The buzz on Bitcoin just keeps on getting louder and wider each day. It’s the oldest digital currency to date, and with the arrival of hundreds of other cryptocurrencies, one would assume that Bitcoin’s popularity is finally slowing down to a halt. But global demand says otherwise.
As more people scramble to learn bitcoin, countries open up to its possibilities and companies jump to the crypto wagon, there’s a brewing debate as to how Bitcoin might be getting an edge over traditional currencies in some areas. Here are a few reasons why.
Bitcoin is decentralized
One of the key aspects of Bitcoin’s success and growing demand is its decentralization, meaning there’s no singular authority that controls it. Not the government, not the bank, or any other financial body. This enables users to have control and freedom with their funds without any intermediary engaging in their transactions.
Bitcoin is powered by an advanced technology
The blockchain is the true gem behind Bitcoin. You’ll find in every bitcoin guide that it’s not the coin itself - but the technology running it - that made Bitcoin what it is today. Using cryptographic techniques and encryption keys, the blockchain technology keeps a record of every Bitcoin transaction history, able to trace every single transaction. This is something that can hardly be done in traditional currency.
Bitcoin is optimized for online activity
For being the most revolutionary digital currency of the century, it follows that Bitcoin would be the best currency to use for online purchases and transactions like online shopping, among others. By using an e-wallet designed to store, track and spend digital money, coupled with Bitcoin’s lightning-fast and cheap processing fees, no wonder online users are taking advantage of it.
Bitcoin is an investment vehicle
Other than being used as a regular currency, Bitcoin can be considered an investment on its own. With its historical and current value in the market, several investors - individual and institutional - are starting to learn Bitcoin and crypto assets to diversify their investment portfolios. So, the currency itself, is already an investment.
Bitcoin is a global currency
One of the many highlights of Bitcoin’s advantage over fiat currencies is that it breaks barriers to international trading. It binds Bitcoin users from all over the world in a way that there are no third party interventions and varying exchange values. Through a powerful ledger, Bitcoin allows seamless transactions across nations that support it, without much restriction and obstructions.
Bitcoin still has a long way to go in terms of becoming the singular global currency, as explained by this bitcoin guide. But it definitely sets the global standard across major industries e-commerce, businesses and even international trade, making it the preferred currency over traditional cash.