Tech

The Best 3 Reasons to Buy Bitcoin Before Any Other Coin

Chloe Harwood
Written by Chloe Harwood

The Best 3 Reasons to Buy Bitcoin Before Any Other Coin

After breaking into mainstream acceptance in 2017, Bitcoin has experienced an evolving role in investment and business circles. Its uses are spreading, encompassing everything from commodity investing to daily retail transactions to business solutions. Its price is recovering, and more and more people are finding what Bitcoin is and how they can benefit from it.

Why should you be buying Bitcoin in 2019?

1) Bitcoin Prices Are Low & Stable

As Bitcoin seems poised to recover from its recent bear market, investors have a window of opportunity to accumulate at low prices and benefit more from the recovery. If you wait until an investment kicks off because everyone is buying it, you’ve already lost your opportunity to maximize your profits. If anything, you should be wiling to take a small hit in order to get in at the lowest prices.

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2) Reliability & Scalability

Bitcoin has proven its reliability compared to both other cryptocurrencies and legacy systems like online banking. When compared to other cryptocurrencies, Bitcoin has stayed ahead of the crowd in terms of reliability. It hasn’t suffered an outage since 2013, making it the most reliable option for cryptocurrency users – the system has been operational 24/7 every day of the year since then.

When it comes to scaling, one major issue the cryptocurrency faced toward the end of 2017 has been resolved. Many were concerned about large transaction fees in December 2017, but innovations such as the Lightning Network and SegWit (Segregated Witness) means that the network has extra capacity to prevent a similar situation from evolving again.

3) The Market Will Coalesce Around One Cryptocurrency

Right now, the biggest cryptocurrencies such as Bitcoin and Ethereum may not be the most profitable. Other altcoin competitors like Litecoin, Ripple, and other, smaller coins with the potential to make big gains are where investors are looking to make a quick buck, but they may not be wise choices in the long-run. There are a few reasons why you may want to trade altcoins in for Bitcoin:

  • Bitcoin makes up most daily transactions
  • The 2017 bubble that brought all cryptocurrencies suddenly up likely won’t happen again
  • The crypto market will ultimately coalesce around a single cryptocurrency (or at best, a few top players)
  • 51% attacks are becoming a growing threat to altcoins with small market caps that can easily become dominated and subsequently manipulated by a handful of players

Not all cryptocurrencies are made equally, and Bitcoin looks poised to remain at the top.

With the return of stock market volatility, investors are looking for alternative assets that can carry them through the expected economic downturn. Everyone is saying a recession is right around the corner. Some expect Bitcoin to go through a gold-effect, where risk-averse, fear-driven investors head toward alternative assets like gold or real estate. Should Bitcoin benefit from recessionary investments, its place in the investment world will likely be consolidated.

About the author

Chloe Harwood

Chloe Harwood