Before we get ahead of ourselves, let’s dive into what Bitcoin really is. But if you are already thinking, “I want to buy bitcoin with credit card now!,” then we also have the perfect solution for you below. (just scroll down a bit)
What is Bitcoin?
If you’ve ever wondered what bitcoin is but avoided finding out much about it because it sounds too technical then you’re in for a surprise. Not only is Bitcoin easy to understand, but knowing about it can probably help you get in a better financial standing. Okay, so a better financial standing may sound a bit over the top. After all, how can knowing about Bitcoin, an invented cryptocurrency and payment system, help you earn money, right? Well, that’s exactly what buying bitcoins can do for you, and a lot more. In fact, many people want to buy bitcoin with credit card simply as a mean of investment, and hoping for better returns in the future.
Bitcoin Simplified – Here’s What You Need To Know
Bitcoin is basically a digital currency that was created in 2009 by a person using the alias of Satoshi Nakamoto. The guy owns a million of these virtual coins, and they are estimated to be valued at over $1 billion. Here’s another story of how someone conveniently forgot their $27 investment in bitcoins that converted into a whooping $886,000.
In short, Bitcoins are virtual currency that you can buy bitcoin with credit card, debit card or with cash. There are multiple reasons why they are gaining so much popularity these days. It’s a fast, easy-to-use, and cheap currency that you can use securely to purchase stuff online.
Here are some reasons why you should be involved in the virtual currency game:
Decentralized Currency (ie, Freedom & Flexibility!)
Bitcoin is a decentralized currency that has no regulatory bodies keeping track of your spending and buying on the internet. If you have bitcoins, you can shop online, send money to people, and receive money without the involvement of banks, for example. This also means that the government can’t freeze your wealth and you have complete freedom over your money.
Send and Receive Payments – From Anywhere in the World
This should be on top of the list. Nevertheless, with Bitcoins, you can send and receive money from anywhere in the world within a matter of minutes. It is effortless, so to say. To send bitcoins, simply log in to your virtual wallet. Get your sender’s wallet address. And send the number of bitcoins you wish to on the address and you’re done. It’s as easy as that. No hassle of waiting for public holidays to end, limitation on amount, or any other hindrances.
Now we’re talking. Yes, when you are dealing with decentralized currency, it means you don’t have to paying any kind of tax to the government. You can shop till you drop, send someone payments, receive payments, and do whatever you want to with your bitcoins and you won’t be taxed at all. And if you were to buy bitcoins with your credit card, you can basically use that converted money anywhere in the world without worrying about paying a fee. Even if there is some form of fees, it’ll be very low compared to banks and credit card transactions.
Non-Traceable and Private
Everything we’ve talked about already (online purchases, sending and receiving payments, etc.) is non-traceable. When you buy bitcoin with credit card, you have to create a wallet that contains your address, and unless you make it public, no one can find out how much you have in your wallet, and no one can track your spending. Even if you accidentally publicize your wallet address, it can be changed and you’ll be completely anonymous once again.
Benefit: Non-Reversible Transactions
Once someone sends you Bitcoins, there’s no way for them to get it back in case they were thinking of swindling you out of your money. You are the sole owner and holder of your wallet, and the bitcoins you have cannot leave your wallet without your prime permission. Hence, after the initial agreements and transfers, you are completely secure where money is concerned. Oh, and this also means that no one can steal your bitcoins unless they have physical access to your computer, your password, and other authentication details, which makes it a lot harder for anyone to try and coax your money.
On top of all these advantages, the price of bitcoin is rising sky-high. If you had purchased one Bitcoin in 2011, it would have cost you $1. Had you held on to that, and sold it today, it’d weighed down your physical wallet with around $1000. And it’s still rising, so why not purchase a few and wait for it to surge a bit higher and do you a financial favour, eh?
It does all sound too good, but there are a few disadvantages to these virtual currencies that you must keep in mind:
Not many people know about bitcoin, bar those who are already hitting it rich buying and using them. If bitcoin is to become mainstream, more people must be aware of it and the networking should be vast. Only then can Bitcoin really realize its potential and benefit people at large.
This also leads to another problem; we’ve mentioned that you can buy and shop online, but not many merchants accept bitcoins till now. Yes, there are many big names like Microsoft, WordPress, and Tesla to name a few among the hundred or so on the list, but for bitcoins to be largely accepted, it has to have many, many more names on the list.
Is There Any Risk Involved?
No, we’re not contradicting ourselves when we say there’s risk involved. The risk is involved in the value of currency. Bitcoin’s price surges and goes down depending on its demand. While there’s mostly an ascension in its value, there can also be a downward spiral. There’s no guarantee of you making it filthy rich, mainly because there’s no regulatory body to maintain its price value. The price keeps bouncing, and its volatility means you are also facing risk if you look at it from an investment point of view.
Has Bitcoin Stood The Test Of Time?
Bitcoin is in its infancy stage, meaning that it hasn’t yet developed into the perfect currency. There are several features, tools, and security measures that are yet to be developed. Hence, there’s still time to when bitcoin can show its complete potential. Don’t put all your hopes in one basket just yet, but know that whoever sowed their seeds in bitcoins, struck gold.
So while there are a few disadvantages, they are nowhere close to beating the advantages. If you are still thinking you might buy bitcoin with credit card, you’re smarter than most people. Many people, due to lack of awareness, feel that it’s probably a scam, or it’s something they’ll never grasp the concept of. You think otherwise, and that’s probably the first step towards taking advantage of this relatively new currency which is gaining traction with each passing year.
Weigh up if you should buy bitcoin with credit card or not, and surely you’ll realize that you are better off buying them sooner than later. The price of bitcoin may surge higher as you read, so it’s better to purchase some and wait for it to yield a better return for you.