“What Are the Benefits of Bitcoins?” – Here Are 7 Interesting Benefits!
Last week I explained What are bitcoins and how do you get them. I also explained how I earned easy 1500€ with bitcoins and my friends have earned MUCH more. Today I am going to tell you what are the benefits of bitcoins. I will give you 7 benefits of using and investing in bitcoins.
1.Low Inflation Risk
A value of $1,000 dollars has decreased to $45 in 100 years. Having lots of dollars (or any other currency) in your bank account doesn’t seem to be very wise. Bitcoin doesn’t have a similar risk of inflation because only about 21 million Bitcoins will ever be released. It’s said beforehand how many bitcoins will ever be in the world. Nobody can make more of them.
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But think about normal currencies. European Central Bank decides, “Hey, let’s make a few billion euros!” That moment the value of your cash in your pocket goes down fast. By buying bitcoins you diminish the risk of losing your hard-earned money. Some people say that you don’t need to collect money. “Who knows if you are going to live tomorrow?” Well, if you don’t die today you still need to buy some food for tomorrow and probably for your family too. We don’t need to be selfish with money but the wise planning of your money is definitely profitable.
“Poor people say that saving money is safe and investing is risky. Rich people say that saving money is risky and investing is wise.” -Robert Kiyosaki
2.It Is Decentralized -> Purchases Are Not Taxed (depends on the country)
A decentralized currency means that any organization, bank or any institution doesn’t run the currency. It doesn’t have central control. It allows means that all purchases are anonymous and they don’t happen any bank or country. Is it a good thing or not? You can decide yourself but at least it has many benefits. One of them is that your purchases are not taxed in some countries. But this depends on how countries have regulated about bitcoins.
This allows companies to give you discounts if you are paying with bitcoins. When I was buying flight tickets from Air Baltic, I saw that I get around $10 discount if I pay with bitcoins. Air Baltic is not the only company that gives discounts when you are paying with bitcoins.
Let’s say that you want to transfer your money to your friend and he has a different bank than you have. Normally, it takes 1-3 business days that the money will be on your friend’s bank account. Most of the time this doesn’t make any problems if you are planning your life ahead but would it be easier if transactions would be immediate?
With bitcoins, you can transfer money in seconds. You don’t need to wait for days that your friend gets the money. This can also help if you are a business owner. Your client’s payment will come to your account faster than before. You can also pay faster to your business partners and so on. Immediate transactions with bitcoins just make the life one step easier.
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4.Global Currency – You Can Use It In Tens of Countries
If you are traveling around the world, many times you need to change the currency. Now in EU we have the same currency in most of the countries so then you don’t need to change euros. I have realized that it makes traveling a bit cheaper and easier. It’s not a big thing to go to a currency exchange and change your currency but it still takes some time. It’s just easier to have some money all the time.
If you are changing currency, the exchange company always takes some fee of a transaction. It would save your money if you wouldn’t need to change it. These currency exchanges wouldn’t exist and those people would focus their energy on something else to make this world a better place.
With bitcoins, you can already pay in tens of different countries. Do you know the actual amount? Leave a comment below.
5.Diversify Your Money – Lower Your Risk
Have you ever thought what happens if you have money on your bank account and then the bank collapses and makes a bankruptcy. It’s not happening every day but sometimes during economic depressions, these things have happened.
In some countries, the state has insured your money to a certain extent but that’s not the case in all countries. And if you have lots of money on a bank account, then the state will not probably pay the whole sum. Think what would happen to a state’s economy if some main banks would make a bankruptcy. The state would need to pay all clients money and the whole economy would go down very fast.
If you own bitcoins, then you are diversifying your money. If you have money in 10 places, it’s not so big problem if you lose one of those. But if you have all eggs in one basket, you are taking a huge risk.
6.No Monthly Fees Like in Bank Accounts
In most of the banks, you need to pay fees for keeping your money in their bank and for using their service. It may be low like 3€/month but in some banks, it’s more. If you are under 26 years old, you may get a bank account without any fees but most of the people are over 26.
With bitcoins, you are not paying any monthly fees for any party. Your money is on your bitcoin wallet for free. You only pay for transactions you make and transactions fees are usually very low.
7.Huge Income Potential
What if you had bought bitcoins for $1,000 in 2009? Now you would be a millionaire. Now we are living 2017 and maybe after 8 years a guy comes to ask you again, “What if you had bought bitcoins for $1,000 in 2017?” What if you would be a millionaire again and you missed the chance again. Bitcoins really seem a great way to earn passive income.
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Nobody knows exactly how bitcoin’s value is going to develop but because of its benefits, I believe that it will more likely go up a lot. I invested only 500-600€ in Bitcoins and now I have already made +1,500€ which make the total value of my bitcoins +2,000€. It’s still not a big sum and I am thinking about buying them more in the future. What if same happens to bitcoin’s value that has happened before and it goes 100x. Then my 2,000€ will be 200,000€. Wouldn’t be bad for me? 😉
There are people who have made tens of thousands or even millions in a few months with bitcoins. I recommend that don’t risk all your equity with bitcoins but maybe you could make some profit too.
+ Bonus Benefit for You: Get $10 of Bitcoins for Free!
One of the largest bitcoin companies in the world offers a $10 bonus for you if you buy bitcoins for $100 through my link. You and I will both earn $10 of free bitcoin so you are supporting my blog too by investing in bitcoins.
It will be probably the easiest $10 that you have ever earned. If you are wondering is Coinbase legit, I can tell you that it has already served more than 5,200,000 customers, the company is working in 32 different countries and there have been already +$5 billion dollars exchanged. Quite impressive, huh?
If you don’t believe that the value of bitcoin will go up in the future, you can just take your $10 bonus and sell bitcoins right away. Then you won $10 anyway and had 0 risks. But if you believe that bitcoin could go up in value in the future, then you can leave bitcoins to your wallet and see how value will change in the future.
Do you already have bitcoins? How much profit have you already made? Leave a comment below!