Why You Should Buy Bitcoin Rather Than Mine It?
Bitcoin is undoubtedly the number 1 cryptocurrency on the market. Thousands of traders join its network each day and its future potential is massive. Not only is it expected for more countries to accept BTC as a legal tender, but its value is likely to increase. Research shows that it can rise as high as $1 million in 2037. While these sorts of predicaments are in the long run, we can see that today’s value is pretty high. So, we wouldn’t be surprised if this happens in the future.
What started in 2008 as a simple concept of a futuristic payment method has turned into one of the greatest inventions in the financial industry in the modern era. Sure, there was a lot of skepticism at first, but we can see that BTC has managed to become the number of crypto of our time. Naturally, there are some other significant players on the market like Ethereum and Cardano. But a lot of time needs to pass before these can impose a threat to overtake BTC as the most valuable one.
There are around 5 million Bitcoin users globally and what’s even more impressive is the fact that BTC helped around 100,000 people become millionaires. Not only that, countless people have managed to earn significant profits in the last decade. Certainly, this is one of the biggest indicators of how profitable this investment can be. There are a lot of stories about people who have missed this chance for some silly mistakes. However, these stores have never been confirmed.
Stories like these are the reason why so many people want to register in Bitcoin’s network and earn this cryptocurrency. There are two ways to earn Bitcoin. The first one is to buy it and the alternative is to mine it. But, in the past couple of years, mining has had a small decline in popularity because many traders think that it does not pay off to do it. We are going to take a look at this matter and explain why you should opt-in to buying Bitcoins rather than mining them.
Up until a while ago, buying Bitcoins was only possible on Bitcoin ATMs, but their problem was that they are hard to access and charge enormously high fees. So, a need for change was required. That change goes by the name trading sites. If you conduct careful online research, you will see that there are a lot of these sites to choose from. Naturally, not all of them are credible. Therefore, you will need to be careful about which one you will trade with. Be sure to check out online reviews of these sites.
Thanks to trading sites such as bitcoin-profit.org, you can buy Bitcoins with just a few clicks. Not only that but these sites are fully optimized for mobile and desktop use, which means that you can access them at any time and place, as long as you have a stable connection to the Internet. When you find a credible site, you will see that they are done to be efficient. That means that they are easy to navigate through, even to those people who are visiting them for the first time.
After you register and verify your account, the aforementioned platform will connect you with sellers from all around the world. Trading sites also utilize the latest security systems on the market which means that all of the sensitive information that you send to the trading site will be kept out of harm’s way. In addition to the security, these sites can provide you with, you will also have the security provided by the blockchain system. Maybe you have heard about how safe it is. It is practically impossible to breach it.
Since there are a lot of choices you can make as a trader, we truly believe that this is the best option for you in this day and age. Pretty much all the indicators point to this decision. Now, let’s see why buying Bitcoins has become a better option.
Bitcoin mining is a process that lasts for about 10 minutes and it is often looked at as a free way to earn coins. But, the reality is far from it. Here’s why. First of all, mining Bitcoin requires you to spend a lot of time and dedication to learn how the basics of the process. The time that can be spent in buying Bitcoin and using it as a payment method or for making a profit. Not to mention that you will need to pay much higher electrical bills because of the GPUs that are mining these coins constantly.
Not only that, but mining requires you to have a powerful rig that is capable of withstanding the process. These rigs cost several thousands of dollars. Furthermore, there are other additional expenses that you need to take into consideration. First off, these rigs generate a lot of heat, which means that you will have to purchase some type of cooling unit. In most cases, miners set for AC units. Nowadays, mining is only possible through specialized hardware, which can be pretty costly.
Mining rigs operate throughout the day and AC units are in charge of maintaining a good temperature. That leads to high monthly electricity bills, as we’ve said. Not to mention that mining on your own is practically impossible today. Just think about it, now some companies have invested all of their resource in mining. Competing with them is certainly to no avail. That’s why solo miners are joining forces in communities and they are doing it together.
While this sounds like a great approach, you should aware of the fact that all that’s mined will be divided among the miners. So, you cannot hope for a full profit. At the same time, you will still spend a lot of energy on this process. Therefore, we don’t believe that mining is the right way to go at the moment. As we’ve already said, participating in the market as a buyer and seller is something that will provide you with many more advantages. So, don’t have any hesitations, you should opt for this approach.
As you can see, not only does Bitcoin mining come with a lot of expenses that are taking place behind the scenes, but it will also take too much of your time to get familiar with the process and then participate in it. Before you start participating in the market, make sure that you understand the basics. Time is valuable to any investor and the golden rule is that if you have an easier option with the same outcome, you should always take it. That is what buying BTC represents. So, don’t hesitate to participate in this market.