The Growing Acceptance Of Bitcoin

 In Investment News

The value of Bitcoin is widely based on the belief that it will become a secure store of value and a currency that is accepted and traded frequently around the globe.

There are many reasons why this could become the case. After all, Bitcoin has several clear advantages over fiat currency.

  • Bitcoin is border less, meaning there’s no need for huge overseas transaction fees.
  • Blockchain is more secure than traditional banking systems.
  • Blockchain technology has the potential to process transactions faster than traditional banking systems.
  • Bitcoin is finite and isn’t controlled by a governing body, meaning its designed to be deflationary.

Nevertheless, there are several hurdles to overcome before Bitcoin does indeed become an alternative to fiat currency.  

Perhaps the most threatening hurdle is the efforts of so many central governments to limit the growth of cryptocurrency in their countries.

Growing acceptance among central governments

The efforts of central banks to limit Bitcoin and other cryptocurrencies are understandable. It’s hardly in the best interests of central banks for people to start using a currency that they can’t manipulate.

However, most governments point to other factors such as a lack of regulation in the digital currency ecosystem.  

Either way, there appears to be a growing acceptance of Cryptocurrency use among some of the governments of the progressive world.

Bitcoin can currently be traded without restriction in 103 countries – a figure that has slowly been growing. However, it is partially banned and heavily regulated in countries with major economic power, such as China, India, and North Korea.

The future of Bitcoin

As time goes on, Bitcoin is being accepted by more and more globally-recognized companies such as Microsoft, Tesla, and Shopify. The amount of people investing in Bitcoin is increasing, and therefore its market value has grown every year since it was invented in 2008.

However, as shown by what has happened in China and India to name a few countries, it would appear that some central governments have the power to slow the acceptance of Bitcoin.

As Bitcoin continues to gain more traction, the idea of using it as a secure store of value and a method of making day-to-day payments no longer appears to be a wild dream.

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