The future is unknown!
Technology has turned things upside down for all of us. It has slowly and gradually penetrated into every part of our lives. From entertainment to healthcare services, technology has conquered it all! Can you imagine living without a smart phone? I bet you can’t! We wonder how people survived with no smart phones, seems impossible doesn’t it?
How can we leave out the financial industry? Technology has revamped all aspects of financial services. From online banking to blockchains, you name it! A lot has changed and come into effect in the last couple of years.
Bitcoin is one of these changes! It has completely changed the way we look at trading now. There are various opinions spiraling the internet about Bitcoin. For some it’s a bubble that’ll burst any minute now and some say Bitcoin is the future of money. We’ve heard it all!
The truth is, everyone has their own opinion. It’s a free world and everyone is entitled to an opinion of their own. The most popular opinion: Bitcoin is here to stay! We can’t argue that. Even though the price of Bitcoin has been fluctuating, but it has survived 10 freaking years since it was launched in 2009. We’ve high hopes for Bitcoin as the future of money!
Bitcoin is highly secure because blockchain is it’s backbone. Blockchain are immutable and super secure that’s why it’s impossible to hack them. The cost of verifying a transaction is much less than what traditional banks offer to its users. It’s simply because crypto-transactions take place between two parties without any third party involvement. All the transactions are securely recorded in a digital ledger (blockchain) which is immutable. The interesting thing is now even banks are considering the blockchain technology.
Bitcoin has become a shield against economy for countries like Venezuela and Zimbabwe. The government of these countries have started to use Bitcoin as means of exchange since the value of their own currencies have been low all thanks to inflation. The countries suffering from hyperinflation have a found an answer to their problems: Bitcoin! It’s a much stable option to transact.
If there aren’t signs that Bitcoin is the future of money than what are?
Sadly, there are a few signs that are not in Bitcoins favor. The fluctuating value of Bitcoin make it unreliable. Fiat currencies have banks to stabilize their values. Bitcoin is all on its own which is why we see huge shifts in the value every freaking day. Moreover, Bitcoin has awesome privacy. It might sound like a good thing. But, it isn’t!
Too much privacy has made it easy for criminals to make transactions and get away with anything. There are no third party involvement and anyone can can use it from anywhere to buy anything which is a matter of serious concern. Then there is also the issue with taxing Bitcoins and many people use it avoid taxes as well.
There are signs that Bitcoin might be the future of money. Then there are some signs that put the Bitcoin in a tough spot. All we know is that Bitcoin sure as hell paved the way for the world to consider crypto as the future of all transactions and we think that’s a pretty good place to start.