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5 Logical Reasons You Should Invest In Bitcoin

bitcoinIn this article I am going to cover 5 logical reasons you should invest in bitcoin currency but before i can explain why you should invest in it, i should tell you what bitcoin is. Bitcoin (BTC) is an online or virtual currency with a specific and everchanging value just like any other government based currency. BTC is created unlike any USD (or other) currency is printed, it is created by solving a puzzle of algorithms in what is called a “Block”. Currently inside of a block there are typically around 50 BTC. You can read more information on Blocks and how they apply to Bitcoins here: https://en.bitcoin.it/wiki/Blocks

Why should I invest in BTC instead of investing in traditional paper currency? There are several reasons BTC is more desirable compared to paper currency, That is my job to explain to you. Here are my reasons

1) Currently at the end of 2013 the value of BTC is increasing. In December of 2012 1 BTC was equal to about $13.35 in USD, one year later in December of 2013 1 BTC is equal to about $750.50 USD, to save you from terrifying highschool math class flashbacks I did some rough math for you. With these statistics the growth rate of the value of BTC has gone up 5600%. In other words, if you invested $100 USD into BTC in 2012 and didn’t touch it for a full year you would now have roughly $5,600 USD. You can check the current value of Bitcoins here: http://preev.com As well as a history of the value of Bitcoins here: https://coinbase.com/charts

2) BTC is growing in popularity. Currently there are several online websites that accept BTC currency. Overstock.com and TigerDirect are two major retailers that have already begun accepting Bitcoin with plenty more coming down the pipeline. Newegg seems to be poised to accept the currency soon and rumors of retail giants like Paypal, Ebay, Google and Amazon don’t seem that far fetched anymore.

3) It is easy to invest, earn and spend Bitcoins. There are tons of online wallets where you can store your BTC, these wallets are incredibly secure, some with double or even triple password encryptions as well as pin numbers, the wallet of choice for me is blockchain.info, it is secure and easy to setup and use. There are several websites that allow you to convert USD currency to BTC currency. Not only can you convert your existing money to BTC but there are even online jobs you can apply for that payout in Bitcoin. Here is a directory of online stores that accept BTC as a form of payment: https://www.spendbitcoins.com/places/

4) No Taxes! Yes yes! Finally freedom. Since the BTC currency is a P2P or peer to peer based currency it is not controlled by any person, government system or bank. This means no matter how much your BTC income is or how much you spend, no government can force taxes on your Bitcoins.

5) There is a finite amount of Bitcoin. The most amount of BTC that will ever be in circulation is 21,000,000 BTC. This means, unlike how paper currency’s value decreases as more is printed, BTC value fluxuates depending on the amount of BTC in circulation, how many people have obtained the BTC and the number of services that accept BTC. Currently (according to blockchain.info) there are around 12,155,175 BTC in circulation and growing. This means there are about $9,122,458,837.5 USD in BTC in the world. You can check how many Bitcoins are in circulation here: https://blockchain.info/charts/total-bitcoins

I hope this article has helped you come to a better understanding of Bitcoin and why they are valuable to YOU.


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Posted in Bitcoin, Cryptocurrency, Information, Investments
3 comments on “5 Logical Reasons You Should Invest In Bitcoin
  1. panoterm says:

    Please change the mtgox ticker from the top of the page, thank you!

  2. CryptoFrenzy says:

    The argument about taxes is not quite correct. While cryptocurrencies are a grey area right now, law will finally catch up. Income is income and is taxed.

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