If you've been keeping your eye on the news for the past month or so, you've undoubtedly seen a Bitcoin story or two. For years, this cryptocurrency has been a favorite with Magic The Gathering fans and those looking to respond to a chemical addiction without authorities realizing.
However, with each passing day, Bitcoins are finding their way into traditional markets and are poised to become a real alternative to government issued money. On top of all of this, there is a steadily growing "exchange" for Bitcoin, which is making a fortune for smart day traders. Could you be one of those day traders? Will your favorite online store ever accept Bitcoins? Let's explore below so that you can better understand why you should buy Bitcoin now.
Exchange rates are favorable, for now
Most of the people who choose to buy Bitcoin do so for the value of the investment. A little over a year ago, Bitcoins were worth around $ 40 each. Last month, the currency hit an all-time high at around $ 206 and is currently holding in the $ 100 range. Fortunes have been made by buying Bitcoins and selling them at the right time.
The Bitcoin mini bubble burst last month, scaring a few novice investors; but it is actually a constant event. The important thing to realize is that every time the currency recovers, it jumps to an even higher value. It's volatile; but very profitable. Moreover, with a limited number of existing Bitcoins, the value is expected to continue to climb for the foreseeable future.
New websites take Bitcoins every day
What is driving this growth? This is not just speculation, it would cause Bitcoin to collapse like so many other cryptocurrencies of the past. Bitcoin survives and continues to grow as it is in fact adopted online. Currently this is limited to single outlets. Online clothing stores, service providers (coding, design, etc.) and other 'novelty' products so far constitute the majority of Bitcoin adopters; but they are only the first wave.
Currently, PayPal is trying to find a way to embrace Bitcoin in its current model, which could mean partner eBay isn't far behind. This will lead to an explosion in the use of Bitcoin online. But there's an offline presence too, with the first Bitcoin ATM opening earlier this month. Content aggregation site Reddit posted an article earlier this week describing a convenience store that had its own "We Accept Bitcoin" sticker, the only thing holding them back is better implementation.
Bitcoin is still at the "ground floor" stage
The main reason why you should buy Bitcoins is that this currency is always on the ground floor. All indicators point to the currency experiencing huge jumps in value and implementation in the near future. Those who are already invested in Bitcoin, and those who are involved in the immediate future, should see huge returns on their investment.
Will you make the wise choice or will you fire yourself for missing out on the next big thing?