Unless you have been hibernating for the past 4-5 years, you are already aware of what Bitcoin is and how cryptocurrency has been a hot topic around the world. Bitcoins are often termed as the “Money for the Internet”. A lot of people also love to call it as the “Magic Internet Money”. This gas quickly become a scarce digital source of money, that is currently used by millions of people around the world. Many countries support the use of this digital currency and people can even buy a cup of coffee with the help of Bitcoins in several parts of the world.
Whereas a lot of online websites allow customers to pay their bills with Bitcoins also. So, you can understand that it is basically a firm of currency used in many places but it is only in a digital form. Today we will be discussing whether Bitcoin is a good form of money or not.
Brief History of Bitcoins as a Currency
Since it was invented back in 2008, right after the Occupy Wall Street Movement, Bitcoins have provided a controversial alternative to the people to the traditional form of issued money. No government or corporation can control Bitcoins. It totally depends on the number of resources present and how the market is influencing the prices over time. You simply use this money by facilitating the transaction from the wallet, a place where you store the money.
There are several properties of Bitcoins which has successfully allowed it to be a innovative Möglichkeiten. Some of them include anonymity, immutable, encrypted, decentralized, etc. These are the properties which makes Bitcoins an ideal digital currency that can be used by anyone. Also, just like government printed currency, Bitcoins do have influencing rates and that directly impacts the price of Bitcoins. During the early years of 2008-09, Bitcoins were priced somewhere around the $100 mark. But now they are currently worth over $7500 each coin. So, with time and popularity their prices changed.
Can Bitcoin Be Converted into Cash?
Well, there are some ways which allows you to convert your Bitcoin resources into cash as well.
Sell on a crypto-exchange – the best way to make quick cash out of Bitcoins is by selling them on crypto exchange platforms. It is also a safe and reliable way of getting your hands on cash.
Use a Bitcoin ATM – around the world, there are at present more than 2000 Bitcoin ATMs. So visit one of them and transfer the amount of Bitcoins you want to cash in and go home with the money.
Use a Bitcoin debit card – Bitcoins can also be sold online with the help of Bitcoin Debit Cards. They are also quick and much more convenient than others.
Sell them to someone – the simplest way of getting cash in exchange of Bitcoins is to sell them someone interested. Hand the person with the cryptocurrency data and disk and take the cash if you want to at anytime.
So, you can see that Bitcoins can also fetch you good amount of cash money if you can implement the ideas that we have shared above.
Bitcoin – as a form of money in 2019
After knowing all these above mentioned information, it is important that you understand that Bitcoins have taken time to grow. Whether or not they will be a good investment as a currency for the future is a controversial topic to talk about. There are two sides of the story and if you ask us, then if you have already made investments nearly 4-5 years back, then they are a great deal for you to cash on.
But, the current cryptocurrency market is volatile with ups and downs. So, it is a risk you will need to take. Among all the other 200+ different kinds of cryptocurrencies available in the industry, Bitcoins surely offer much better reliability and safety when it comes to investing in crypto.
What Does The Future Hold For Bitcoins?
As a form of money, Bitcoins will surely have a huge impact in the long run and especially in the future. As digitization is increasing and people are available more online, it will be great to keep developing and mine this particular currency. As the 21 million mark of Bitcoins come closer, people will be looking forward to work harder and generate and transact as much they can. That is why Bitcoins can surely play a drastic part in the lives of investors and others also.
Final Words – make sure to read and learn about the cryptocurrency market clearly. Always put your money on currencies which have better support, stability and easy to understand. Hence, you must think of investing in Bitcoins if you believe that you’ll be able to utilize them.