Bitcoin and other crypto-currencies have been in the news for several years now, but they have been around for longer than that. Every month or so there seems to be another type of crypto-currency being offered, but are they really worth investing in? Should you invest your money in Bitcoin?
The Benefits of Crypto
Bitcoin is certainly the most well known crypto-currency, but by no means the only one. So, what benefit does Bitcoin and other crypto offer? Consider the following:
The problem is that the regular currency, or fiat currency that is tied to nations and banks, is heavily controlled. It’s controlled by big banks and by global interests. This means that it’s not really our money at all. It can be sold off and controlled by shadowy parties for their own purposes. This makes traditional currency vulnerable and also makes it risky.
The benefit of any crypto is that it’s not centrally controlled by anyone. In fact, it’s not actually controlled by any single entity and certainly not controlled by any banks. This makes it the ideal currency for the 21st century because it is removed from the old world of banks, hedge funds, and government control.
Easier to Access
The other downside to fiat currency is that it’s not always easy to access. Consider people in third world countries with a relatively weakened national currency and little economic infrastructure. If they want to participate in the global market, they may simply not have any access to financial exchanges, or these access points may be restricted deliberately. Once again, the aspect of control by external entities becomes a problem.
Bitcoin, and other crypto-currencies like it, are easily accessible. In fact, wherever there’s an internet connection, there is easy access to secure global crypto exchanges online. In a world where many millions of people already have internet access, even in the poorest countries, this translates into a more stable and more easily accessible global currency that can be used around the world.
The block-chain technology that powers Bitcoin and other digital currencies provides for a trackable and secure transaction history. The crypto-currency can be stored in a secure digital wallet and accessed at any time.
The other big benefit of using Bitcoin and other digital currencies is that you have full control over where and how much you spend. The secure digital transaction takes place between you and a merchant. This means there are no extra fees involved, and nobody else takes a cut of the money.
Is It Worthwhile?
In a digital age, it seems silly to rely on traditional currencies, with all of their vulnerabilities and failings. If you want to explore the new century, you can easily buy Bitcoin in Melbourne and dip your toe into the digital waters.