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I’m sure you’ve heard the name countless times recently whether it be on the news, online or from someone you spoke too.
Bitcoin has exploded onto the global financial and mainstream scene over the past few years as this leader in the crypto-currency world just seems to keep going.
It is a form of cryptocurrency that is generated via the use of encryption techniques. This type of currency is operated independently from the central bank. There is only a finite amount of it. Consequently, it is not possible to generate it out of nothing like other flat currencies.
Why has it become so popular?
The value and usage of this cryptocurrency have continued to grow for various reasons. One of the major reasons for its growing popularity is that it is one of the safest forms of digital currencies.
It is classed as a safe, decentralized digital asset that is appreciating.
Besides that, the digital currency received an upsurge in popularity in Europe after it was ruled that it was not subject to VAT.
Another reason for its popularity is its ease of use for online transactions. Besides that, it offers security during online payment.
Who is using bitcoin and what for?
The currency is used by anyone who wants to perform an online transaction. There are no restrictions on who can use it. In fact, there are online trading platforms that only accept this type of digital currency for payments.
The image below shows the Google analytics from bitcoin’s engagement by age chart and clearly shows the over 45% of it’s user’s are between the age of 25-34, a huge portion of their overall traffic.
Obviously the tech generation have caught onto Bitcoin quickly, but what are they using it for? Does this spell the end of the credit card as we know it?
The image below shows the most popular industries the crypto-currency leader is being used for. From the graph we can take it that a lot of people are using this as an investment vehicle for retirement funds or college funds for their kids.
Which Countries are using this Currency?
The country is quite popular in Estonia. That is a good sign since the country has a good history of jumping on successful digital trends.
The second most popular place for the use of this currency is the US. Surprisingly, most of the top ten countries that use this digital currency are in Europe, except a few like South Korea.
However, the currency is becoming popular in countries such as China and India.
How is It Different from Other Currencies?
The main difference from normal currency is that it is not backed by any central bank. Consequently, it means that no country recognizes it as a formal form of payment.
However, that also means that no country can control its production or lack thereof. Besides that, the currency comes in fixed amount. There is only 21 million of this digital currency, which is subdivided into units of as small as a millionth.
The Economy is still Not Stable
Since the economic collapse of 2008, the world never really recovered. The good thing about bitcoin is that it is not dependent on how well the global economy performs. This type of currency is immune to most shocks that affect the global economy. Thus, it would seem like a good idea to diversify some of your investment in this currency.
It Has Become Quite Stable
In the recent past, this currency has shown unprecedented stability in an unstable market. The stability of the currency has continued to grow in recent years, which has also helped to increase trust in it.
The trend with this currency is that as its stability continues to grow; its price usually shoots after a while.
With the stability it has experienced in recent years, your investment could double or triple if you decide to hold onto it. However, it is worth noting that its volatility has been lessening, which is something you want if you wish to use it as a safe haven.
The Daily Amount of the Currency Created continues to Decrease
Bitcoin comes in a fixed amount. When there is less of it being created, it obviously means that its value will rise. Thus, if you buy some today, you are assured that its value will be more in a decade from today. It is a great way to start making savings for retirement.
The Opportunities for using it as a Currency Are Growing
One of the major issues that people usually have when wondering whether they should invest in it is whether they can use it anywhere. However, that should not be an issue.
The technology is opening a wide array of platforms where its use has become possible. One such place is the Open-Bazaar; it is a platform much like eBay, where users can trade using this currency.
Government Regulation Has Been Positive
Thus far, the US government has not created any regulation to undermine the currency. Today, it is treated as property by the taxman and people are charged property tax for it.
The federal government, on the other hand, has said that it has no power to control its use. Besides that, the companies that deal with it are quite powerful.
That means they will be able to deal with any regulatory hurdles that it may face in coming years. If you decide you want to invest in it, you do not have to worry about any aggressive regulation against it.
You also have to remember that there is always risk involved with investing and you may lose money as well as make it, if you are interested in learning how to trade the currencies or even bitcoin, our flagship mentoring program would be a great place to start.
Our weekly live look at the Foreign exchange markets
Today we rolled out our first weekly live event on You-tube, where we analyzed the currency markets in real-time. We plan to hold these live events every Tuesday morning at 10:30 am lasting between 30 minutes to 1 hour. Our aim is to attract a group of retail foreign exchange traders and help them to learn how to understand the market. Being able to breakdown the markets gives us a great opportunity to make smart decisions where to buy and sell various products and profit from them.
I hope you like the recording of the live event that we hosted this morning and we look forward to seeing you at our next live event next week.