There are reportedly over 5 million Bitcoin users these days. The popularity of this cryptocurrency rises with each passing day due to the fact that that Bitcoin is a true embodiment of a futuristic payment method. But, even though it makes all regular payment methods look obsolete, governments still oppose it because they cannot control it.
As Bitcoin’s popularity keeps rising, more and more people are advocating for this cryptocurrency to be legalized. We wanted to take a look at this case and see whether governments will finally accept Bitcoin and legalize it in the future. But first, let’s take a look at all the advantages that it boasts.
The Advantages of Bitcoin
First off, Bitcoin is far superior to other cryptocurrencies. It has greater security, greater liquidity, its network is far more stable and the institutional interest is far bigger. As for regular payment methods, Bitcoin completely dwarfs the competition here.
First off, Bitcoin users have a certain level of anonymity, thus is far more secure when it comes to online payments. Not only that, but all online transactions are instant due to the fact that banks do not process the money, they are completely excluded from every transaction. This brings yet another advantage which is fees. Thanks to the fact that banks are cut, people do not have to pay any unnecessary fees, thus save money in the process.
And if saving money is not enough, wait until you hear about Bitcoin’s greatest advantage – the chance to make money. The profit is the main reason why so many people use Bitcoin. There are reportedly 100,000 millionaires in the world who managed to make their wealth with Bitcoin trading.
The cornerstone of Bitcoin trading is reputable trading sites like BitcoinBillionaire. They use advanced AI systems that analyze the market and make accurate predictions on Bitcoin’s future price. The aforementioned site has one of the most advanced AI systems on the market, which is why their daily profitability rate is very high.
Now that we’ve taken a look at its advantages, let’s see what the future holds for Bitcoin, told by experts.
Why Some Experts Believe That Bitcoin Wil Be Legalized
Experts are extremely divided when it comes to Bitcoin’s future. Some believe that Bitcoin has a bright future, while some think that nothing will ever change. Those that think that Bitcoin will be legalized have stated that the popularity of this cryptocurrency is rising at a very fast rate.
Thousands of users are joining with each passing day and that is why experts think that a point where a majority of the world’s population uses Bitcoin will be reached. In doing so, the pressure on the governments will be too big and they will have no other option but to make it legal.
Even now, many companies accept Bitcoin as a payment method. A huge portion of them is global brands – Expedia, Microsoft, Starbucks, Wikipedia, Overstock, and Shopify. Recently, even Tesla joined the party after they invested $1.5 billion in Bitcoin.
The Other Side Tells A Different Story
The other side argues differently. They believe that since Bitcoin is self-sustainable and cannot be controlled from one centre, like banks and/or governments, it will always remain an outlaw currency.
Governments are historically not fans of things that they cannot control. More so, Bitcoin excludes banks from every transaction, hence they are not able to impose fees, which are their main source of income. Considering the fact that banks and governments always work closely and Bitcoin is sort of a common enemy for them, they make sure that it is never legalized.
The Impact Of Cryptocurrencies On Banking Policies
If cryptocurrencies rule the world, the governments of each country and the central bank will lose the role of intermediaries in the world economy. The government will not be able to manage inflation in the state, central banks will not be able to influence the supply and demand of money. Acceptance of cryptocurrencies changes the economy of each country, and they are not currently owned by any bank, which does not mean that they will not be in the future. Cryptocurrencies have the potential to become the currencies of the future for the reason that they are not subordinated to any country, are not influenced by government and politics, and liberate market domination by central banks. So far, no central bank has dealt more specifically with the issue of cryptocurrencies and their impact on the stability of the financial system, not only individual countries and the wider area.
Cryptocurrencies As A Means Of Investment
The advent of Bitcoin heralded the advent of the phenomenon of digital and virtual currencies. Its appearance on the markets was marked by a strong increase or decrease in value, which can lead to the suspicion that it is a speculative bubble. However, looking at Bitcoin in the context of investing requires an understanding of the nature of the investment and the possibility of a financial bubble emerging. In any case, investing in bitcoin is considered one of the most promising ways to invest today.
Final Thoughts
Cryptocurrencies are s with the development of information technologies they have become an increasingly important factor in the economy and are growing development began to worry central banks that had to respond to their growth. A cryptocurrency is a fully digital currency whose use is based on trust-based on cryptography. Decentralization and regulation of the system are considered to be the biggest advantage of cryptocurrencies but also proved to be a major cause of high volatility because the price of bitcoin and other cryptocurrencies depends exclusively on the relationship between supply and demand.
As long as Bitcoin, as a financial instrument, is not regulated, it represents the possibility for various fraudulent operations. In addition to the direct financial damage they are affected investors, the damage is also indirectly created as it occurs negatively perception of virtual currencies, which is not accurate. Bitcoin is an innovative technology and, depending on the perception and interests of individuals, its use arises.
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