The price of Bitcoin has been the ultimate rollercoaster over the past few years with a bottom of about $3,000 and a height of nearly $20,000.
The price of Bitcoin has been the ultimate rollercoaster over the past few years with a bottom of about $3,000 and a height of nearly $20,000. The current price of just over $8,000 is closer to the bottom than to the top, but that might be good news for those looking to get into Bitcoin or hold onto Bitcoin. Let’s take a look at why you should be holding Bitcoin.
One of the reasons that you should hold Bitcoin is that it is secure. Did you know that Bitcoin hit the 100 quintillion hash rate level recently? What that means to you is that Bitcoin is more secure than ever because the network is more secure. The more hashes there are means that it would cost more money and be more difficult to manipulate the network. It is important to remember that the hash rate has almost doubled in the last year.
Despite the recent Bitcoin price drop, the cryptocurrency is still up more than 200% in the last six months. Bitcoin has outperformed gold, stocks, etc. in the last year. There have been a lot of ups and downs this year with Bitcoin, but it has still proven to be a good investment in the last year.
Perhaps the biggest reason that you should hold Bitcoin is that the Lightning Network could change everything. The main reason that Bitcoin has not been widely adopted is because it is slow. It can handle just 7 transactions per second. That might sound fast, but it is extremely slow. To put it in perspective, Visa can handle 10,000 transactions per second. The Lightning Network could change all of that and bring Bitcoin into the mainstream. If that happens, Bitcoin is going to soar in price.
The financial instability in the world could be a major driving force in the Bitcoin price going up. There are so many countries that have major debt issues and cash could become scarce. There are already people in many countries who are looking at cryptocurrencies as a way to protect their money. People in Hong Kong have been getting into Bitcoin because of their worries over what is happening with the cash crisis.
What happens if the dollar suddenly gets devalued and loses its dominance in the world market? Garrick Hileman, Researcher at the London School of Economics said to the media recently that Bitcoin can be a great asset in times of turmoil. “In the short run, with our current financial, trade, and political instability, the most powerful catalyst for continued cryptoasset adoption is bitcoin’s role as a scarce, trust minimized ‘hard asset’.”
We need to keep in mind that Bitcoin is just over 10 years old, so it doesn’t have a long history, but already it has tens of millions of users and it is growing faster than many previous assets. There have been bumps in the road and there will be problems going forward, but Bitcoin has the potential to not only hit its previous high of $20,000, but surpass it. Holding Bitcoin could be a very wise investment choice going forward.
Another great part about Bitcoin and other cryptocurrencies is that they give gamblers a great way to send and receive money at online sportsbooks. There is no longer a need to deal with money orders, wires, credit cards and other payment methods because cryptocurrency payment methods are far more reliable. There is no more worrying about whether or not a credit card will go through as a payment method. When you send Bitcoin to the online sportsbook you can rest assured that the transaction will go through. And that applies both ways, to sending to the sportsbook and to withdrawals from the sportsbook. There is no question that cryptocurrency choices have made depositing and withdrawing money at the online sportsbook much easier.
Check out the latest cryptocurrency payment methods available at the online sportsbook today.