The monetary system of Bitcoin is very dominant and tough to compete against. As a cryptocurrency network, the Bitcoin network has maximum computing strength. Thus, making the bitcoin token higher and more valuable than the rest. Bitcoin was the primary monetary digital system where the investors did not depend on a central body, for example, banks, to transmit money from X to Y.
Sound money since the past had three main characteristics:
- Store of value – anything can be a good store of value if its value is intact over the period. For example, since food items tend to rot, it does not make a good store of value. Bitcoin shows no physical changes or does not decay; thus can be stated as a good store of value.
- A medium of exchange is the top quality of money, and it is used for trading items, goods, and services.
- Unit of account – a form of money becomes a unit of account when it is seen as a good store of value and medium of exchange. The valuation of Bitcoin can be compared against other stores of value such as gold and silver, which is advantageous for evaluating Bitcoin on stock to flow ground.
Many investors and well-known celebrities are still concerned about adopting cryptocurrencies like Bitcoin. The total number of Blockchain-based businesses is making progress in the market.
Four reasons explaining why this could be the time to take Bitcoin seriously finally are:
- Security – due to blockchain technology, Bitcoin is decentralized. This means that a bank or any central authority is not required in such a case. Like everything else in this world, this has its advantages and disadvantages, but decentralization gives a greater security level for the currency. Since Bitcoin does not require a central authority, it becomes less vulnerable to security threats, and Bitcoin is very efficient. Bitcoin offers an alternative for users who are not comfortable entering the details of their banks. Thus, this appears safer.
- Availability – to perform transactions with Bitcoin, all one needs a smartphone with access to the internet. Since no central authority like a bank is involved, Bitcoin is advantageous in developing countries where the banks are underdeveloped.
- Potential of Bitcoin for increased investing – Bitcoin is assessed as a currency and a good investment. Since it arrived in the market, various dealers have expressed their opinion on cryptocurrency as a capable investment. Many found it to be an ideal occasion, but some believed it to be volatile. A survey held by Grayscale in the year 2019 has been a source of helpful information on the subject. At least 36% of investors wanted to consider Bitcoin as an investment. The remaining 64 percent did not want to invest in Bitcoin due to their lack of knowledge of cryptocurrency. Therefore, the use of Bitcoin as a currency becomes much more extensive. If the right and adequate knowledge on cryptocurrency are circulated among the investors, they will be much more comfortable investing in Bitcoin.
- Lack of any superior competition – since Bitcoin is not the only cryptocurrency introduced in the market, it has competitors. Ethereum emerged as a strong competitor of Bitcoin. Although Ethereum as a competitor is strong, it would still need some changes in its technology to leave Bitcoin behind.
There are more reasons why Bitcoin is more important now than before. Some of them are the accessibility of Bitcoin and its ease of use, the hassle-free transfers possible, the inflation-resistant nature of Bitcoin, its compatibility with the investors and users.
Immediate Edge also allows its users to withdraw their values after receiving some profit from the crypto market.
The world economy is naturally moving towards a digital habitat. Other than Investment and money transfers, many other things can take place without the presence of any central authority. Large banking organizations and technology companies like Intel and Walmart have successfully invested their time, money, and trust into Bitcoin. Additionally, Bitcoin does not have fraud and has a high-security alert; hence, investors can trust Bitcoin and successfully flourish. Yes, it is time to finally take bitcoin seriously.
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