When the pseudo inventor, Satoshi Nakamoto mined the first Bitcoin, no one knew it impacts. As usual, every financial investor demonized it. Some called it a Ponzi scheme. Others said it was destined to fail as it was had to regulate it.
Possibly, it is due to this reason the person behind the project never disclosed his real identity. To date, no one knows about the inventor after his disappearance in 2010. Maybe if you were the one, you could have followed suit given that the invention goal is to replace the traditional currency.
Fast forward, upon the introduction, the Bitcoin value was weak. 1btc was worth $0.0015 when it was introduced in 2010. People had zero knowledge about the new currency. As such, investors stayed away from the coin. But as at 2017, the song is completely new. Here are the reasons why investing in Bitcoin is worth it:
a) The Bitcoin value is steadily increasing annually
Did you know the first purchase payment using Bitcoin was a pizza? Well, if you didn’t know, in May 2010, somebody paid for a pizza worth $41 (52.71 CAD) which equated to 10000 Bitcoins.
Despite this, the story of Bitcoin transactions took a new turn. Each year, the value of this digital currency has been increasing drastically. For instance, in 2010 the Bitcoin value increased by more than 20000% from $0.0015 to $0.31. If you were an investor during the time, you can figure out the amount of profit you would have earned.
Nevertheless, the Bitcoin price suffered a clinch in 2014. In this year, the Bitcoin investors made a loss of more than 60%. The prices fell from $751 to $285 due to the effect of a hacking known as MtGox that scared the investors.
Regardless of this, the value has continued to rise. As at the writing of this article, the value of one Bitcoin equated to more than 18.7 thousand US dollars or 24127.08 Canadian dollars. Notably, the price is changing overnight. Isn’t this a worthy investment?
b) The demand for Bitcoin is rising
Unlike previous years, Bitcoin is no longer a mystery. More and more organization is bonding the cryptocurrency bandwagon. Payment with Bitcoins is becoming an accepted mode of transaction in top vendors and service providers.
As you may be aware, the Bitcoin supply is limited. This means that only a certain number of coins can be mined in a given period. Following the laws of demand and supply, when demand exceeds supply, the price goes up.
In this essence, with all other factors remaining constant, you can be certain that the Bitcoin prices will continue soaring higher each year. Hence, investing in them can be a well-thought investment unless other economic and technological factors affect the current trend.
c) The world is going digital
As you know, virtual payment is becoming a norm. People are no longer carrying physical wallets full of cash. Instead, virtual wallets installed on the mobile devices are now the trend.
Also, online shopping is replacing the in-store one. All these changes are happening as people seek security in a transaction. Unlike other payment modes, Bitcoins and other cryptocurrencies are not prone to hacking.
For this reason, they are becoming a favorable payment means. Also, transacting with Bitcoins does not attract any additional charges as there is no intermediary or third party is involved in the transaction. As such, people are looking forward to accumulating the coin.
With this in mind, you are certain that the future of Bitcoin value is clear. Possibly, The Bitcoin prices will continue hiking. Hence, investing in them is not a bad idea.