Bitcoin is the utmost exciting subject in the financial spectrum; investors at the lowest of the financial spectrum have been seeking ways to get into the bitcoin market in recent years, and all witnessed the skyrocketing phase of bitcoin. Furthermore, the World’s Richest Man, Elon Musk, came into support of bitcoin and turned the balance sheet of his company, tesla motors, into bitcoin to an exceeding extent. You can learn more about Bitcoin mining by clicking this link.
Every prominent public figure has either publicly endorsed bitcoin or taken a decidedly lax approach to the topic. Of course, many people chalk this up to simply the fact that these people are seeking a new way to make money, but there’s another reason why the worlds wealthiest are getting involved with bitcoin: it’s just too damn complicated for most to understand.
While not everyone is totally in on the hype, even those who have followed cryptocurrency for a while say plenty still needs explaining. Here are reasons why bitcoin is all hyped up.
Bitcoin is a virtual currency.
The subject of a digital currency that can never be stolen and cannot be manipulated by any power or government is highly ambiguous. Bitcoin is a virtual currency that can be confused with the idea of a new web-based currency altogether.
Bitcoin is limited to only 21 million units.
People have an inherent understanding of scarcity and value, so if something is limited in supply, you know that it’s hard to come by and therefore valuable. While this isn’t the only way a currency becomes valuable, or even how bitcoin became valuable, it certainly drew attention as it seemed like something new and unique in terms of money creation and value.
The number of bitcoin wallets has recently grown so that no one can keep track of it. As a result, most people don’t understand the significance of wallets, and even some still can’t wrap their heads around how many people hold such large amounts of bitcoin.
Bitcoin is easier to understand than credit cards.
While bitcoin isn’t more complicated than a credit card, it is more complicated than money in general, making it hard for people to understand what’s going on truly. And because bitcoin is growing at such high rates and becoming more common by the day, it’s difficult for anyone to keep up as information comes out about this cryptocurrency from every direction, making people curious about
No one hacked bitcoin
While bitcoin is stored in a virtual wallet and saved by various means, it has been proven to be entirely hack-proof. There have been many instances where money has been either stolen or robbed from bank accounts and card holders; however, with bitcoin, the only way for you to lose your investment is if you don’t take proper precautions or store your bitcoin on a malicious website that allows someone else to gain access to it.
Bitcoin offers massive returns.
It is probably the biggest reason why bitcoin is so hyped up. Bitcoin can be traded for any other currency out there, and since the value of the currency has risen so much in recent times, people are given huge returns on investment. The fact that bitcoin can just have for cash anytime you want makes this virtual money one of the highest ROI investments.
Bitcoin has had its ups and downs but has still thrived.
As most cryptocurrency enthusiasts know, bitcoin has had its ups and downs the entire it’s been around. The value of the currency has fluctuated dramatically over its lifespan, and while it tends to rise and fall, what keeps people coming back is that it hasn’t been hacked, is hard to duplicate, and is considered the future of money as the adoption grows.
Bitcoin is better than other investment assets in many respects.
Not only is bitcoin better than other investment assets, but it also serves as a better alternative to fiat currency. While it might not be a safe bet to put all your life savings into bitcoin, one can use it to purchase other services such as electricity and groceries. So while bitcoin is the best investment option for people, they also find that they can make more gains in terms of earning money by investing in this currency and paying through bitcoin provides more convenience than other currencies.
