Here are at least three good reasons why one should get involved in this relatively new currency.
.Central governments can’t take it away
Because this currency is decentralized, you own it. No government or central authority has control over it, so a bank can’t just take it away from you. For those who find their trust in the traditional banking system waning, that’s a huge benefit!
.It isn’t inflationary
The problem with regular fiat currency is that governments can print as much of it as often as they like, and they frequently do. The Federal Reserve bank can simply print all they deem necessary. If the economy is weakening, then the government can take newly created money and inject it into the economy, via a now well known process called quantitative easing.
This causes the value of a currency to decrease. Did you know that when you are approved for a home or car loan that the bank doesn’t use money stored in a vault to fund your loan? No, they just simply enter more digits on an electronic ledger literally creating new money.
If you suddenly double the number of dollars in circulation, then that means there are two dollars where before there was only one. Someone who had been selling a widget will need to double the price to make it worth the same as it was before, because a dollar now only contains half its value.
This is called inflation, and it causes the price of goods and services to increase. Inflation is getting out of control, and decreases our buying power. Bitcoin was designed to have a maximum finite number of coins. Only 21 million will ever be created under the original specifications.
This means that after that, the number of bitcoins won’t grow, so inflation won’t be a problem. In fact, deflation, where the price of goods and services falls, is more likely to be the result.
.You own it
There are no other electronic cash systems in which your account isn’t owned by someone else. Take PayPal, for example: if the company decides for some reason that your account has been misused, it has the power to freeze all of the assets held in that account, without asking you.
It is then up to you to jump through whatever hoops are necessary to get it cleared, so that you can access your funds. With bitcoin, you own the private key and the corresponding public key that makes up a bitcoin address. No one can take that away from you. These private keys can even be held externally on USB devices or on paper .
