Bitcoin’s market is expanding and value is increasing
Between November 2016 and November 2017, Bitcoin saw its market-cap increase by 1034 per cent to a record breaking value of $128,982,906,067 on coinmarketcap.com.
November also saw Bitcoin hitting a new all-time high against the British Pound and US Dollar, with xe.com valuing a single bitcoin at £5889.18 and $7720.66 respectively.
With bitcoin’s market expanding, value increasing, and its near-global adoption favoured for its decentralised system, it’s no wonder that more people are looking to earn, spend, and even gamble with the cryptocurrency.
According to FortuneJack (the biggest online Bitcoin gambling casino), these are some reasons why businesses and individuals use bitcoin:
Privacy and Security
Unlike online purchases using credit cards, which require you to input of all your secret information, bitcoin works on a public and private key system. Not only does this make the transaction more secure but also means you are the only one with access to your bitcoin wallet.
It Isn’t Inflationary
Unlike traditional ‘fiat’ currencies, which are run by central banks, bitcoin is not susceptible to inflation or quantified easing due to the limit of just 21 million ever being created.
Because it’s an entirely digital currency, bitcoin deposits and withdrawals are exceptionally fast and processed without delay, as opposed to traditional banking methods where a bank or transfer service will hold onto the money for several days.
Unlike standard currencies which have their value and number determined by central banks, bitcoin can be earned through a couple of methods like:
The most popular and even encouraged form of earning bitcoin, mining involves using your computer to add transactions to the public bitcoin ledger called the blockchain.
Whether by accepting bitcoins for freelance work or at your business, you can accept bitcoin as a payment method to begin building up your balance.