The sudden rise of the tech industry, in the past decade, succeeded in making almost everything digital. Online marketplaces, education portals, and even chemists have come online for their business. The big question still in everyone’s mind is that if the world will be run on a one-world digital currency that removes the idea of traditional cash and cheques. This idea was introduced by the introduction of Bitcoins in 2009 by an unknown creator that calls itself Satoshi Nakamoto. Bitcoin was released as open-source software that gained popularity the very next year when people got excited to know about a digital currency that would not be regulated by any bank.
Geek heads and programmers loved the concept of this currency and it became a popular investment sector. Various economists despised Bitcoin and called its value to be zero. But Bitcoin kept going through the peaks and troughs and reached an all-time high of 19500 USD in 2017. Bitcoin mining has been going on for almost a decade now, and still has a few allegations of being unworthy of the public’s trust. But there are good reasons to be investing in this cryptocurrency as compared to other digital currencies online.
1. The Rules of Bitcoin are Permanent
Since Bitcoins were developed as open-source software and are unregulated, the rules of mining and investment on Bitcoins stays the same as Satoshi Nakamoto has set it up. Anyone can check the rules to Bitcoin transactions but the rules are permanent. Satoshi has stated that the currency will never cross its supply cap of 21 million. So at a time, there won’t be more than 21 million Bitcoins in circulation in the market. Satoshi had made sure that Bitcoin doesn’t resemble the fiat currency in terms of circulation.
Every country’s government prints a significant amount of new currency notes and coins to put in circulation in the name of quantitative easing. But Bitcoin ends all monopoly and makes sure that no one has hidden money for themselves. So one of the biggest reasons is the transparency of this currency that assures that your money won’t be regulated or controlled by a government or a financial entity.
2. Bitcoin Stays Limited
As you already know that Bitcoin is a limited currency that will be under the limit of 21 million in circulation. This scarcity of Bitcoins makes them a rare and expensive commodity like gold. Suppose tomorrow, new gold reserves are found around the world, so the value of gold peaks to a new level. The rise in its value leads to higher rates of reselling and a reliable source of income. The same scarcity that Bitcoin has makes it unique. When Bitcoin covers up its 21 million supply cap, the possibility is that in the future it can be turned into a form of asset. When that happens, seeing the history of the rise and fall of Bitcoin, this currency might rise to be the most valuable in the investment sector.
3. Bitcoin is Transparent
Bitcoin excels at one thing that the common currency deprives us of, its transparency. Do you know where your tax went? The government keeps printing money to circulate it through the market and attains taxes from the public. The amount of taxation that is put upon the masses has no receipt or a trail for knowing if the money was actually used for what it was taken for. Decentralization of Bitcoins is its most pious and sinful character. The federal reserve doesn’t allow you to have a look into their working and you never know if your money is being regulated opposite to your welfare.
Bitcoin lets you track your money through a unified public ledger which is not manipulated by any corporations or central governments. So, buying Bitcoin in Singapore can be a clever decision if you wish to have more transparent taxation in the future.
4. Bitcoin is Uncensored
Governments of many countries like China practice capital control. It is the way of the government to officially interfere with your finances. Though Singapore had earlier decided to pull the plug on capital control. It is still possible for the government in some ways to have control over your finances and tradings. Moving money can be a hassle with traditional currency and rules of the subjected economy. But the decentralization of Bitcoin assures that your money won’t be censored by the government and you can invest or make transactions on anything possible. Even if you don’t live in a country like China, it is good to have some value in-store that would seem a smart move in times of economic downfall.
5. Bitcoin Regulation is Being Worked Upon
In the earlier days of this cryptocurrency, no one paid any heed to what this currency could achieve. When Bitcoin began gaining value on the world trading scene, governments saw the damage it could cause to their control over people’s money. Sooner, many countries like Egypt began interfering and banned any transaction or investment on Bitcoin. Egypt ridiculously went ahead to say that cryptocurrency is ‘haram’ (prohibited according to Muslim religious laws). There are however countries that are coming forth to adopt Bitcoin as a store of value.
Regulations being developed on Bitcoins is a good reason to buy cryptocurrency as in the future it will help it be legally defined as a mode of transaction and mass adoption. Then you can have the privilege of not using, even a card for the day to day money needs and still have the transparency to know if you’re paying the right person for the right job.
Keeping up with the new ways of the world is important for some factors, especially finances. Seeing the rise of Bitcoin and other cryptocurrencies in the recent decade, it is advisable to have a few chips fall on your side as well. If you have the patience and faith in technological advancements, you must buy some Bitcoins and hold them for the apt time when they can make you richer.
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