Why Should You Hold on to Your Bitcoin?
Cryptocurrency has become extremely popular in the past few years and Bitcoin (BTC) dominates the talk. Investors around the world are investing in Bitcoin because of its multiple benefits and enhanced safety.
Launched in 2009, financial experts did not put their trust in BTC. Fast forward to 2022, Bitcoin is the world’s largest cryptocurrency by market capitalization, thanks to its positive adoption and profitability.
The year 2022 was not a remarkable one for cryptocurrencies as many digital currencies including Bitcoin lost value. But does this mean you should end your trust in BTC?
If you are thinking along these lines, you are making a big mistake. Crypto experts believe Bitcoin to be a long-term investment with a bright future.
Let us find out why you should never lose interest in Bitcoin.
What is Bitcoin?
Bitcoin can be defined as a digital or virtual currency that is supported by blockchain technology. BTC is completely online and a decentralized currency which means that it has no physical presence.
One of the remarkable characteristics of Bitcoin is that it is an unregulated currency, and no financial institution can interfere with it. With Bitcoin, you are the sole owner and manager of your wealth, and you get freedom from traditional financial institutions such as banks.
Bitcoin is protected by cryptography which consists of complex mathematical problems that are hard to break. In addition, the hash rate of BTC is the highest among cryptocurrencies which makes it the most secure cryptocurrency available in the market.
Bitcoin offers you multiple benefits such as instant and affordable transactions. You can make a transaction with Bitcoin at any time because it is available 24 by 7 and that is also at a lower cost as compared to bank transactions.
Bitcoin has been supported as the best alternative to Fiat or traditional currency by many global leaders and celebrities. One such global leader is Carl Runefelt, alias, The Moon, who is pushing for the mass adoption of Bitcoin and believes BTC to be the currency of the future.
He says, “I do think Bitcoin is going to be six hundred thousand that’s for sure and I take full responsibility for me saying that Bitcoin is the best form of money in the world. Bitcoin can never be bankrupt. Bitcoin can never owe anyone any money. Bitcoin can never scam you. Bitcoin can never hurt you. Bitcoin can only go up and down in price that’s the only thing Bitcoin can do.”
The rising prices of goods and services are a huge challenge for everyone, and financial experts have so far failed to find a permanent solution to inflation. The situation is dire in developing countries where poverty is rising because of rising inflation.
Bitcoin, on the other hand, has been designed to offer inflation protection to its users because it comes with a limited supply. This is one of the most remarkable reasons why you should not lose interest in Bitcoin.
The protocols of Bitcoin are designed in a way that only a limited number of BTC can be traded which increases the purchasing power of its users. Bitcoin is free from challenges faced by Fiat such as monetary enhancement that leads to printing more money.
With time, the concept of investment has evolved because of financial innovations. Today, investors have more options than they had in the past.
Everyone is looking to make more money from an investment as they can. One of the incredible characteristics of Bitcoin is its potential for incredible returns.
Carl, on his YouTube channel, The Moon, emphasizes, “Aside from all of the fantastic benefits of holding Bitcoin you become your bank your sovereign it’s a bearish asset no one can ever steal your Bitcoin from your hands it’s literally in the blockchain it’s the most secure form of a store of wealth and money in the world I will stand by that I will live by that, and I will keep saying that until the day I die.”
Bitcoin is indeed one of the best ways to secure your hard-earned money in today’s time. BTC was valued admire pennies in the beginning but has gained huge value in the past few years.
Crypto experts believe Bitcoin to bounce back more strongly than ever once the current bearish run is over in the crypto market. Furthermore, you should never forget that cryptocurrency including Bitcoin is a long-term investment and you should never lose your trust in it.
Bitcoin has withstood the test of time and come a long way which is why it is favored by crypto investors around the world.
The acceptance of BTC is also rising worldwide and many believe it to be the best way to avoid the challenges of the existing financial system.
Now it is in your hands whether you want to hold on to your Bitcoin investment and enjoy its multiple benefits or sell it and suffer financial losses.