When Bitcoin emerged in 2009, not many thought that it could grow to become a significant force in the global financial system. Some skeptics brushed Bitcoin away as a small bubble that would soon burst. But 13 years later, Bitcoin is more significant than the economy of many countries. Its user base is almost 190 million. It is something we cannot brush away.
Bitcoin could be the future of finance for several reasons. To begin with, it has proven successful beyond the expectations of many. Millions of transactions occur through the Bitcoin platform, and even institutional investors and governments embrace it. Apart from this, Bitcoin could be the future of finance for other reasons.
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Provides Alternative Payment System
Bitcoin provides an alternative payment system. Since it is digital, people can use it to pay for goods and services. Although usage is not as widespread as in the conventional payment system that uses fiat currency, Bitcoin is now widely accepted by public and private businesses as a means of payment.
Major global brands now accept Bitcoin, including Microsoft, Whole Foods, PayPal, Starbucks, Home Depot, and Overstock. The trend is growing; in the future, more businesses will join the movement, and you will not have to worry about a company not accepting your Bitcoin payment.
Moreover, even governments are starting to embrace the idea of digital currency. While some governments like El Salvador now consider Bitcoin legal tender, you can still use Bitcoin for making payments in many other countries. And with the growing trend of paperless transactions, Bitcoin is likely to benefit significantly from the movement.
Could Boost Financial Inclusion
Bitcoin could also be the future of finance by making financial services accessible to everyone. The old centralized system left many people and entities for reasons such as not having the proper documents or being illiterate. Moreover, in many instances, financial services are located in urban and developed areas leaving those in rural and underdeveloped areas uncovered.
Bitcoin will ensure that everyone anywhere in the world can access financial services. Ideally, anyone can open a Bitcoin wallet and start enjoying financial services like loans and savings. You require a stable internet connection and a device to connect, and there are no unnecessary bureaucracies and requirements.
Removes Intermediaries and Centralized Control
Bitcoin runs on blockchain technology that is decentralized and supports peer-to-peer interactions. No government or financial institution controls the Bitcoin blockchain, and there are no intermediaries on the network. And this has numerous advantages, including enhancing the speed, efficiency, and safety of transactions.
Since Bitcoin does not have intermediaries, users who want to send money abroad can do so instantly and at negligible costs. In the traditional banking system, you would have to wait for days and pay considerable fees to do the same. Bitcoin provided an added advantage that users will appreciate and embrace.
Security of Blockchain Technology
Blockchain technology uses highly secure cryptography to protect the privacy and security of users and transactions. Users enjoy anonymity, unlike in the conventional system where government or any other entity could quickly know who you are. Moreover, all transactions on the blockchain cannot be forged or changed. All this boosts confidence in Bitcoin.
Bitcoin could be the future of finance. And while it may take time for it to do so, there are apparent reasons for believing that the time will come for Bitcoin to control finance.