If you’ve been following the news at all over the past month or so, you’ve undoubtedly seen a story or two about Bitcoin. For years, this cryptocurrency has been a favorite among fans of Magic The Gathering and those who want to deal with their chemical addiction without being caught by the authorities.
Bitcoins are finding their way into the mainstream markets with each passing day and are poised to become a true alternative to government issued money. On top of that, there’s an ever-growing Bitcoin “stock exchange” that makes savvy day traders a fortune. Could you be one of these day traders? Will Your Favorite Online Store Ever Accept Bitcoins? Let’s take a look below to better understand why you should buy Bitcoins now.
Exchange rates are favorable for now
Most people who choose to buy bitcoins do so because of the value of the investment. A little over a year ago, bitcoins were worth about $40 each. Last month, the currency hit an all-time high of around $206 and is currently holding steady in the $100 range. The fortune is made by buying bitcoins and selling them at the right time.
Bitcoin’s mini-bubble burst last month, and it scared off a few novice investors; but this is actually a consistent phenomenon. The important thing to realize is that every time the currency recovers, it jumps to an even higher value. It is volatile; but very profitable. Plus, with a limited number of bitcoins in existence, the value is expected to continue to rise for the foreseeable future.
New websites are taking bitcoins every day
But what is driving this growth? This is not just speculation, it would cause Bitcoin to collapse like many other cryptocurrencies of the past. Bitcoin survives and continues to grow because it is actually accepted online. This is currently limited to individual outlets. Online clothing stores, service providers (coding, design, etc.) and other “new” products make up the majority of Bitcoin adopters so far; but they are only the first wave.
PayPal is currently trying to find a way to accept Bitcoin in its current model, and that could mean partner eBay isn’t far behind. This will lead to an explosion of Bitcoin usage online. But it also has an offline presence, with the first Bitcoin ATM opening earlier this month. Content aggregation site Reddit had a post earlier this week depicting a convenience store that had its own “We Accept Bitcoins” sticker, the only thing holding them back is better implementation.
Bitcoin is still in the “ground floor” stage.
The biggest reason why you should buy Bitcoin is that this currency is still on the ground floor. All indicators point to the currency seeing huge jumps in value and adoption in the near future. Those who have already invested in Bitcoin and those who are getting involved in the near future will see a huge return on their investment.
Will you make the wise choice, or kick yourself for missing out on the next big thing?