2018 was a bad year for the cryptocurrency market but investing in crypto remains a solid idea. While the Bitcoin bubble popped the cryptocurrency has remained reliable, and we believe that it should be your first pick when it comes to investment. Below you can find a selection of reasons that make Bitcoin a prime choice for many owners.
Institutions are cleaning crypto’s reputation
Millions of people have used Bitcoin, but many continue to believe that the currency is tied to drugs and criminal empires since it appeared in large cases like Silk Road. The good news is that many banks are starting to accept and embrace crypto. Major banks should roll out the possibility to conduct crypto transactions in the following months.
Cash is becoming redundant
As online shopping and other payment solutions continue to become popular classic currencies are starting to become obsolete. Digital means won’t make banknotes and coins just yet, but the future of physical money is quite limited. Many people are already using their NFC-capable smartphone to pay for a variety of services, and the trend will continue to grow in the future.
Bitcoin remains the favorite crypto
Bitcoin has received its fair share of criticism, but new technology isn’t attractive for everyone. When the first phones were released almost 150 years ago, many believed that the technology wasn’t that good for communication. The potential is still there, and the currency could climb up to achieve new landmarks in the future.
Yes, Bitcoin may be iconic, but it comes in limited quantity, and the mining process is quite expensive. Investing in the coin when the prices are low will net a huge profit when they increase again. The scarcity of the coin will make it even more valuable as more and more people are interested in crypto.
It is a reliable store of value
Bitcoin is volatile but the currency is recognized all over the world, and its value will remain high in the long run. Its electronic format minimizes risks since it is very hard to hack an electronic wallet.
Ian Kennedy is the newest contributor to Crypto Daily Gazette. He enjoys running, practicing minimalism and cooking. Ian is a graduate of Wesleyan University in Connecticut where he studied journalism, Arabic and international affairs. Ian mostly covers stories concerning emerging blockchain technology.