Bitcoin is digital currency, I am guessing since you want to invest in Bitcoin I do not need to give every detail about Bitcoin. Bitcoin is digital Gold, or may be more than that. Let me walk you though the points and show you why Bitcoin is better than gold.
Let us first explore why people still love gold –
People still love gold because gold and silver has a legacy or being real money. These precious metals were being used as currency for long time. Other than that Gold and silver has industrial use and these metals are used in jewelry.
People who are buying gold, they probably secretly wish for hyper inflation, dollar to collapse, or world wide chaos, so that they can reap great rewards from their investment.
Why do I say that?
Gold and silver are great inflation hedge. When the whole world is in panic everyone rushes towards safe haven, that is the reserve currency or gold. Now, if US Dollar collapses because US has such a gigantic debt then everyone will have to rush into Gold and silver, and the gold and silver price will go up. The bullion lovers will finally get great return.
Full disclosure here, I have investment in Gold and Silver. I believe precious metal is a great hedge against inflation. But I do not put all my money in Gold and Silver expecting the world to collapse, or dollar to collapse or face hyper inflation.
But what is the problem of Gold and Silver?
Precious metals are commodities, they have industrial use and they are great hedge against inflation. But, government can knock at your door and cease your precious metals. Government can put a tax on purchase or sell of metals. Precious metals are great to store value, but you need to sell it for currency before you can use your metal to make transactions. And, government can control that however they want. If you are leaving the country, can you leave with your metal in check in luggage? No!!!
Why do you need to invest in bitcoin?
Bitcoin is better than gold. Government has no control over bitcoin, nobody imports or exports bitcoin, it is decentralized and being mined all over the world. Bitcoin does not have any tax, as no government has control over it. No conversion fees on bitcoin, because bitcoin can be used as one single currencies throughout the world. You can spend bitcoin or send it overseas to someone to spend. IT is great for remittance without any bank fees. And, then bitcoin works exactly how gold works. People panic or want to save purchasing power they put their money in bitcoin. The more people own bitcoin the more the price of bitcoin goes up.
So even if world does not collapse, bitcoin will be a great hedge against inflation. Dollar does not need to collapse to make bitcoin rise. You do not need to care of supply and demand here with bitcoin. We all know the maximum number of bitcoin will be 21 million. And many of those are already lost.
But even if world is perfect, still bitcoin is great. Like I mentioned bitcoin is great to remit money. You want to keep your life savings in bitcoin and may be take it with you while leaving country, bitcoin is your option.
Why is it great time to invest in bitcoin?
People are not into bitcoin yet, it’s market cap is like 16 billion. People are yet to join the network. It is still early to join the group. And as with time more and more people join the network the price is bound to rise. So you can put $100 to start with. And see where your $100 goes in 2020. Invest in bitcoin today with coinbase.