Bitcoin is the first, most widely used cryptocurrency and has been in existence for over twelve years. So, it is no surprise that there has been an intense hype on the impact of crypto in today’s world.

Other cryptocurrencies like Ethereum and Altcoins have also got many digital currency enthusiasts excited about investing. Currently, the world has embraced dogecoins, NFTs, and metaverse as the next gold mine.

New traders looking to invest in bitcoin might feel intimidated by the inconsistency of crypto. While many people get valuable returns from their investment, others tend to lose money as the crypto price falls.

Nevertheless, these doubtful investors usually ask,” Is it too late to invest in bitcoin?” You will discover the answer as you keep reading this post.

History of Bitcoin

The creators of bitcoin are unknown, but they go under an alias called Satoshi Nakamoto. Satoshi Nakamoto established the digital coin in 2008 in reaction to the great depression, and it began operations the following year. The creators realised a whitepaper stating that bitcoin would be decentralised and a third party would not influence the transaction cost.

Bitcoin has a store of value that creates doubt among financial experts, including Warren Buffet. Its instability has seen prices experiencing a period of boom and doom over time, and it is unlikely to end soon. However, the rise of bitcoin has caused other cryptocurrencies to affect how we transact online.

People currently use bitcoin as a medium of exchange for goods and services, and even countries like El Salvador accept it as a legal tender. This development has created an opportunity for marketing companies to promote their services by targeting marketing audiences who trade bitcoins.

Relevance of Bitcoin

Despite the negative reviews from experts, bitcoin has shown its relevance in the digital market. It is invaluable for it to have lasted this long and even inspired other cryptocurrencies.

Firstly, bitcoin is a valuable value storage asset and can withstand economic crises better than local currencies despite its volatility. Even when financial markets are down, investors look to bitcoin to protect their funds.

Secondly, transacting bitcoin is more secure than fiat currencies because it does not involve a third-party like commercial banks that might fold up. Blockchains store bitcoins and protect traders’ identities despite putting up transactions on a public ledger. In addition, hackers find it challenging to break through with blockchain security and advanced firewall systems.

Moreover, inflation cannot affect bitcoin because of its finite supply and the free-market system. In the traditional economy, financial institutions control the printing of money, and when there is too much money floating around, general prices increase, thereby reducing the currency’s value. Bitcoin is scarce and limited to about 21 million preserving it from devaluation caused by inflation.

Why You Should Invest in Bitcoin Now

It is not too late to invest in bitcoin because people now see online transactions as the way forward. As technology advances, more people lose interest in holding cash when they can quickly turn their money into digital currency because it is secure, effective and cost-efficient.

Bitcoin started with a lower price, but it has grown in the long run. The cost of Bitcoin rose from less than $1 in 2011 to over $68,000 in 2021. In addition, several sources like market demand and scarcity have maintained their value. So, if you had invested $1000 when it first came out, you would have been $36 million richer.

No investment is without risks, but the risk is minimal with bitcoin. Therefore, when you want to invest, be prepared to experience a fall in price. However, when bitcoin prices rise, rest assured that your investment returns will increase.

Final Thought

The inconsistency of cryptocurrencies like bitcoin is one of the reasons you should invest now. When the price crashes, you can easily buy at a cheaper rate and watch it increase with time. However, before investing, find out if the crypto investment is the best move for you, especially if you cannot handle risks.