If there is something everyone is talking about in the investment circles is Bitcoin.
Whether te crazy price fluctuations, new bank regulations or the amazing blockchain technology behind it, people are talking a lot about it, but why is everyone trading on it?
To answer this question, we need to establish a few points as to why it is a good idea to trade cryptocurrency on and also as an alternative currency to the paper money you have in your wallet right now.
Bitcoin is decentralised
Bitcoin isn’t made by governments, which means the can’t simply print 5 million and fix the price. For a Bitcoin to exist a complex algorithm needs to be solved and obviously it is not easy as turning on a printer.
In other words, the price will grow at an incredible rate, with huge swings, but eventually will become more stable as the blockchain becomes a part of everyone’s life, whether they know it or not.
Bitcoin can be used to move cash around
That is something extremely useful for people that need to move their cash around and don’t trust or don’t want to pay bank and government fees.
Let’s say you want to buy a house in Japan but you line in South America, where might be harder to move your money around. if you do this through a bank you would have to pay massive fees, local taxes and it would take days to have your money.
With Bitcoin you can simply buy coins in your country and then swap it for another currency and within an hour you have your funds ready yo purchase your new house, boat or whatever you want with almost no additional costs. Quite simple, isn’t it?
Ok I got it, but really, why is everyone trading on Bitcoin?
Well, to be honest there is no magic answer here, it is simply because Bitcoin is easy to use and profitable to trade on if you know what you are doing. Obviously, it is easier to make profit if you have broker, but to help clarify it, let’s see what some heavy-weight investors are saying about Bitcoin and cryptocurrency.
According to the Shark Tank investor and FUBU creator, there’s a lot that you need to be aware before investing.
“You gotta start learning about it now.” Daymond John told Money, adding that he owns Bitcoin and Etherium. But before you invest, he has a key warning: It is just like any other investment – you need to do your research and beware of scammers.
The CEO of the cybersecurity firm Herjavec Group, has an optimistic outlook for the digital currency.
“To me, it’s the wave of the future,” Herjavec tells Money. “Fast forward 25 years from now, there will be some form of a cryptocurrency that will allow us to buy and trade easily, and the concept of cash will go away one day.
Final thoughts on Bitcoin
As you can see Bitcoin is highly volatile, which also means highly profitable in the same proportion. The question why is everyone trading on Bitcoin may still remain for some time, but why not understand these new currencies and make some profit in the meantime?
Do you research, find a professional broker to assist you and then start trading. I am quite sure you will understand why everyone is trading on Bitcoin after that.