First of all, Bitcoin is worth investing in because of the incredible real-world use cases it could have in the future. This is made possible by its underlying technology: Blockchain!
Because of the blockchain technology, it is built upon, Bitcoin is fully decentralized. Everybody in the world (with a computer and an internet connection) can theoretically become a Bitcoin miner and take part in the verification of all the transactions being done on the Bitcoin network. Additionally, every miner takes part in the creation of new bitcoins, which are used as compensation and reward for the miners.
That also means, that there is no central authority overseeing the Bitcoin network. This allows for a peer-to-peer exchange of value, where nobody can be locked out of the financial system. That’s a real problem in less economically developed countries since lots of people do not have a bank account there.
Being decentralized also means, that you can send Bitcoins to whomever you want and nobody decides who you can and to who you can’t send Bitcoins.
Another very cool thing about Bitcoin’s technology is, that it does not take days or even weeks for cross-border payments to arrive. Just a few minutes is all that it takes to send Bitcoins from one place to another place in the world.
What’s also really cool is, that everything is transparent. That does not mean, however, that your personal identity is attached to your torque trading systems wallet, but rather that every wallet has a unique public address and every transaction between 2 wallets is recorded on a public blockchain and available for everybody to see.
Also, the Bitcoin source cannot be changed or manipulated by any single entity, but only by the miners. There is one drawback here, and that is a 51% attack.
See, the Bitcoin protocol can only be changed if more than 50% of all the miners agree to change it at the same time. Since there are many miners around the world, at first sight, this might not seem possible, but only if there weren’t mining pools.
These allow for many miners to join their mining computers to mine Bitcoins collectively. Now if one single mining pool manages to acquire so many users, that it accounts for 51% of the world’s Bitcoin mining power, they can change the Bitcoin protocol, however, they want.
And unfortunately, this already happened once, but many miners chose to switch the mining pool in order to prevent that from happening.
Transaction fees are, compared to traditional banking transactions, also very low, and especially large quantities of money can be transacted fairly cheaply with Bitcoin.
These are all the great benefits that Bitcoin brings along with it, and if you think that such a technology could be really useful and big in the future, it is wise to invest in it now.
