The ever-surging popularity of bitcoin can’t be questioned anymore. From ranking in the topmost google searches to having the highest number of controversies, bitcoin is the hot topic to discuss today.
However, as everything comes with its share of pros and cons – Bitcoin has also followed the same legacy. While on one side it’s full of incredible profits and other incentives whereas, on the other hand, it’s as risky as hell. With keeping in mind, it often gets hard to measure the pros and cons of bitcoin.
With that being said, let’s have a look at some of the most noticeable pros and cons of buying bitcoin in the year 2021.
Pros of Buying Bitcoin
- High ROI
Everything comes to the money. Whether you trade bitcoin or any other cryptocurrency, the ultimate goal comes to making lots of money. Bitcoin has known to generate the highest ROI of all time that has recently surged up to the price value of $50,000. Its trillion-dollar market capitalization is also a noticeable proof of how bitcoin can do wonders for you with using Bitcoin Prime. By practicing the mantra of buying small and selling big, numerous countries such as Kenya, Nigeria, and South Africa have eradicated poverty and are progressively stepping towards digital growth.
- Fast transitions
Ever since e-commerce has started turning globally, we’ve always lacked good and efficient means of transaction in making payments worldwide. Bitcoin becomes your ultimate savior grace here by offering a decentralized digital platform where you can make all your payments in minutes. From business firms to e-commerce businesses, bitcoin has been helping numerous countries to grow and build into a large empire. Being transparent, decentralized, and immutable further helps the trillion-dollar bitcoin get free from every government regulation and work independently.
In a world of scams and frauds, bitcoin is an ultra-legitimate and credible cryptocurrency because of its extreme security. This security has come from its blockchain technology that allows the users to make safe transactions without even requiring any of their details. It makes the bitcoin users undergo special verification processes that further enhance their privacy. Also, bitcoin wallets are extremely safe, and don’t let any third party interfere in all the bitcoin transactions you do. The only factor that might make bitcoin unsafe is losing, missing, or forgetting your bitcoin wallet passwords.
Cons of Buying Bitcoin
- Limited supply
Being a volatile and one of the most profitable cryptocurrencies, bitcoin has a limited supply that can be in terms of buying, selling, or mining. This means you’re never sure if the bitcoin you have today will last up to many more years or not. Also, they are highly volatile, which means bitcoin prices can go down overnight and make you lose all your money. In short, bitcoin is liable to win or lose at any time.
- High risk of loss
As soon as the bitcoin prices go up, the possibilities of risk and scams also increase to a greater extent. Bitcoin is known to be the riskiest cryptocurrency as it can be digitally hacked with few technical expertise. Also, this risk of loss is often caused due to its independent working that is not regulated by any government. However, if you use platforms to store your currency, you can minimize loss to a greater extent.
- Illegal activities
As mentioned earlier, bitcoin works on a decentralized ledger that doesn’t require your personal information to make transactions. But this can be a huge downside for countries that have increased use of bitcoin. In such cases, bitcoin is extensively used in numerous illegal and unlawful acts that make it a fraud cryptocurrency.
Being a volatile currency, buying bitcoin was not much of a stressful decision as it is today. Not only because the bitcoin prices have today skyrocketed more than ever before but also it has gained immense popularity all around the globe.