait for days to receive an international transaction.

In most cases, the use of fiat currencies brings more taxes and more worries. However, with the rise of bitcoin, all of these problems will eventually disappear. Bitcoin is the future of money as it brings the most useful solutions that everyone needs.

Invest in bitcoin is easy To Learn

In conventional investments, one has to spend years learning the basics of investment. You can’t buy some clothes and start selling them to others in a single day. In the same way, a beginner can’t get into the stock market and try their luck. Time is the ultimate money, and to learn about conventional investment, one has to spend a lot of time. This requirement of a lifetime to learn a traditional investment makes it very expensive.

On the other hand, learning about bitcoin investment and making profits is very easy. It takes considerably less time compared to other investments to learn bitcoin investment and make profits.

Power of Bitcoin

As you may already know, there are dozens of cryptocurrencies other than bitcoin. Many other cryptocurrencies are using new marketing tactics and present significant benefits to its users. However, bitcoin is on the top because Bitcoin is one the backbone of almost all other cryptocurrencies. Being the first player in the market, bitcoin has the ultimate advantage over other cryptocurrencies trying to make their way to the top. Bitcoin has proven to be a secure and reliable company, while others are still struggling to win people’s trust.

Prices may keep on growing

Seeing the benefits of bitcoin investment, more and more people are ready to invest in bitcoin. This is a very beneficial aspect of bitcoin for bitcoin investors. As the demand and value of bitcoin increases with more people than ever using bitcoin as the primary currency, the price of bitcoin will eventually increase. With the passage of every single day, businesses understand that bitcoin is the ultimate solution to their everyday problems of handling money. This trend of the usage of bitcoin will eventually attract both small and large businesses to choose bitcoin. The more people love bitcoin, the higher its price in the market. Keeping this aspect in view, it is a matter of time that bitcoin will increase the profits of manifolds for all the bitcoin investors.

Many Governments acceptance of bitcoin

Keep in mind that a single government or a company does not own bitcoin. In contrast, bitcoin is a public currency, one of the best reasons for its popularity. However, to use bitcoin, it must be approved by the government. Though no single government has control over bitcoin, almost all governments worldwide have allowed people to deal in bitcoin. This means that bitcoin is legally verified to be used in transactions and storing your assets. Bitcoin has won the trust of governments worldwide because of its high security features and honesty. Despite all its success, bitcoin has never been involved in ripping off its users and spreading false information to attract masses. Everything is green on the legal aspect of bitcoin usage. Bitcoin will ultimately become the world’s most powerful currency.

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