There is no end to the number of places you can plop your investment funds into, but Bitcoin should absolutely be at the top of your list.
Look, we understand. You’re sick of hearing about how cryptocurrency is going to change the world and how you should invest in [insert shitcoin here] by [insert inexperienced person in business suit here] for [arbitrary cause associated with currency] but we’re not here to just spew brackets at you – we’ve got something much more substantial in mind.
HODL. By the end of this article, that won’t just be an apparently mispronounce blurb, but a way of life for you. It will take daily discipline, but by all that is fiscally responsible it will be worth it. So, for the love of god, just buy and hold.
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Many may still cast a wary eye in Bitcoin’s direction, and we don’t fault you. With the amount of active public derision that the project has faced from many well-entrenched financial institutions, there seems to be copious amounts of hatred toward the cryptocoin. And yet, these moves to discredit the project are nothing more than attempts to play down its impact in the financial sector by those who stand to lose the most.
The most important concept of Bitcoin, is that it’s decentralized. This means that no one entity owns or stores, creates, or regulates the currency. There is no Federal Reserve – there is no central ownership. As such, it exists as the most democratized currency on the market. In effect, it is no more than a virtual token exchanged for market value. But it is through the way it operates that gives it its rightful place among one of the greatest technological innovations in modern history.
Bitcoin operates on blockchain technology. The “blockchain” can be easily thought of as a digitally-verified ledger. The blockchain behaves like this: a transaction request is made. That request is then validated across a global network of nodes – other users – that data is then packed in with other transactions happening at the same time, and then added to the chain of blocks that is continually being built.
These transactions are encoded with incredibly difficult and lengthy algorithms for a computer to solve, so for someone to edit or manipulate the blockchain would mean that the perpetrator would have to go back and crack ever succeeding block of encryption to access the target transaction. This, in effect, makes it a futile attempt. While security is the major selling point of the blockchain, the finite quantity is the crowning jewel of Bitcoin.
With no central entity or distribution, there is also no way for more coins to be made. There will only ever be 21 Million in circulation. Much like gold, each coin must be mined for. The “mining” occurs when single or multiple users devote processing power, bandwidth, and electricity toward solving the incredibly calculated algorithms and math equations that cover every Bitcoin. Through chipping away at the crust, they can eventually generate a new coin to both split amongst themselves and eventually send back into circulation.
This not only incentivizes users to work together to unearth new coins, but also ensures there is a transfer of real-world time, money, labor, and energy that goes into the crypto market. Coupled with the finite quantity, its price will continue to fluctuate with supply and demand for years to come – but never through inflation.
So why should you buy some now? Easy: this rocket has not yet reached its destination. Despite the attacks on its image over the past year, a single coin has gone from being worth $700.00 to over $7000.00 in just a year. The market is there, the potential is there, the opportunity is there.
Just remember, you can buy fractions of a coin – and whatever you do – JUST HODL.