Is it too late to buy bitcoin? This question has been doing rounds since years and has popped up once again this year in the minds of enthusiastic investors. The answer to this question is – No.
There is no doubt that the value of bitcoin is soaring. Initially available at a minimal price, the bitcoin value currently has risen up to approximately USD 4,500/SGD 6,400. The ever increasing price to buy bitcoins combined with the tragic incident of Mt. Gox has been haunting investors and making them question their bitcoin investment decision.
But, will postponing your bitcoin investment do any better? The future of cryptocurrencies like bitcoins seems bright. This is evident with the soaring prices and the increasing global interest in them. Considering these facts, it can be said that while the best time was yesterday, the next best time to buy bitcoins is now. Here are some of the reasons why it is not too late to buy bitcoins in 2017.
Bitcoin Is Still Emerging
Although the cryptocurrency was introduced in 2009, it is still emerging. While the currency has been operational, only a small percentage of the world deals in bitcoins. This includes countries like USA, UK, Singapore, Denmark, and more. But, many nations are still new to the decentralized currency. Hence, several nations are yet to be exposed to the cryptocurrency and hoards of customers are still to understand and use them. With digitalization taking over the finance and investment sector, the cryptocurrency era is still at an infant stage. All this offers a huge potential to enthusiastic investors making it the right time to buy them.
The Currency Value is Seeing Spontaneous Growth
The currency is undergoing a boom. Although the currency suffered greatly in 2014 due to a bitcoin theft incident, it recovered quickly and is seeing rapid growth. As reported by CNBC, last year a report by Saxo Bank predicted that bitcoin price could rise to above USD 2,000 in the current year. Not only did the currency price confirm the prediction, it also surpassed the value of gold at a point. This year, the same analyst predicted the price to hit a USD 100,000 mark in the next 10 years. Considering this, there is no good time than now to buy bitcoins.
Bitcoin is being Accepted Worldwide
Although there are still certain nations where bitcoin is illegal, a large portion of the world is gradually accepting bitcoins. Philippines and Japan legalized bitcoins and related businesses. Payments using bitcoins are also accepted in Japan with several major retailers in the nation partnering with the local exchanges to transact in the currency. The Government of India has also announced a regulatory framework for bitcoin likely to be implemented by 2018. In the US, the Commodity Futures Trading Commission classified bitcoin as a commodity. These facts and trends demonstrate the interest of several nations in bitcoins stating an increasing demand and a bright future of the currency.
Bitcoin has a Fixed and Limited Supply
21 million is the release limit of bitcoins. Nothing more or less will be created over 100 years. Its supply each year is done keeping the figure in mind. This aspect of bitcoins makes it a rare commodity (rarer than gold). A currency with a fixed supply may seem surprising to many since traditionally a currency is created as and when needed. But, the fixed supply of this cryptocurrency is beneficial to secure investors from adverse consequences. Since lower supplies may lead to deflation and hoarding, a fixed supply may be helpful in preventing such situations.
They are Simple and Easy to Use
Bitcoin is a digital form of currency that can be use for an instant transaction. What makes bitcoin attractive is its decentralized feature. This cryptocurrency is decentralized, which means that no single institution holds or controls it. Since this eliminates the involvement of a third party in transactions, dealing in bitcoins becomes easier. Regardless of where the parties are at, sending and receiving bitcoins is instantaneous. Not only this, the transactions in bitcoins are cheap and safe. Since there is no institution acting as a middleman, you benefit from cheaper rates.
Bitcoin system is Safe and Secure
Since the involvement of a middleman is not a requirement in bitcoin transactions, they are not only faster but also offer an enhanced privacy over your money. With a bit of research, you can find wallets where you gain an improved privacy over your money. Furthermore, the cryptographic algorithm behind bitcoin, called the SHA-256, is difficult to hack. It is said that the hash algorithm is easy to solve in one direction but difficult to reverse. Moreover, hacking this system can also be quite expensive since it requires an extensive amount of computing resources. Thus, hacking bitcoin system is difficult making it quite protected and safe to use.
It Offers Several Benefits over Other Cryptocurrencies
It is common knowledge that there are several other cryptocurrencies available in the market apart from bitcoin. But, bitcoin offers several advantages over them. To start with, you only require a bank account, debit or credit card and you can easily buy bitcoins. Several platforms are available to buy bitcoins across the world. Secondly, although bitcoin transactions are irreversible, they are extremely easy and quick. One of the major features is the decentralization, which distinguishes it from other cryptocurrencies. The ease of buying, instant transactions, decentralized aspect, cheap transaction rates, and more make this currency unique and attractive.
These factors clearly demonstrate that it is not too late to buy bitcoins this year. Like every traditional investment, trading and investing in bitcoins may also come with certain risks. Research well and then move ahead and investing in bitcoins will definitely be a worthwhile endeavor.
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