Why everyone should own some Bitcoin?
Bitcoin is a protocol that allows the transfer of money or value from one person to another, without the need of an intermediary. By owning some Bitcoin, even a small amount, you have joined in and are supporting a new technology that is capable of transforming the world.
It is a digital currency which has a value and can be used to purchase and sell goods between two people globally. With Bitcoin, transferring of money from as little as a penny, or even a million dollars could be performed almost instantaneously, with low to no fees, without a middleman taking a cut out of it. It is the internet of money. So, if Bitcoin is so awesome, why is hardly anyone ever using it you might ask? The answer is pretty simple actually. Bitcoin has the chicken and egg problem. Since the digital currency is still in its infancy stage, the price of Bitcoin is extremely volatile until there is a widespread adoption. However, the reason for the price volatility is because not enough people is using it. So obviously, solving the second problem would break the loop, and largely solve the first.
Just like when the telephone was invented, who would buy the first telephone knowing pretty well that there is no other telephone to call to? If at least two people get a telephone each, they could call each other in the very least. As time goes by, more and more people got telephones, and the benefit of telephones are obvious. In today’s world, billions of people own telephones, and not only that, billions of people own smartphones. Thanks to Android open source operating system, which produces inexpensive smartphones affordable even to the poorest countries. These smartphones are more powerful than desktop computers that people paid thousands of dollars not that many years ago. Think about it, billions of people are walking around carrying computers all connected to the internet and to each other.
Lets get back on to the topic, why everyone should own some Bitcoin? I will give you some practical scenarios that will show why Bitcoin is better than our traditional way of transacting in our day to day life. Let’s be real, people hardly ever bother to carry around cash any more, and even if they do, they are never going to have the exact change. Imagine that you are going out for lunch with friends and when the bill comes, your portion comes to $15.79. If everyone at the table have a Bitcoin wallet application on their smartphone and have some Bitcoin in it, you can transfer the exact amount right from your phone to your friend’s instantly. It’s a mind blowing experience when it happens. It’s the revolution of internet money.
Bitcoin being a digital currency, or internet money, obviously the most practical use is for online transactions. With giant online retailer like Overstock.com and services like Bitpay, online purchaseswas made easy. People can shop online and pay with Bitcoin upon checking out with merchants that accept Bitcoin, without giving out any of your personal or financial information, like your credit card number or checking account number. Of course shipping addresses would still be required if it is a physical product that is to be shipped.
So, if everyone who owns a smartphone also owned some Bitcoin, it would surely change the world. But of course if you would ask me whether Bitcoin investment is risky, i would say Bitcoin is a risky investment. There are wild swings in price for many reasons which i won’t go into detail here. For me, the true value of Bitcoin is not in its price but the economic value that it is capable of bringing to the world as the future of internet money.