WHY BITCOIN AND OTHER CRYPTOCURRENCIES WILL BECOME THE MONEY OF THE FUTURE
BITCOIN utilizes cryptocurrency to create and manage monetary transactions. It assures notable success for users.
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In just a matter of weeks, the fate of Bitcoins drastically changed in 2017. Earlier people considered Bitcoin or online ethereum wallet to be a fringe investment which later transformed into a miraculous sensation. Back in November, a Bitcoin was priced at $3000 per coin, but on December 6, the figure rose to a whopping $19,000.
Bitcoin is meant to stay! It has been a year, but the demand is overwhelming. Regardless of your belief that this ship might sink soon or bitcoins are meant to stay, one thing is for sure that cryptocurrency has changed the fate along with the future of the finance sector. However, what remains uncertain is that the technology behind bitcoins and cryptocurrency will change our local and international financial systems. Will the popularity of bitcoins lessen or new forms of cryptocurrency will be introduced to cater to the demand?
Before proceeding, let’s discuss why BITCOIN?
It is believed the creator of Bitcoin application wanted to attract people who did not trust central bank. The creator gave them with an idea of a secure bitcoin wallet where they can work outside national currencies. People have, literally, spent everything believing that Bitcoin is the money of future. With their high hopes, the online currency performance was significantly received well but the volatility received. The primary advantage of online cryptocurrencies over national currencies is that they get better in a short span of time. Bitcoin paved way for other digital currencies such as Ethereum and Litecoin that only strengthened the technology behind – BLOCKCHAIN.
Money of the future?
There is a reason why people believe that cryptocurrencies are the money of the future. Considering the dominance Bitcoin and other cryptocurrencies have had over the years shows that people are willing to trust on this type of money. Here are a few reasons why it may overtake national currencies in the foreseeable future.
- Convenience: Block chain technology has simplified commerce and transactions. Now, all you have to do is go to a store or restaurant, buy whatever you want, scan the QR code via bitcoin mobile wallet, and that is it! It has become downright easy to use. You have all the statements, receipts, and everything just a tap away.
- Global Acceptance: More and more people have started to invest in Bitcoins and other Alt coins for several reasons. It has become one of the hottest trading commodity in recent times allowing traders to double their profits in no time.
- Security and reliability: Thus far, this is a more secured and reliable way to perform transactions. Whether you want to transfer money or purchase stuff online, cryptocurrency is your best bet.
Even though many people, specifically from the finance world, think it is a bubble – cryptocurrency has outdone and proved many people wrong. It is only a matter of time that it becomes a substitute to our national currencies.