About 12 years since the first cryptocurrency was created and the first blockchain was made, finance as we know it has changed because of Bitcoin. The growth of the cryptocurrency industry has led to greater control over your investments, greater and quicker transactions, and wealth generation opportunities.
Regardless, of all the amazing prospects Bitcoin brings to everyday life, there are still aspects of it that are controversial. Issues like the unpredictability of the market and volatility of crypto prices have made many people across the globe skeptical about investing in Bitcoin.
Whatever you may think, cryptocurrencies can not be forgotten. With Bitcoin being the biggest, its existence has come to stay. Below are five reasons why Bitcoin will never faze out.
It is a Global Currency
In every part of the world where there is a computer and an internet connection, you can find cryptocurrency. People in developing countries can own crypto assets, invest, and trade in cryptocurrency. The price is the same everywhere and at the same time. It does not change according to a country’s jurisdiction and it is accessible to everyone. As long as there are still people all around the world who are investing in Bitcoin, it will always remain relevant.
Bitcoin is Decentralized
Decentralization here means it is not owned, managed, or regulated by anyone or any organization, especially by any government. The decentralization of Bitcoin makes it perfect for anyone tired of centralized organizations. Because it is global, no specific government can make regulations to control it worldwide.It is neither owned nor controlled by banks either. By excluding intermediaries such as banks, brokers, or exchanges, Bitcoin transactions are affordable and fast. No banking fees are required.
It is Censorship Resistance
Censorship resistance is the act of standing up against an institution that restricts media be it visual, social, or otherwise. In the fight against oppressive regimes and bad governance, untraceable money is a must. Funds that do not go through the central bank of that government are needed. Because Bitcoin funds can not be traced by the government, they can not be frozen by regulators.
For example, the Endsars protest across Nigeria in the year 2020 was greatly funded by the Bitcoin BTC even when organizers’ bank accounts were frozen. The highest thing an oppressive government can do is ban the use of cryptocurrencies. Even so, people will be able to buy and sell Bitcoin in the peer-to-peer market.
Every Bitcoin Transaction is on the Blockchain
In the Bitcoin blockchain, every new investor is added to the network. Every transaction, trade, and asset ownership is recorded and put forth for everyone to see. Because of this, transactions are transparent but still untraceable.
Hugh Interest Potential
Bitcoin is the biggest cryptocurrency in the world. Its market capitalization is over 935 billion dollars and its price is about 50 thousand dollars at the time of writing. Would you believe that back in 2010, it was less than 10 dollars? Its rapid growth mostly in recent years has led to a significant increase in interest rates. This makes it the sought-after crypto asset in the world.
Conclusion
Some people believe Bitcoin won’t last. They believe it may stay for a few more years but not forever. However, the opposite seems to be the reality. More and more people are getting interested in investing and buying crypto assets. The benefits are just too many to ignore. If you’re thinking of buying Bitcoin, check out OSOM for tips to buying Bitcoin.
