Put ytmp3 Player Down and Invest in Bitcoin
January 19, 2018 (Investorideas.com Newswire) Bitcoin created a lot of buzz in the recent weeks and for a right reason. Currently valued at whopping nineteen thousand dollars for one bitcoin, this digital currency took the world by a storm. What makes bitcoin different from other currencies is that it is completely decentralized and it does not belong to any financial institution, bank or government. Many people look to invest in bitcoin because there is big potential for earning big profits. However, this digital currency fluctuates a lot so you constantly need to pay attention to the market. If you are serious about investing in bitcoin, pause your ytmp3.com player and check out the following advantages and disadvantages of investing in this cryptocurrency.
Advantages and Disadvantages of Bitcoin
The number one advantage of bitcoin is that it makes it easy for you to send it to whoever you want because it is decentralized. Transactions are done within seconds without banks being involved into the transaction and there are no bank fees. Bitcoin is also cheaper transaction option for businesses. For example, Visa and MasterCard credit cards come with all kinds of fees, but those businesses that accept Bitcoin as payment solution do not have to worry about fees regarding the transactions. Third advantage is that bitcoin is not affected by inflation due to its limited supply. It is not controlled by the governments, so people can transact in any way they want without worrying about runaway inflation. Finally, being private and giving people opportunity to transact and invest anonymously makes bitcoin highly lucrative investment option. You can check out all transactions on the public ledger for bitcoin called Blockchain.
Like all other things in the world of business, bitcoin also has a fair share of disadvantages. The biggest disadvantage is that its price can fluctuate significantly. Last year was the best year to invest in bitcoin as its price skyrocketed towards the end of the year, but you never know whether it will hold the same price, jump up again or go down. Bitcoin is traded non-stop, so the price changes all the time. Second disadvantage is that the speed of transaction is slower at the moment because there is high demand, so other cryptocurrencies are starting to get advantage. Third disadvantage is that as soon as you make your transaction or investment it cannot be reversed. Unlike charges on credit cards which can be reversed, bitcoin transactions are impossible to reverse back. If you send it wrongfully or make a mistake - it cannot be undone.
Now when you know the advantages and disadvantages of investing in bitcoin it is time for you to make an own research. Always keep in mind that there is risk involved, but that is normal like with any other investment. If you choose to buy bitcoin, do not rush and take your time to explore all options. Find a trusted bitcoin seller, compare prices and never forget to only invest money that you can afford to lose.
Author Bio: Kavinesh Arumugam
Kavinesh is a successful entrepreneur and writer, with wide experience in editorial publishing. He has wide knowledge in researching and writing, as well as in providing custom content for many years. Passionate about all things he does.
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