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Change is the only thing consistent out there. If you are running a business, doing work as a housewife, or even if you are a student, you must have seen how the things around us have changed at a very fast pace. Well, there are many factors that have contributed to the change that we have witnessed in the past couple of decades but we can surely say technological evolution has played a main role in bringing all these changes. In the modern era, we can see many technological solutions out there that have become a new normal for almost everyone out there. 

 

Well, you should know that we have come a long way; moving on from the barter system to using bank cheques and now digital payment. Digitization has changed many things around us. From shopping to finding a new job, everything is now being done on the digital platform and this trend is here to stay. Even when the pandemic will be over, the increased number of people on the digital platform will not return back as they have become used to the digital ecosystem and slowly, the one thing that has become an essential part of this digital ecosystem is bitcoin. 

 

If you keep tabs on the digital world then you must be aware of bitcoins or you must have heard about it at least once. Bitcoins were not so popular during their starting phase but you should know that with the passage of time, bitcoins have become one of the most profit-giving investments out there. Currently, the price of a single bitcoin is around $48001.

 

But in order to understand bitcoin, first of all, you will have to go through its advantages and disadvantages and this is what we are going to discuss in this blog post. 

 

But before moving into the pros and cons of bitcoins, we will have to go through the basics of Bitcoin. 

 

Basics of bitcoin 

 

One of the first things that you should know about bitcoin is it was launched in the year 2009 and till now, it is the most adopted form of currency all around the world as the total value of bitcoins in the present day is around  $677 dollars. But one of the best things about bitcoin is unlike the US dollar or any other country-based currency, there is a finite amount of bitcoin out there. Currently, there are around 21 million bitcoins in the market. 

 

According to the experts, currently, 18.6 million coins have been mined but 3.4 million coins are still needed to be discovered. With time, the popularity of bitcoins is only going to increase as their value is increasing since their launch. If you are looking forward to investing in something that will give you high profit with no fear of losses then you should start investing in bitcoins as soon as possible as this is going to give you high returns. 

 

Pros of bitcoins 

 

  • One of the main reasons why you should start investing in bitcoins is the current fiscal and monetary policy is a far cry from what we used to deal with in the past and one of the main things about the current fiscal and monetary policy is that it is going to plunge or reduce the value of the dollar in the coming future. Well, this is an issue for most of the people out there who are solely dependent on the value of their dollar when it comes to investment but since this is going to result in high inflation, investing in bitcoin makes sense. 

 

  • Unlike the paper currency, there can never be more than 21 million bitcoins in the market and the most interesting fact here is almost 3.4 million bitcoins have been lost and this means that without the private key, these bitcoins will never be found. So, we can say that there can never be more than 17.4 million bitcoins in the market and this is a good thing for all investors. 

 

  • Bitcoins are slowly becoming mainstream as more and more users are coming forward and using bitcoin for any type of transaction. This will make transactions smooth all over the world and everyone out there doesn’t have to deal with any type of limitations related to the currency. This is what makes investing in bitcoin a very good option. 

 

Cons of bitcoins 

 

  • One of the main reasons why you currently need to avoid investing in bitcoin is that the way its value has increased in the past 5 years, according to the experts, it is not going to increase similarly in the future or upcoming five years. Another return like the past five years is going make the value of bitcoins around $88 trillion, especially if it will keep on increasing at the same pace but that is not going to happen at all and therefore, many people are now avoiding investing in bitcoin as they are expecting it to not grow like it did the last 5 years. 

 

  • Another reason why you should avoid investing in bitcoins is that the U.S government and all other governments might be planning to crack down on bitcoin and this can become one of the biggest problems for all the bitcoin owners out there. In the worst-case scenario, the government may take the harsh decision of completely banning bitcoins and this means you are going to have a disaster in your investment career. If you want to avoid this then you should start investing in bitcoins as soon as possible. 

 

  • If you are going to keep on delaying the decision of buying bitcoins then it will keep on increasing and at one stage, it is soon going to become out of your budget. This is another reason to not invest in bitcoins. 

What are the pros and cons of Bitcoin?

30 August 2021

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