At just over a decade old, bitcoin is a fairly new type of currency. It is not in wide circulation, it has no physical form, and it is not regulated. It’s also not the only type of cryptocurrency out there. So, how does Bitcoin shape up against the other competitors in the world of cryptocurrency?
Let’s take a look at what Bitcoin has to offer.
Transparent and Semi-Anonymous
Bitcoin users operate under numbers, codes, and aliases. You don’t have to surrender multiple types of personal information to use and trade in Bitcoin. Your crypto wallet is viewable only to yourself and your transactions cannot be traced back to you. There is a much-reduced risk of fraud in terms of the transactions, and everything can be accounted for to protect your assets. So, you will never be at risk of an information leak and, thankfully, should such a thing occur, it’s fairly easy to resolve with few damages associated.
The Return Potential
Bitcoin changes all the time. The price is not fixed, and everything can change from one hour to the next. Therefore, although there is a risk associated with that, there is also a high potential of a high return reward. You can make a large amount of money in very little time, with very little effort, if you look in the right places.
For balance, let’s take a brief look at one of the risk factors of Bitcoin.
The major thing about Bitcoin is that it is not under any authority or regulated by any government agencies. While this can also be seen as an advantage, it does leave users open to being scammed and taken advantage of. You cannot retrace or reverse a Bitcoin transaction once it has been completed, and you have no protection or any rights if you make a mistake. This can put people off but, as long as you’re savvy, you shouldn’t run into these problems.
The Crypto Market
You might be wondering, where do I even start? Well, there are plenty of resources out there, such as Cryptology. Cryptology offers plenty of options for buying and trading Bitcoin. They are well established and are full of useful advice and guidance for navigating the world of cryptocurrency. It’s a good idea to start somewhere that has been in the game for a longer amount of time, has good reviews, and can provide regular market information for you to keep up with in real-time. Learning all of the ins and outs of Bitcoin and cryptocurrency can be a long process, after all.
So, is Bitcoin the only cryptocurrency worth investing in? Maybe. Maybe not. There are other viable crypto options out there that are worth exploring, but Bitcoin is definitely a good place to start if you are new to the game. It is definitely the most widely known and talked about, though that is always changing as the cryptocurrency venture expands and grows.