6 reasons to start trading in Bitcoin
KEYWORD PHRASES – start trading Bitcoin
The recent years have seen cryptocurrencies gaining immense popularity among investment enthusiasts. Of all the digital currencies available in the market, bitcoin has been at the forefront. Bitcoin, a digital currency, is not controlled by any central bank and has appealed to people for a variety of reasons. The free access, limited restrictions, surging prices, behavioral differences from traditional currencies, and more have triggered a great interest in bitcoins.
Since its inception in 2009 till today, the currency has seen enormous growth. Quite recently, the markets saw the currency’s value surpass that of gold. In spite of the tragic incident in 2014, bitcoin has succeeded in churning wide interest amongst financial enthusiasts.
The rising value and promising returns have awakened aspiring investors to start trading bitcoins. If you are keen to invest, but not able to come to a decision, we give you several reasons why you should start trading bitcoins.
1. It works on a Decentralised System and Offers Security
It is common knowledge that bitcoin is not a centralised currency, i.e. it is not controlled by any single source. The decentralised nature of this currency makes it quite secure. How?
Bitcoins are not created by a single source. Anyone, having the resources and knowledge, can mine (create) bitcoins. Being a digital currency, bitcoin works on blockchain technology. Blockchain, as the name suggests, is a technology signified by a chain of information blocks. Whether you mine, transact, or trade using bitcoins, information blocks get added to the chain of events. These events are stored in the virtual world and can be accessed by anyone.
Today, for information on the amount of paper currency you hold, you need to connect with the particular bank where you store your money. But, with bitcoins, if you wish to go back and look at any transaction details you can access it from any source. Plus, you cannot remove blocks (data). This reduces the chances of fraud. Decentralisation and easy access to historic data offer immense security to bit coin trading.
2. Promising Gains
Bitcoin’s value is experiencing a boom. Early 2017 saw reports on Bitcoin surpassing the value of gold. Recent reports state that the Bitcoin value almost touched USD 6,000 mark. Plus, currently, the value of bitcoin is approximately USD 5,600/SGD 7,600 higher than that in the recent months (approx SGD 6,000). The surging prices clearly indicate the promising returns it can yield for investors and traders. Furthermore, many commentators speculate about Bitcoin being a global currency. In a continuously digitising world, if this happens, the value of Bitcoin could rise substantially. The rising value clearly signifies that now is the right time to invest in bitcoin.
3. Bitcoin is a Scarce Currency
21 million is the cap on bitcoin release. Unlike traditional currency, bit coin is subject to a fixed supply limit. No more than 21 million Bitcoins can be created and released in 100 years. So, each year, there is a particular quantity of bitcoins mined. Eventually, as the number closes on 21 million, the supply will decrease and become zero at a point. Lower supply typically results in deflation and hoarding. But, a currency like bitcoin, with a fixed supply, may be able to save investors by preventing adverse consequences.
4. Offers Easy Accessibility and 24/7 Trading Opportunity
Unlike stock investments, bitcoins do not require you to tie your money to churn profits from investments. Being a form of digital currency, bitcoin is available anytime and can be invest in instantaneously. There are hundreds of Bitcoin exchanges that allow you to buy, sell, and trade in the cryptocurrency. Coinbase and CoinHako are two of the popular Bit coin exchanges available in Singapore. Plus, these Bit coin exchanges operate 24/7. This offers you the opportunity to buy, sell, or trade in the currency anytime and from anywhere. Thus, the easy and instant accessibility and anytime trading opportunity makes Bit coin an appealing cryptocurrency.
5. Bitcoin is Highly Volatile
Bit coin is a highly volatile digital currency. While its unpredictable nature scares many, it’s a great opportunity to make money. The currency is decentralise, with no particular source churning out bitcoins. Because of this nature, the prices tend to vary frequently, creating arbitrage opportunities for savvy traders. Regular traders want to avail benefits of low prices and sell them at a high price to earn profits. Thus, the unpredictable nature of bitcoin offers speculators a chance to make good profits through this currency trading.
6. Emerging Global Currency
Although bitcoin came into existence in 2009, the currency is still in the emerging phase. While it is operational in several nations, it still remains unexposed to various countries and a hoard of customers. Plus, the technology behind bitcoin is being adopt in various applications and not only in currency trading. Also, this opens up a wide array of opportunities for bit coin enthusiasts. With digitisation taking over the world, more and more countries are seeking to legalise this cryptocurrency. Additionally, with several nations adopting the currency for various applications, it has the potential to become a global monetary form.
Here were all the reasons you should start trading Bitcoins. Remember, you can start with even a minimal amount. Make sure, you analyse your financial health and understand the cryptocurrency well before jumping to buy bitcoins.
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