With Bitcoin spread across so many new platforms and given the recent financial situation, now might just be the time to take a serious look at taking cryptocurrency seriously. Although there are still plenty of uncertainties, it’s natural for people to be more curious about a decentralised currency that has the potential to replace fiat currencies in the future. Bitcoin is different from other cryptocurrencies in that it has been around longer, has much more potential, and is backed by a community of many people who share a common interest in the crypto-coin world. Bitcoin’s adoption has already far exceeded early predictions, and its value continues to rise. Here are the 8 reasons why this could be the time to take bitcoin seriously.
- Security:
This is probably one of the most important factors for the adoption of Bitcoin. Although there have been a few hacks on exchanges, the underlying protocol is extremely secure. With blockchain technology, there is no central point of control, and new blocks are created at a steady and predictable rate which means that it will be much harder to attack or manipulate transactions. Hackers can’t spend that coins twice, as each transaction is recorded in the blockchain. This is the reason why Bitcoin has become so popular among people who want to avoid identity theft or other cyber criminals.
- Availability:
With new technology comes a learning curve, and blockchain is no exception to that. There have been many new people entering the crypto world, and many of them will have probably heard about Bitcoin but will not know much about it. It’s quite likely that we’ll see an influx of new users soon, as even a small interest in cryptocurrency could be enough to get people signing up for blockchain-based platforms. As the technology improves, it could potentially become easier for people to develop their own applications for Bitcoin, thus increasing convenience and further adoption.
- Accessibility and ease of use:
Blockchain technology is already used in other industries, and it’s expected to be a useful tool for banking and accounting as well as for agreements between parties. Bitcoin is pretty easy to understand and a suitable introduction to the blockchain world. This will make people feel more comfortable with this revolutionary technology and could lead to more adoption depending on how the technology evolves over time.
- Borderless transfers:
It’s always difficult to make international transfers as fees are high, and it takes time. Many people who have taken advantage of Bitcoin in the past have done so because they can’t afford bank fees or delays when transferring money overseas. It’s likely that many people will continue to look for ways to get around these transfer issues, and Bitcoin could be a viable solution for those who need it.
- Inflation-resistant:
One of the primary reasons why people choose to use fiat currency instead of Bitcoin is because it is inflation-resistant. Bitcoin has more potential than any other form of currency as it’s decentralised and so won’t be influenced by governments who might artificially inflate the value of their own currency. This means that Bitcoin has the potential to become less volatile over time, making it more attractive to investors and less vulnerable to volatile markets.
- Compatibility:
Although there are many other cryptocurrencies, Bitcoin is the only one backed by a highly secure and reliable network and has also been around the longest. Since Bitcoin is relatively new in comparison to other currencies, startups like Hash Rush have been developing compatible technologies which help in the mining process. This helps to ensure that Bitcoin will be able to overcome technological barriers that could prevent it from becoming a popular currency.
- Potential for increased investing:
As Bitcoin gets more popular and more investors show interest, the value of blockchain-based currencies will rise, and this will encourage people to keep track of their investments. The price of Bitcoin will only go up if people are willing to invest more money in it. This is a great way for investors to make some quick cash while also helping to increase adoption. If the price of Bitcoin continues to rise, it could even become worthwhile for investors to invest in it instead of investing in other stocks and shares.
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- Lack of superior competition:
Although there are plenty of other cryptocurrencies which have been released, the market is still fairly small. It’s doubtful that they will be able to match Bitcoin’s success, especially as it’s an established and widely known currency. Overall competition usually leads to a greater adoption rate, and so it’s hard to see anything other than more growth for Bitcoin in the future.
Conclusion:
It’s no doubt that Bitcoin has great potential, and there are plenty of reasons why people will continue to look into the crypto-currency world. It is an open-source, decentralised form of currency that protects users from identity theft and other cyber crimes and is also a great method for making international transfers. Although Bitcoin still has some issues to overcome, it’s certainly worth taking seriously now.
