The year 2020 remains fortunate for Bitcoin while surviving the price volatility and uncertainty in global macroeconomics. Within three years, several blockchain-dependent businesses and Bitcoin users have gradually made their way in the market, and the only fear is seen among individual and small business units for the adoption of cryptocurrencies due to their instability. Here in this article, we have gathered 8 vital points that genuinely justify the importance of Bitcoin and its stronghold in future times.
1. Security
Being decentralized in nature, Blockchain technology has opened all bars of Bitcoin to flourish as no central authority, government, or financial institution is in charge of the currency. On the one hand, decentralization provides a greater security space to the users for the currency, making it efficient and less vulnerable to security threats. Another aspect that makes Bitcoin valuable is its transaction process that offers a pseudonymous channel than an anonymous one. Many people are still uncomfortable in storing & entering banking details online, and Bitcoin opens up an alternative safer plan to complete the transaction under a pseudonym while linking to its user identity.
2. Availability
Anyone from anywhere can access Bitcoin! Developing countries are most benefited and have a huge scope of growth significantly where the traditional banking system is lowering down. Bitcoin is on the verge to flourish in the internet era, as it doesn’t require a physical banking institution, just a strong internet connection works best!
3. Accessibility and ease of use
We all are just “one touch away” to access anything in this tech-savvy world! Apps & software have become an integral part of our everyday tasks. It has turned out to be a big advantage for businesses to shake hands with blockchain technology to expand and flourish in their markets. Bitcoin, on the other hand, is an underlying technology that is quite complex yet understandable to adapt for future purposes.
4. Borderless transfers
Bitcoin makes it all easier! People who have accessed traditional means of international transactions know the complexity and reality of extra expenses. With the introduction of online platforms such as TransferWise or Paypal, many bank operations have become accessible, cheaper, and easier to use for everyone. Bitcoin allows a gateway to business owners to spread a global chain with easy & instant international transfers without third-party fees.
5. Inflation-resistant
Bitcoin comes with a limit in the market, setting the cap at around 21 million. The decision was firmly stepped by Satoshi Nakamoto, the man behind the introduction & deployment of Bitcoin. The crypto-currency becomes inflation-resistant over traditional currencies which are settled on the risk of losing value at certain times. Bitcoin has the capability to retain its value, making it a viable alternative over traditional currencies of underdeveloped or developing countries.
6. Compatibility
In this age, implementing Bitcoin in your everyday business doesn’t require any complex functions or unnecessary investments. While accessing through the Internet, cryptocurrencies are compatible with existing technology, apps and software including smartphones & computers.
7. Potential for increased investing
Bitcoin has served as both currency and investment, so it has a greater potential to capture the market more than gold. Some market investors have a keen eye upon the cryptocurrency as a potential investment or an ideal opportunity, while others believe it is volatile and less interested in Bitcoin. Still, in the coming years, Bitcoin is expected to become a worthy investment for businesses to grow exponentially.
8. Lack of superior competition
Earlier, Bitcoin was the ruling cryptocurrency, but with the introduction of similar competitive currencies like Ethereum, Lithium the value seems to diminish at times. Still, to remain in the market for a longer time, it would need to have some specific and tangible advantages like Bitcoin. However, in countries with hyperinflation in the economy, Bitcoin can be of greater use due to compelling use-case working as a store of value.
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