Is it still lucrative to invest in bitcoins in 2017? Or is it too late? The answer is No. It’s never too late to make a kill with bitcoins. The value has continued to substantially increase since its inception way back in 2009.
Why You Should Invest In Bitcoin & Cryptocurrency Today
As of October 2017, a single bitcoin was worth well over $7,000. This is just the right time to get into bitcoin trading. Despite the bitcoin recently undergoing a volatile period, it still offers a very lucrative investment opportunity because of the following reasons:
1. There Is Need to Do Away With Paper Currency
Over the recent past, there has been an increase in digital and mobile payments. Paper money is slowly being done away with. PayPal and Skrill are some of the most recent paperless ways of transacting online. Bitcoin is decentralized as no single person or organization owns it. It is faster and simpler to use apart from being very cheap to transact with.
Over its 8 years of existence, it has been embraced worldwide as more and more retailers accept bitcoin as a way of settling debt. With this in mind, it is very clear why this digital currency caught the attention of investors which ultimately led to an increase in its demand. It is both a currency and an investment.
2. The Demand for Bitcoins Is at an All Time High
Globally, the demand for cryptocurrencies is growing. Some countries such as Japan, South Korea, China, Brazil and the United States have the largest bitcoin economies in the world. The demand for bitcoin currency is even higher in emerging markets such as India, Indonesia, Philippines and South American countries such as Bolivia because they have recently been experiencing surges in bitcoin trading.
For these emerging economies, bitcoins are the best alternative for trading because it is seen as a stable alternative. During times of economic uncertainties, bitcoins will cushion them against falling into economic crises. Venezuela and Bolivia, for instance, have been struggling economically.
This resulted in their currencies substantially weakening. As such, bitcoins are seen as a store of value. In Africa, countries such as Kenya, South Africa and Nigeria are deeply involved in bitcoin trading.
3. Regulators and Governments Are Slowly Increasing Their Acceptance of the Bitcoins
When bitcoins came into existence in 2009, most governments and financial regulators were skeptical because the digital currency did not have any centralized regulation. They were also concerned with the anonymity of transactions. This, however, changed with time.
For instance, Japan announced in April 2017 that from then henceforth, it would recognize bitcoins as a legal method of payment. Russia and Australia have also announced that they might be considering such moves in the near future. Some banks and regulators have given bitcoin startups the go ahead that they require is developing new solutions that will meet the demands of bitcoin trading in the future.
4. The Segregated Witness Update Was Successful
Initially, bitcoin platforms would only handle a limited number of transactions. However, the segregated witness update was successfully completed in July. The update was rolled out in August 2017 as an upgrade to the blockchain technology.
This update makes it possible for more bitcoin transactions than ever before. This means that more people will be able to transact conveniently and cheaply. The average bitcoin transaction time before the update was about 30 minutes. With the rolling out of this update in August 2017, transactions now take less than 5 minutes.
5. The Image of Bitcoins Is Steadily Improving
The use of bitcoins used to be associated with criminal activities in the past. Its anonymity allowed anyone to send money to somebody else without disclosing his or her identity. It is for that reason that some fonts viewed bitcoins as being a currency of the criminal world. However, bitcoins have been able to stand the test of time.
In fact, bitcoins are the most widely accepted form of digital currency in the world today. Reputable institutions, retailers and investors are now involved in bitcoin trading. In the future, there is a very high likelihood that bitcoin will replace the normal paper currency.
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