Unless you have been living under a rock the last few years you most likely know about or have heard about Bitcoin, which has value as a digital currency and also a traded commodity. I will explain in this post why Bitcoin value over time will continue to rise for the long term.
As with anything new, curiosity about Bitcoin is viral online these days. Folks searching for answers as to the validity of investing in something that may be a bit outside the conventional financial box.
The foundation behind the coin is known as the Blockchain, a new technology that provides secure transactions that are public record(that’s the quick version)
The entire Cryptocurrency craze hit full swing last year when Bitcoin surpassed $20,000 a Coin. What a wild ride that was, right? Other coins Like Litecoin and Ripple began to become familiar to people.
The value will keep rising if there is a more mainstream acceptance of Bitcoin. Right now it is still fairly confusing for people to understand how it all works and there is a certain level of mistrust as well in how secure the transactions are.
More and more retailers are starting to accept Bitcoin now and other coins as well. More on the horizon. Sites Like BitPay allow you to use your coins much like a Papal account.
If you are not familiar with Lightning Network, let me tell you it is a game changer for Bitcoin. The network once in full swing will allow for much faster transactions and processing speeds which is one of the major hurdles for the Coin today. Lightning Network is already in place as a Beta version. Here is a link to a Nice article about Lightning Network
This will help bring Bitcoin into the mainstream with the ease of use and instant transactions, will also increase the value, and increase confidence from users.
The current state has slow transaction verifications that get backed up causing delays. This network will eliminate that problem, so it is only natural to see that the adoption of BTC will rise as a result, along with the rest of the crypto market as a tag along
Currently, the major shifts in price are controlled in a large part by big money investors who are able to manipulate the market quite a bit by purchasing or selling large quantities of coins.
Investor confidence or lack of has also triggered large price swings, the market is very sensitive to the latest good or bad news since many folks do not totally understand how it all works tend to panic sell at the first sign of a dip. This practice makes for many up and down habits for the coin.
Once Bitcoin becomes more mainstream the user confidence will rise. The ability to pay with crypto is a nice perk if you are one of the lucky ones who possess some. The value is obviously volatile and that can be tricky to ensure confidence. But as users begin to see the benefits of UN regulated transactions the value will also skyrocket as more and more people adopt crypto.
Already many retailers are either excepting Bitcoin or considering it and other coins as a method of payment. It is actually fairly simple to acquire Bitcoin and use it, You need a digital wallet that stores your coins securely, you also can download any one of several smartphone apps that can have you carrying some currency with you.
Note: Phone wallets are less secure but you can easily pay with your phone with a good wallet app. Try this link to download a good secure wallet. Exodus is a good multi-coin wallet that can help you get started. Another good option is Bitcoin.org which allows you to select desktop or mobile versions.
Download install and follow the instructions to get set up. Buy your Coins at an exchange, Coinbase is the one I use, which is also a good place to use for wallets both PC and mobile. Here is an article about How To Buy Bitcoin Online
The growth of the entire Cryptocurrency craze is just beginning, Yes I know that Bitcoin hit $20,000 Last year and is currently Below 10,000 but this really is just the beginning of bringing Blockchain technology to the daily marketplace.
The market cap for BTC has grown at a much faster rate than anyone could have foreseen so when we start to see a more mainstream adoption of CryptoCurrency you will also see a large growth in the Bitcoin market
Track the markets and coin prices and trends here at Coin market cap A great resource to add to your favorites. There are hundreds of coins to keep track of not all will settle in and become a valuable currency, but there are many opportunities to make some money trading with lower priced coins. This market can see drops and climbs of over 1000 % or more, so just imagine if you invested at a low price and it went parabolic, You would be doing a happy dance.
Well, I have laid out 5 reasons why Bitcoin value will continue to climb over time. As I have already said this ride is just getting started, it may take a while yet for crypto to become mainstream but stay tuned. It will become the financial system of the future. Getting in now is a good idea, but just be ready for some up and down prices, don’t panic, stick with it and get familiar with how the transactions work.
It is important to understand that this market will change constantly, a little of both good and bad trends may make you nervous so only invest what you can afford to lose. But overall you should be fine if you start with small amounts at a time.
Please comment below and share your input. Do you have Bitcoin? what exchanges do you like?
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