With the rise in the value of Bitcoin, it has invited many investors towards it. Undoubtedly, this week the price has reached historical mark of $3,500. Moreover, it is leading the cryptocurrency market. So here I have discussed the reasons for you to buy Bitcoin and reasons not to buy Bitcoin, letting you know the right time to buy.
Follow the herd!
At this moment of time there a lot of people out there who are investing in Bitcoin. Usually, Bitcoin has been a peice interest for Computer Geeks and Libertarians. But now many mainstream investors and big names have been found investing in this digital currency. Well, it is a big reason alone for us to invest in Bitcoin as big names like Andreessen Horowitz don't usually spend a million dollars in the cryptocurrency market like they are doing now. It is a get set go moment for us now.
Bitcoins may get scarce in a few months!!
It is shocking to know but it is true that there will be a scarcity of this favorite digital currency in a few months as it is available in a limited amount. Only 21 million of Bitcoins will come to the crypto world in a whole, most of which are already in the market. If the rumours of central bank to start buying Bitcoin as foreign currency reserves, come true then the people who have bought and preserved Bitcoin will see a huge profit. Here, huge means really HUGE!! Hurry up!! 80% of them are already mined.
Low practical usability of Bitcoin
Bitcoin being a digital currency, is confined to computers only so its usage gets limited. Also, there are very less number of websites or services which accept Bitcoin as a payment. However, if there is no one accepting Bitcoin as payment there is no use of calling it a crypto currency. The core users of Bitcoin are still criminals: paying for drugs and extortion money. The ransomware attacks, WannaCry can be considered as an example. For those who don't know: WannaCry asked payments in bitcoins. This is the reason for people not using Bitcoin. However, Bitcoin remains a good investment for ordinary people.
Bitcoins are slow in transactions
Bitcoins compared to Visa or Debit Cards, are very slow in transaction. Moreover, the transaction fees are too high comparatively. Not only Bitcoin but every cryptocurrency has the same problem. We usually have to pay a transaction fee and wait for ten minutes for the transaction to complete. This time taken makes it quite difficult for Bitcoin to replace cash in payments. Fortunately, there are ways in which these flaws can be overcomed. So we can hope for the best to happen.