With Bitcoin approaching $20K, I thought I'd briefly summarise why I bought in initially, and then why I kept on buying.
I'll be upfront - I bought my first 0.027 BTC in 2017 when it was priced at around $4500, and I carried on buying in gradually when it rose, then gradually while it fell, and I'm still buying... I bought 0.01 BTC only a few days ago when BTC was at $17000.
I'm going to keep on buying because I see the potential for this thing to hit > $100 K at some point in the next few years.
Anyway, there are several reasons I've bought into Bitcoin, based mainly around the fact that it performs several key financial functions better than fiat or gold and without the need for central authorities, so here are:
I should just state that this is most definitely NOT financial advice.
I initially bought Bitcoin because I was just looking for an alternative investment, it sounded cool, fun and different to gold, shares, art, whisky, so I bought some.
I bought more Bitcoin because I learned that, unlike the dollar, it can’t be devalued by a cabal of rich old white men deciding to print more of it.
I bought more Bitcoin because I learned it’s got the potential to be more valuable than gold: most Bitcoin has already been mined and the mining rate of Bitcoin is decreasing over time. In fact, the new supply of BTC relative to the amount already mined is already lower than the new supply of gold.
I bought more Bitcoin when I learned that I don’t have to rely on a bank to store my wealth – I can store my BTC super-securely in a digital cold wallet, offline, meaning I can be in total personal control of it, as long as I store my keys securely.
I bought more Bitcoin when I realised I can take my BTC anywhere in the world with me, on my phone if I like, and access all of it instantaneously (not that I’d recommend you do this in case someone mugs you, you’re probably better off keeping your cold wallet at home!)
I bought more Bitcoin when I learned I can send it instantaneously to anyone else with a BTC wallet, no need for a bank or another central agency like PayPal to be involved.
I bought more Bitcoin when I learned I could buy other cryptocurrencies with it, some of which give me access to blockchain games and blogging which diversify my investments. (The best of these is currently leofinance - I'm getting paid in crypto to write this!)
I bought more Bitcoin when I learned I can use it as collateral to take out loans (not that I do this personally, but it’s a nice fall-back to have).
I bought more Bitcoin when I learned I can stake it in several places and earn 5% or more interest on it every year, you know, like you used to be able to do with cash in banks!
And I’m still buying even more Bitcoin because everyone is finally realising 1-9!
(OK so the reasons weren't quite in that order, but give me some creative license, they are all 100% genuine reasons why I kept on accumulating!)
If you'd like to find out more about Bitcoin this article from Coin Market Cap: '10 things to know before you buy your first Bitcoin' is well worth a read.
To find out how to get started with buying Bitcoin this article from Bitcoin.com is a useful starting point, but this process does vary by country, so do your research first!
There are also some useful articles about Bitcoin more generally here on LeoPedia.
It’s not too late to buy BTC, but as I said above, this isn't financial advice and if you buy the risk is totally on you, but then again so is that $100K + BTC!
Posted Using LeoFinance Beta