First I want to say that I have some Bitcoin and I want to see it go to the moon. But I have some questions regarding the reasons that people give as to why Bitcoin is a good investment.
Reason 1: You are in control of your own money - government overprint cash which devalues the dollar, but big influential people and institutions can devalue Bitcoin with a single tweet. Bad news, issues with mining, and other things out of your control can devalue Bitcoin.
Reason 2: Nobody can take away your bitcoin whereas the bank can confiscate your cash and lock your account - should I worry about my bank doing this if I am not doing anything that is illegal?
Reason 3: You can send it to anyone in the world - why would people want Bitcoin when you cannot use it to purchase in many stores? Plus ii takes too long for 1 transaction to go through.
Please correct me if I am misinformed.
You're mostly correct. Bitcoin is all about financial freedom, empowering people to take control of their lives without fear of censorship or fraud. The pioneer cryptocurrency is still cheaper and faster to use than a wire transfer. Altcoins are even better in this regard, making crypto/Blockchain tech the preferred way of sending money worldwide without middleman. All you need is an Internet connection and you're good to go.
The fact that Bitcoin is decentralized and outside the scope of mainstream governments and central banks alike, should be a reason for anyone to invest into it for the long term. Volatility is something you'll need to keep in mind if you're planning to cash out Bitcoin to Fiat. But that's no longer a concern if you use Bitcoin directly for goods and services. More people are realizing Bitcoin's true benefits relative to Fiat, so it should only be a matter of time before mainstream adoption explodes like crazy. Banks are envious about Bitcoin, so expect more oppression against it in the future. Just my opinion
