Bitcoin is a fast-growing trend, but it can be confusing. Thanks to experts like Jordan Lindsey, Bill Gates, and John Mcafee, you can find out if Bitcoin is right for you.
As Bitcoin grows in popularity each day, an increasing number of people are choosing to invest in the cryptocurrency. Like the dot.com boom in the 90’s, investors want to take advantage of a revolution and make big money. While many people believe Bitcoin and Blockchain technology will provide a financial revolution, there are many who don’t have enough trust to dive in.
People certainly don’t want to be left out if Bitcoin soars through the roof, and yet, for good reason, there are those who are hesitant to invest their hard earned money. Investors who aren’t overly familiar with blockchain and how it works may require some convincing. So why should you invest your cash in Bitcoin?
Jordan Lindsey, an accomplished forex trader, hedge fund investor, and innovator in blockchain technology provides keen insight on Bitcoin. Lindsey, with an extensive background in finance and blockchain expertise, built the Bitcoin Growth Bot. That makes him uniquely qualified to shed light on the complicated topic of investing in Bitcoin. He explains the choice to invest in bitcoin by starting with some background:
What Blockchain Has to do with Bitcoin
For a bit of background, Bitcoin is based on the remarkable technology of Blockchain. Blockchain technology is like a public ledger on which information is stored.
This public ledger is stored simultaneously on a system of computers around the world referred to as nodes. Any new transaction that occurs must be verified by the nodes. Once a group of transactions is verified, the public ledger will be updated and another block will be added to the chain. This system allows for information to be completely public while still being anonymous, perfect for maintaining security without invading privacy.
The decentralized nature of blockchain means it can’t be tampered with or targeted by hackers.
This innovative technology has a lot of people very excited. And where there is excitement, there is cash. Investing in Bitcoin will land huge returns if it does reinvent the financial market completely.
Before investing in Bitcoin, though, it is useful to take a look at what people are saying about it. In particular, many hugely successful entrepreneurs and business leaders are excited about Bitcoin. Luckily for us, you don’t need to be a genius or industry titan to take advantage of new technology.
But it can be extremely illuminating to hear what these people think about Bitcoin and its potential.
What Are the Tech Experts Saying About Bitcoin?
Paul Bucheit, the creator of Gmail said, “Bitcoin may be the TCP/IP of money.” Bucheit is comparing Bitcoin to the protocols that interconnect network devices on the internet. This is not a comparison to be taken lightly. The TCP/IP is essentially how the internet works. It is the nitty-gritty in terms of how the data is exchanged over the internet. Bitcoin could serve the same function in replacing Fiat currency.
Using Blockchain technology, Bitcoin would be the store of value transferred from person to person that reinvents the financial system. With this kind of potential, it’s not a stretch to say that the value of Bitcoin could soar.
Bill Gates said, “I think Bitcoin is a technical tour de force.”
Whether or not you believe Bitcoin is the cryptocurrency that will change the world, the technology behind cryptocurrencies is not to be ignored. Bitcoin is just one of almost 700 cryptocurrencies already created and, while there are reasons that it is the most popular and successful so far, it’s important to understand the role Blockchain technology plays.
Blockchain technology has applications that go far beyond just currency. Its decentralized nature makes it ideal for knocking away middle-men and keeping information secure while still remaining as part of the public record. As the most successful application of Blockchain technology, Bitcoin is a very appealing investment.
John Mcafee the founder of McAfee Inc said, “You can’t stop things like Bitcoin, it will be everywhere and the world will have to adjust. World governments will have to readjust.”
Again, it’s hard to overstate the potential of Bitcoin because there is a possibility it could reinvent the financial world. A new currency would have ramifications for every industry worldwide and the value of Bitcoin would rise substantially.
Jordan Lindsey said, “Bitcoin is a excellent store of value, because there is a fixed amount; it can’t be inflated.”
Lindsey’s unique insight into currency investing positions him as a reliable educator for those learning about Bitcoin investing. Where Fiat currency falls short, Bitcoin provides solutions. When trying to make an educated decision about investing in Bitcoin take the word of experts in the field like Lindsey.
Take a Global Perspective
When considering investing in something like Bitcoin, it is important to take a global perspective. The world is constantly improving, seeking and finding new ways to improve the current system. Bitcoin has the potential to be a much more effective system of currency than the Fiat system.
One big issue with the current system of money is the difficulty of moving it across borders. Trying to make an international payment requires the involvement of a bank which means fees. Moreover, it means that the bank knows what you are doing with your money and has control over that information. With Bitcoin, larger international transfers could be made very quickly and securely. No one would control that information. This could enhance global business.
Another issue Bitcoin has the potential to fix is inflation. When money is controlled by banks and governments, they are able to simply print additional money whenever it serves their needs. While this is great for banks and the government, it is not so great for the average citizen. Each additional dollar brought into circulation decreases the value of your money. The banks and government are able to spend the money before it depreciates and you’re left holding the bag.
Bitcoin takes human error out of the currency process. Because there are a fixed number of Bitcoin (12.5 Bitcoins are added every 10 minutes with a fixed cap of just under 21 million) the value of Bitcoins actually goes up over time. As more and more people use Bitcoin, the value of each unit will appreciate in value.
Why Bitcoin Could Be a Good Investment
So it’s pretty enormously clear that Bitcoin has the potential to be a fruitful investment. But unsurprisingly, there are plenty of skeptics and critics of the cryptocurrency. Many argue about the security of Bitcoin, pointing to recent hacking issues to claim the technology isn’t reliable.
But, luckily experienced and knowledgeable people in the crypto sphere can keep us on track. For example, Lindsey points out any hacking issue is related to user error and the technology is designed to prevent hacks.
Others will argue that the technology is not there yet, citing that each Blockchain transaction requires extreme computer energy and has a limit of 100,000 transactions per 10 minutes. Again, experts like Lindsey assure us that while there may still be bugs to work out with the technology, the fact remains that Bitcoin has enormous potential to revolutionize the financial market.
The lingering uncertainty regarding Bitcoin could make this the perfect time to get in on Bitcoin while others are still nervous.
