3 Reasons Bitcoin Is The Future Of Money
The hype surrounding Bitcoin is becoming impossible to ignore, following its incredible growth to just under $20,000 in December 2017.
Its value has plummeted in 2018, pleasing the naysayers who believe that Cryptocurrency is just a fad and that Bitcoin will eventually be worth nothing.
So, is Bitcoin here to stay? Here are three reasons why this digital currency could be the future of money.
Bitcoin isn’t owned or governed by one central association. Transactions are verified and signed off in the blockchain, which anyone across the globe can access and assist with. This makes Bitcoin a borderless currency. It can easily be sent to anyone with a digital wallet, regardless of where they live.
The fact that there is no government means no one can manipulate the true value of Bitcoin using inflationary or deflationary techniques. There is nobody which can close down your account.
Lower transaction fees
Because of Bitcoin’s borderless nature, there are no hefty foreign transaction fees at play, like there is with fiat currency. The transaction fee associated with using blockchain technology is typically far lower.
Added security and reliability
The blockchain doesn’t exist in a solitary location. Instead, it lives on every single computer with an internet connection. The fact that there’s not a solitary database to suffer from a system failure or be corrupted by a hacker means that the blockchain is more secure and reliable than traditional banking databases.
These three advantages that Bitcoin lauds over fiat currency are clear for everyone with a basic understanding of finance to see. They can’t be ignored. As long as these advantages exist, there will always be demand for Bitcoin.
Provided the slight scaling issues in this emerging technology can be ironed out, this new form of currency will be here to stay and only continue to grow.
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