Author: Benjamin Lee
Bitcoin and other forms of cryptocurrency have long been favored for the anonymity that they offer. The decentralized nature of Bitcoins ensures that your personal and financial information is kept hidden from third parties.
Due to this, Bitcoin has long been a favorite for criminals and users of the dark web. However, this doesn’t mean that cryptocurrencies belong in the realm of the underworld. In fact, the mainstream adoption of Bitcoin is expected to rise dramatically over the next several years.
Join us as we look at why you should seriously consider adopting the use of Bitcoins.
1. Cryptocurrencies offer security and privacy
In today’s modern world, we’re more connected than ever before, which has its benefits. We share information on social media, we furnish third parties with our personal and financial information with just a click. All of this done without blinking an eye in the name of convenience.
Unfortunately, there are plenty of malicious parties constantly on the lookout for ways to take advantage of this trust. From hack attacks to phishing scams, our financial information is more vulnerable than ever before. In fact, our personal information is a commodity traded by the unscrupulous.
However, with Bitcoin and other cryptocurrencies you have the benefit of being entirely anonymous thanks to the decentralized nature of these cryptos. When making a payment with Bitcoin, only your wallet information is required which ensures that no personal or sensitive information needs to be revealed.
2. Transfer funds with ease
Freelancers, online business owners and entrepreneurs have long chafed under the transaction fees charged by money transfer services and financial institutions. Along with this, the exchange rate offered is often heavily skewed in favor of the service provider.
In simple terms, what this means is that a payment of 10,000 USD i.e. 9,500 Euros may be worth just 9,200 Euros. Something that often happens after the funds have been transferred, due to the unfair exchange rates charged by these service providers.
Tack on the transactions fee charged and you may be left with just 9,000 Euros after all has been said and done. This is no doubt extremely grating as you’ve just been charged for moving your own money around.
In stark contrast, Bitcoins can be transferred quickly for free or at a lower rate when compared to this third-party service providers. As an added benefit, Bitcoin transfers are instantaneous and will allow you to access your funds immediately, whereas third-party cash transfer services like PayPal can take upwards of up to 2 days.
3. Bitcoin uptake is one the rise
Recently, several giant American retailers announced that they would be accepting Bitcoins. From Starbucks to Nordstrum and even Microsoft, it can clearly be seen that adoption rates of Bitcoin and other cryptocurrencies is on the rise.
What was once the dominion of dark web users and criminals has now become a global phenomenon as Bitcoin takes in place in today’s mainstream society. As can be seen from a report by Kaspersky, Bitcoin adoption rates have increased by 700% over the past 6 years with numbers set to increase.
In nations such as Venezuela and Zimbabwe where hyperinflation has long been a problem, Bitcoin has proven to be a popular alternative currency for citizens there. Factors such as an unstable currency to widespread acceptance amongst the e-commerce community, have driven the residents of these nations to adopt Bitcoin.
For those with an entrepreneurial spirit, the acceptance of the Bitcoin value on an international level, will pave the way for future business opportunities on an international level.
4. Bitcoin is a lucrative investment
While the prices of Bitcoin may be a far cry from its heyday back in 2017, Bitcoin has proven to be a relatively lucrative investment on several occasions. At the point of writing, one Bitcoin was valued to cost approximately 8,300 USD.
Despite a relatively bearish market conditions and a negative outlook throughout the first quarter of 2019, Bitcoin prices soared continuously with prices expected to increase further. Just like the stock market, prices of Bitcoin are expected to fluctuate over time.
However, the difference is that Bitcoin prices have been known to increase by more than 150% which allows you to profit from any changes in valuation. Hence if you’re an investor with an appetite for risk, putting your money on Bitcoin has the potential for some exciting returns.
Cryptocurrencies are some of the most exciting technologies to have been developed in recent years. While there are a multitude of risks associated with it, cryptos like Bitcoin have the potential to alter our very world.