Cash is dying and the rise of Bitcoin is having ordinary people wondering if it is too late to start using this cryptocurrency or other altcoins.
Bitcoin had a short dip and rose again over US$7,500 in November 2017. The reason people are skeptical about Bitcoin is because they think the Government will put a stop to the transactions of cryptocurrencies. Governments have no control over the decentralized system, i.e. blockchain. Up till now they tolerate anonymous payment systems that facilitate tax evasion and crime according to them. The former American President Obama put it this way that if the Government cannot tax users on the blockchain and these are his exact words: “… then everybody is walking around with a Swiss bank account in their pocket!” Bitcoin and other cryptocurrencies have governments worried.
Bitcoin is not a fiat currency; it is a digital currency that can be considered as an asset next to gold and silver.
Bitcoin is enormously popular among the millennians who are graduating from high school and starting out to make money. They invest in Bitcoin or altcoins and they understand the value of diversification. They carry smartphones and are familiar with the use of currency apps.
Vendors and merchants are accepting Bitcoin as a means of payment. ATM machines, especially for the cryptocurrencies are being installed in several countries. Governments are having a tough time to catch up with what is already happening on the blockchains.
Rich people are seeing the benefits of Bitcoin and are investing heavily in Bitcoin. Bill Gates and Richard Branson are openly embracing the value of having Bitcoin. Bill Gates said in an interview: “Nobody can stop Bitcoin, Bitcoin is unstoppable.” That’s to show how he believes and appreciate cryptocurrencies.
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Joyce Herry @mipublishing