Why people should invest in Bitcoin

 

 

 

 

People mostly invest in Bitcoin just for the sole reason of investment and hoping that the price will increase later in time. Other people instead of investing do what  is called mining .(3) One of these miners is named Chris Koss. NPR News interviewed Koss who says, "The goal is to have your computers run through as many random guesses as possible." These miners have many powerful computers that complete complex math problems and whoever solves them first is awarded with 25 brand new bitcoins that never existed before.

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The same NPR interview tacked to a lawyer who is the general counsel for the Bitcoin Foundation, Patrick Murck. He said that Bitcoin is very similar to gold in today's world. We can see this because of how the cryptocurrency has attracted speculators and how some open market orders have been between $250,000-500,000. 

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Another reason why Bitcoin has attracted regular speculators is because of the currencies price rise that has gone up so drastically in the past few years. According to the Washington Post,(4) in 2010, 100 dollars of bitcoin is worth 75 million today. Some businesses like Expedia have even started to accept the currency. One of these being Expedia, a company that helps you book a hotel. 

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The final and main reason why I believe people are starting to use bitcoin though and are investing in it is because you can use it without government interference and its insane security. Bitcoin doesn't revolve under any sort of central bank, making it very popular among small businesses who don't have to pay taxes in return. (5)According to the New York Times the IRS has demanded that people must return and report all of their bitcoin action, which isn't true. Switching our main currency to bitcoin would make us less dependent on the government and more on ourselves which is something we need in this country. Along with this, bitcoin is also extremely secure for the average person that uses it because of the blockchain network. This is basically the system that bitcoin uses to make transactions between two people and change wallet amounts. 

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