So you want to invest in Bitcoin, but you're wary that it may fail taking your investments with it? I'd like to put your mind at ease, so you can get a clearer picture of why the future of Bitcoin is promising!
The first promising feature of BItcoin that makes it appealing to everyone around the world, is the fact that it has incredibly low transactions fees.
We all know that any time we want to send money using the bank, or credit card, or even things like paypal, there is always a fee of at least 3% and this is more often than not, upwards of 10%. So if you want to make a transaction of 100 thousand dollars, you could be paying upwards of 10 thousand dollars in fees alone! Just to get the money from point A to point B.
Not to mention all the other kinds of fees that must be paid, like exchange rate fees when you buy something in another currency. ATM machine fees just to give you some cash. I know when I traveled Asia, I had to pay fees to my bank, and fees to the ATM machine just to make a withdrawal! Madness! Fees are everywhere you look, and many fees often go unnoticed since we simply accept them as normal. Well there is one place, where the fees are minimal, and that is with BItcoin. You can make a transaction with bitcoin, of any size limit, for a fee of 32 cents! That's it!
When people catch wind of how easy it is to send transactions with super tiny not even worth mentioning fees, people are going to jump on the Bitcoin bandwagon very quickly! So now is a very good time to be an investor, because once the prices rise, you'll be left behind, trying to get in on Bitcoin with the masses, and that means, it'll be much more difficult to generate a profit. So be ahead of the game!
As more and more people begin to see the ease of use, and convenience of Bitcoin, BItcoin will have to evolve to accomodate the influx of new investors/ users. Since there is a limited supply of Bitcoin, it means that Bitcoin can only rise in value as a result of more users. There are several people already working on new technology to help Bitcoin evolve as more and more people see how innovative it is for dealing with money. There is currently much debate as to which upgrade would be the best for everyone. One of these is called Segwit.
And another is called Bitcoin Unlimited
These are two potential upgrades to Bitcoin coming in the future. That is the beauty of Bitcoin, it can evolve and adapt as the demand on the system increases. While people still argue about which is the best way to go, it's important to realize that there is a way to go, and that Bitcoin is not a dead end, and it won't simply disappear into the night because it wasn't able to keep up with the times. Below are the pros and cons of Segwit vs Bitcoin Unlimited.
Once one of these upgrades is implemented It should solve a lot of current problems bitcoin has, like transaction backlogs that have been popping up in recent times because Bitcoin is becoming more and more popular by the day. When these problems are solved, and Bitcoin is truly ready for a higher demand of users, the value of Bitcoin will really begin to rise. This is because currently most people are using Bitcoin, as a sort of Digital Gold. People are investing money in Bitcoin and simply hold onto it and watching it rise in value.
What they aren't doing, is using it as an every day currency for daily living. Once the transaction issues are resolved, Bitcoin can be used as both, a good safe haven for your money, and as a good currency to use for daily living. That is the beauty of Bitcoin, each person can use it however they see fit, based on their own lifestyle, and how they want to handle their own finances without a central authority such as a bank, telling them what they can or can't do. For example, lets take Uber. Uber is revolutionizing the taxi industry, because most people would call up a Taxi, and often wait for a long time for it to arrive, hop in, and pay extrodinary amounts of money to go even a couple of miles. When a 30 mile taxi ride costs you 75 dollars, or more, you know you're being ripped off, but pay it because you have no other choice. That is, until Uber came along, and enabled you to simply look at your smart phone, press a button, and the nearest Uber driver comes along within a few minutes, and drives you to your destination for 1/5th the cost of a taxi! Bitcoin is the Uber of money.
Except Bitcoin is still relatively unknown to people as the Uber of money, and Uber is currently worth 51 billion dollars. What do you think that means for the value of Bitcoin in the future? It means that Bitcoins future is incredibly bright, and the current price of 1000USD for 1BTC is still the bottom of where Bitcoin is going! So if you are worried about investing in Bitcoin, I hope this puts your mind at ease, because Bitcoin, is only just beginning.
How much more promising can an investment get? It's got everything going for it, and it's been proving that for 8 years now!
Last edited by Thetamind
on Mon Feb 13, 2017 1:42 am, edited 2 times in total.