Ever since it came out more than a decade ago, bitcoin has been changing the way we perceive and do business. The most popular and widespread cryptocurrency is now a legitimate candidate to become the next world currency, and the reasons behind this are many. Although the masses are still quite reluctant to invest in and trade with cryptocurrency, they are without a doubt the next step in mankind’s history of economy. According to many different sources including bitcoin-banker.io, bitcoin is already in the process of replacing actual physical money. The following are eight reasons why it could very well become the true new world currency all people will use soon.
1. Hiding Wealth
By using Bitcoin instead of real cash, a person can easily hide away their true wealth. Whatever the reason for this hiding may be, many people do not want their governments and other people to learn about their income and wealth. More and more laws are coming into power that prevent bank-related secrecy. Understandably, the public is not pleased with this. Since the people are becoming increasingly dissatisfied with their banks, many have converted to bitcoin and similar cryptocurrencies to be and feel safer. Bitcoin could replace Swiss banks that are still popular for hiding the money of outrageously wealthy individuals. Therefore, if you wish to hide your wealth, consider making this step.
2. Banking Service for Everyone
Although we live in a modern, industrialized, and urban world, millions of people still do not have access to regular, everyday banking services. This is because banks think these people are not financially viable for their business model to succeed. In other words, they lack the resources to pay for bank services so they do not even have a choice to get them. For these unbanked, bitcoin is a beacon of hope because it grants them access to equivalent services, and then some. Some cryptocurrencies specialize in this exact sector and offer specific banking services to people without banking privileges. This feature alone practically makes bitcoin a worthy opponent of regular currencies.
3. P2P Feature
When it was introduced, bitcoin became the first successful example of a decentralized P2P digital currency using blockchain. Therefore, it allows payments between people without any kind of mediator, intermediator, or other forms of a third party who would guarantee the transaction. This is considered as one of the biggest advantages of bitcoin because it allows smooth transactions anonymously.
4. Decentralized Network
Bitcoin requires no single central authority to control it, which makes it a decentralized system. Similarly to the aforementioned reasons, this is an advantage because no authority controls, oversees, or prohibits transactions done in bitcoin. In comparison, central banks of each country control regular cash and can prohibit you from using your own assets. Thankfully with bitcoin, this is impossible, and you fully and truly own your bitcoins. Nobody can take them away from your wallet. You are free to spend them, trade them, or just keep them.
5. No Duplication
Bitcoin works thanks to the implementation of the blockchain technology that stores and transmits information without a controlling body. It is a distributed database where user transmitted information is both grouped and verified into blocks, at regular time intervals. These blocks are then linked and secured with cryptography, forming a chain, hence the name “blockchain.” Think of it as a distributed and secure record of transactions. Transactions cannot be canceled once they have been verified and there are no duplicates. This means high levels of security during transactions and no problems like the ones you might experience with cash.
6. Effortless, Anonymous Payments Online
Credit card payments are not always easy to perform. Apart from lacking confidentiality. , all personal information is necessary. Have you ever thought about how many places now have all of your info? If you do not wish to share it anymore, value your privacy, and want your purchases to be confidential, bitcoin is the answer. Cash does not let you do this because banks have to know everything about the customer and the purchase. Bitcoin allows online purchases while preserving privacy, and all transactions are stored in the blockchain. Only the addresses of wallets are listed, but if you do not tell anyone these are yours, nobody can know what you did with those bitcoins!
7. Lower Risk for the Merchants
While the consumers have tons of benefits and reasons to switch to bitcoin, merchants also choose to support it. They often have problems with people who make purchases and then cancel them at their banks. Whatever the cancellation reason may be, the merchant is one who suffers the most here. Bitcoin eliminates this problem as the merchant only waits for the transaction to be validated. Since this happens in mere seconds, once the transaction is validated, the whole thing is irreversible. This is then an additional guarantee for merchants and a clear advantage of Bitcoin over traditional cash.
8. Investments
Bitcoin is still quite young, and therefore very volatile. Spikes in wealth are very common in the entire cryptocurrency market, so individuals can buy currency or sell it, making investments with high potential for clean capital. Those who bought bitcoins in 2013 and kept them are now millionaires. For accelerating your wealth and simply investing and trading, bitcoin is your safest bet today. Most people initially get into the cryptocurrency game to make huge profits quickly, with a bit of luck. Simply obtaining and holding your bitcoins, and then selling in the future can earn you huge amounts of money. It is the best long-term sleeping investment in existence!
Closing Remarks
Despite being more than a decade old, bitcoin and cryptocurrencies, in general, are still in their infancy. The best is yet to come, and it is only a matter of time before they overtake and replace traditional currency. As the most popular, valuable, and widespread of its kind, bitcoin has a huge chance to become the new world currency and lead us into a cashless future. Therefore, we encourage you to join the revolution and start your bitcoin journey as soon as possible.
