Most of you would have by now heard of the term bitcoins, it’s a word that is often heard and written about in all spheres of media and our day to day lives. So what are bitcoins? Simply put, bitcoins are a worldwide cryptocurrency and a digital payment system. Bitcoins can be used as payment in lieu of goods and services with vendors who accept them. With the increasing trade of goods and services online, bitcoins are fast becoming the preferred mode of payment across the globe. Currently, over 100,000 vendors accept bitcoins as payment, moreover, there’s also an increasing trend of people holding them as a form of investment. It won’t be an exaggeration to state that bitcoins are a prime financial asset today.
Bitcoins: Invention & subsequent popularity
References to who actually invented bitcoins are still not clear. At best, bitcoins were invented by an unknown person or a group of people who were using the alias Satoshi Nakamoto. The domain name bitcoin.org was registered in the year 2008 and it was in the year 2009 that the bitcoin network, as we know it today, came into existence. Initially used by very few people, bitcoins have over the years grown into a major digital payment system, with most developed countries even bringing out guidelines to govern the usage of bitcoins.
Bitcoins today: A viable mode of investment
Sample this fact, 1 bitcoin was worth less than a dollar in the year 2010. As of today, 1 bitcoin is worth 8195 U.S $, how’s that for an exponential increase on your investment? Bitcoins undoubtedly today give the best returns as compared to other modes of investment, be it equities, mutual funds and even gold. Moreover, the bitcoin price history chart clearly indicates that they are also the safest mode of investment, with comparatively very less volatility than some of the aforementioned options.
What does the future hold
As more and more people are realising the benefits of bitcoins, their demand is only increasing with each passing day. Already, the number of people who were erstwhile suspect of bitcoins now endorsing and investing in it has grown manifold over the past couple of years. As demand increases, the value of bitcoins will also increase. In the coming years, the returns from investment in bitcoins will far outweigh other conventional investment modes that are prevalent today.
“So before it’s too late, invest as early as possible.”