Is Bitcoin the wave of the future?
Just in case you have been living under a rock, cryptocurrencies have been growing at an exponential rate in the last year. Out of all the hundreds, if not thousands of cryptocoin options out there, Bitcoin is the most popular by far. There seems to be no escape from hearing about Bitcoin and many say it could one day soon take over everything. In fact, according to some experts, this digital currency could one day eliminate traditional currencies.
Bitcoin has already overcome many of its initial challenges that always present themselves for any new invention of this magnitude. From winning a record-breaking court battle against the FBI in 2016, as well as earning people’s trust over time despite the fact that many were initially skeptical, Bitcoin has been able to navigate all its major challenges successfully so far.
At this point, there doesn’t seem to be much left in the way to this cryptocurrency becoming the world’s universal currency. Here are my reasons as to why I believe Bitcoin will be the wave of the future;
Many Businesses Are Beginning To Accept Bitcoin
Bitcoin is starting to get accepted across the board. Many businesses now accept this digital currency as an alternative means of payment. You have probably come across websites that allow you to make payments, using Bitcoins. It is also worth mentioning that some countries have embraced the use of Bitcoin to an extent that they even have Bitcoin ATMs. In the United States, Canada, Austria, United Kingdom and a few other countries, these machines are slowly but gradually gaining traction.
We expect to see more countries follow suit over the next few years. At this rate, it very well could completely replace traditional currencies such that people will be able to use it to pay for any product or bill whether it is grocery, air ticket, or school fees.
Many Investors Are Joining The Trend
Options are always expanding as well when it comes to buying coins quickly and easily. Websites such as xCoins.io have recently broke the code and made it super simple to buy Bitcoin with Paypal and many other options. The platform is also easy to use, safe and quite efficient and as it is a peer-to-peer network the fees are quite low as well. Also because of this ease of entry there are many investors are entering the market and buying Bitcoins for the first time.
The more people that start purchasing Bitcoin, it will only continue to increase in popularity and trustworthiness. It will not take so long before you see your Bitcoin skeptic friends very happy and enthusiastic about Bitcoin if this trend keeps going for much longer.
Bitcoin Is Safe
Bitcoin is a product of a technology known as blockchain. What comes into your mind when you hear the word blockchain? Probably a cutting-edge level of security, which nobody can breach, at least that is what comes to the mind of many people.
Blockchain employs a sophisticated level of safety that is very hard to breach.
Many top hackers have tried it without success. It is very difficult if not impossible to hack into a bitcoin wallet and steal someone’s bitcoins. But the same cannot be said for conventional online funds because they are very susceptible to theft.
On top of that, even if a robbery is successful, for instance if you leave the Bitcoin vulnerable on your hard drive, the coins can’t be sold afterward as they will always be able to be tracked down to the last .000000001 bitcoin. There is no hiding from the cloud.
This extreme level of security that comes with Bitcoin makes the currency appealing to many users. Knowing that nobody can steal their Bitcoins can give people more confidence in bitcoins than in traditional currencies.
A Different Financial Management System
For many Bitcoin users, this is one of the biggest selling points. Financial institutions have long been known to take money from our accounts for all manner of fees and charges when you store your money with them. There are even hidden fees like when you exchange one currency for another that cost users millions every single year. But that is not all, they will siphon money from you for various transactions you perform as a client, including fund transfers, withdrawals from an ATM and so on.
The same cannot be said for Bitcoin as there is no single central source of fund management. After all, this system depends on all bitcoin users to work. With this brand new system lacking all the complexity of the old system, there are not too many charges involved. In fact, there is really just one upfront and predictable fee every time you send bitcoin which can vary depending on the platform you are using.
Taking these points into consideration, there is no doubt that Bitcoin could become a much bigger part of our everyday lives sooner than we think. In fact, experts predict that it could replace traditional currencies within a decade from now if things continue as they are going. If you have not begun using Bitcoins, it is high time you did you at least experiment with them. You do not be left behind in case they really take off as predicted.