There are many different reasons as to why people get attracted to Bitcoin. The possibility for significant financial gain in the long is one of them, whereas others see it as a lifeline to escape capital control and a failing economy. The viability of this cryptocurrency has never been questioned, as more use cases emerge on a regular basis.
1) Bitcoin Is A Way Out From Financial Turmoil
Bitcoin can wear many hats in this world, but it is first and foremost a prime example of how a currency not issued by a government or central bank can work just fine. That does not mean any cryptocurrency will make it, though, as there are plenty of useless altcoins to be found as well.
Despite its rather low adoption rate all over the world, Bitcoin has become a global phenomenon. Exchanging the cryptocurrency against any imaginable fiat currency is not that big of a problem anymore. Moreover, given the global nature of this decentralized cryptocurrency, Bitcoin is far more accessible than any other currency in the world today.
One thing hindering Bitcoin growth right now is the somewhat lack of regulation all over the world. Some countries see cryptocurrency as a significant threat, whereas others openly embrace this innovative and disruptive solution. For people living in a country where capital control is the norm, Bitcoin offers a viable alternative. But other countries will need more convincing before they see the actual value of Bitcoin.
2) Bitcoin is An Investment Vehicle
During the first few years of Bitcoin’s existence, there was even more speculation regarding the Bitcoin price than there is today. How does something created out of nothing gain value all of a sudden? While people should ask that particular question to any bank as well, Bitcoin is vastly different as it belongs to everyone on this planet.
But that is not all, as Bitcoin holds a lot of promise to increase in value in the future. With a supply of only 21 million Bitcoin – divisible to 8 digits after the decimal – the current price of US$465 per BTC is vastly undervalued. Some people even predicted the price per Bitcoin could go as high as US$10,000, albeit that may be a bit too optimistic.
3) Bitcoin Is A Novelty And I Want In
This is perhaps the most common reason as to why people get involved in Bitcoin. The “Why not?” question is a very compelling argument for people who only purchase fractional amounts of Bitcoin. Holding on to a small amount has significant value, not just in financial terms, but also to further decentralize this cryptocurrency.
As more people keep Bitcoin, the network only grows stronger due to its distribution all over the world. Unlike a bank, which is a centralized point of failure, Bitcoin has no entity or government controlling the generation and distribution of funds. Everything is in the hands of the people who use Bitcoin, and every person who becomes part of the network becomes a part of Bitcoin.
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