Bitcoin has recently rebounded from the $9,000 drop two days ago, as of time of writing, and is now fighting it's way to stablize at the $11,000 mark. If it does, is it still worth investing your fiat into it?
In my opinion it still is. Here are some reasons why:
I. Bitcoin is finite.
For those who have been into cryptocurrency trading for a while, you must be familiar that there will ONLY be 21 million Bitcoins that there will be in existentce. Another article states that about 3-4 million BTC are already lost forever for several reasons. (No link, do your research, lol)
While Bitcoin is not commonly traded for goods and services, unlike your usual paper currency, it is an excellent way to avoid the pitfalls of inflation. Bitcoin is a still a greater way to retain the value of the constantly diminishing fiat despite it's volatility.
II. Bitcoin is Freedom
Privacy is one of the aspects of Bitcoin I love the most. While some ignorant people may argue that Bitcoin is used for money laundering and other illegal activities, we could also argue that the same can be said for fiat. It is unfair to associate the purchase of Bitcoin or even other altcoins to such.
My take on this is I want my transactions away from prying eyes, not because they are illegal but simply because they don't have the right to know. In the long run, I see Bitcoin as medium to make this possible.
III. Bitcoin is the Future
Back in 2008, I was working for a financial institution when the stock market came crashing down. This not only affected one country, but the economy ofnthe entire globe. I saw that as a challenge on the monetary system since it is centralized and controlled by only a few corrupt individuals.
Bitcoin is decentralized and it's price is dictated directly by the people. There is no authority to dictate that the value should or not diminish, but by the collective who purchase or sell it. This is democracy, so far at its rawest.
With all that being said, I do believe that we are still currently at the dawn of the value that can be achieved. So yes, Buy Bitcoin. But still, be wise enough to invest the amount your comfortable with. I leave you with a quote grabbed from John McAfee's twitter account:
Thanks for reading and if you like/hate this article, follow me and leave an upvote and comment! 😁
Peace! 🙌
Freeling generous? Give me some satoshis, baby:
Nice post! I upvoted and followed you. Can you check my last blog post about crypto: https://steemit.com/cryptocurrency/@cryptoizotx/crypto-market-sentiment-update-december-3-2017 ?
Appreciate it!
Upvoted(Y)
*Bitcoin on John McAfee tweet:D
Yeah. I really respect the guy. He has some great insights about the future of Bitcoin and it's possible application.
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