Recent price volatility and global macroeconomic uncertainty aside, 2020 is a big year for Bitcoin. Most businesses and individuals are still apprehensive about adopting cryptocurrencies, however, Blockchain-dependent businesses and users are steadily rising. The numbers have quadrupled in the last three years. There are many reasons for this increase, some of which we are about to cover.
Bitcoin is decentralized and not under any financial or governmental authority. This decentralization provides a higher level of security for the currency, it is less vulnerable to security threats and more resilient and efficient. Additionally, Bitcoin transactions are pseudonymous which protects the user’s detail to a certain extent.
Availability and access
You only need a smartphone with internet access to be able to perform transactions with Bitcoin. They are particularly advantageous in developing countries where traditional banking systems are lacking or underdeveloped. Based on its availability, Bitcoin is likely the currency of the future for many areas of the world.
Contrary to international bank transfers which are very expensive and certainly not smooth, Bitcoin transactions are instant and without third-party fees. More and more businesses are becoming globalized and taking advantage of the benefits being provided by Bitcoin.
Bitcoins are limited in terms of the number that will ever exist, this limit effectively makes Bitcoins inflation-resistant. This gives it a major advantage over traditional currencies, which are subject to losing value at certain times. Bitcoin will always hold its value.
The use and implementation of Bitcoin into our everyday businesses don’t require any specific alterations or complex systems. It is compatible with existing technology, smartphones, and computers. Therefore, no additional investment is necessary to start using Bitcoin.
Lack of superior competition
As we all know, Bitcoin is not the only cryptocurrency around. It has other competitors such as Ethereum which imitated the technology behind Bitcoin. However, so far no altcoin offers superior completion to Bitcoin.
Fiat currencies have been disappointing human beings for years, they will be more than glad to turn to something better and safer. One thing is for sure, Bitcoin and other digital currencies are not going anywhere.