Bitcoin is a digital asset and a payment system invented by Satoshi Nakamoto. Transactions are verified by network nodes through cryptography. And recorded in a public dispersed ledger called a blockchain explains William Schantz. Bitcoin is unique in that there are a finite number of them: 21 million.
Bitcoins are created as a reward for a process known as mining. They can be exchanged for other currencies, products, and services. As of February 2015, over 100,000 merchants and vendors accepted bitcoin as payment.
Here are seventeen reasons why you should consider investing in Bitcoin:
1. Increased acceptance by merchants and vendors:
As Bitcoin becomes more accepted, its value will likely increase.
2. Limited supply:
There are only 21 million Bitcoins in existence, and they are gradually released over time. This makes them a scarce commodity, which could lead to higher demand and prices.
3. Increased global acceptance:
Bitcoin is traded on multiple exchanges and can be used in dozens of countries around the world.
4. Portable:
Bitcoins can be transferred easily from one person to another via the Internet.
5. Divisible:
Bitcoins can be divided into smaller units (Satoshis) so that they can be used for smaller transactions.
6. Fungible:
All Bitcoins are identical, so no one can claim ownership of a specific Bitcoin unit.
7. Easy to use:
Bitcoin can be use for payments on a wide variety of websites and applications.
8. Low fees:
Bitcoins can be transfer without incurring large fees, which makes them attractive for small transactions.
9. Quick transactions:
Bitcoins are transfer quickly and easily, which makes them ideal for online purchases.
10. Secure:
Bitcoins are store in a digital wallet, which is encrypt and protect with a password. Only the owner of the Bitcoin wallet can access and spend the bitcoins says William Schantz.
11. Anonymous:
Bitcoins are not link to any personal information, so they can be use for anonymous transactions.
12. Decentralized:
Bitcoin is not controll by any government or financial institution, making it a decentralize currency.
13. Regulated:
Bitcoin is regulate by the code that creat it. Which means that it cannot be manipulate by governments or financial institutions.
14. Global:
Bitcoin is not tie to any specific country or region, making it a global currency.
15. Scarce:
As mentioned earlier, there are only 21 million Bitcoins in existence, and they are gradually release over time. This makes them a scarce commodity, which could lead to higher demand and prices.
16. Durable:
Bitcoins are store in a digital wallet, which is encrypt and protect with a password. Only the owner of the Bitcoin wallet can access and spend the bitcoins.
17. Inflation proof:
Bitcoins are not subject to inflation, which makes them a more reliable currency over time.
As you can see, there are many reasons why you should consider investing in Bitcoin. Its popularity is increasing, and its value is likely to continue rising in the future.
FAQs:
Q: What is Bitcoin?
A: Bitcoin is a digital asset and a payment system invented by Satoshi Nakamoto. Transactions are verified by network nodes through cryptography and recorded in a public dispersed ledger called a blockchain.
Q: How many Bitcoins are in existence?
A: As of February 2015, there are over 100,000 merchants and vendors who accept Bitcoin as payment. The total number of Bitcoins in existence is limit to 21 million.
Q: What is the value of a Bitcoin?
A: The value of a Bitcoin can vary, but it has been increasing in value over time. In January 2015, the value of a Bitcoin was around $225. As of February 2017, the value of a Bitcoin has reached an all-time high of over $1,200.
Q: How are Bitcoins created?
A: Bitcoins are created by a process call mining. Miners are reward with bitcoins for verifying and committing transactions to the blockchain.
Q: How do I buy Bitcoins?
A: You can buy Bitcoins from online exchanges or through a Bitcoin wallet. The value of Bitcoin can vary, so it is important to do your research before buying any amount of Bitcoin.
Conclusion:
As you can see, there are many reasons to consider investing in Bitcoin. Its popularity is increasing. And its value is likely to continue rising in the future explains William Schantz. If you have interest in learning more about Bitcoin, please visit our website for more information.