Bitcoin has an interesting reputation, especially because people are constantly questioning its value as money. Of course, this is a common misconception for the following reasons.
First, Bitcoin is a means of exchange that once used as a form of payment, it cannot be reversed. With Bitcoin, merchants need not deal with tricky issues such as chargebacks. On the other hand, consumers may not be too pleased with this feature, which is one of their only means of disputing a change.
Second, dissimilar from traditional money, bitcoin can be transferred almost instantly. Upon being sent, the recipient can become immediately aware of the transfer. This helps many, especially those who are tired of delayed payments. Further, crypto can be converted into pounds or dollars without crazy fees, thus those who travel can truly appreciate such a feature.
Third, cryptocurrency is ideal for emergency situations. For example, in situations where the banks are unavailable, people can use crypto and all they need is a connection to a cellular network. Further, cryptocurrency can be accessed at any time of the day, including holidays and weekends.
There are those who argue that bitcoin is not a store of wealth either. But this may also be a misconception. Like traditional money though, bitcoin’s value does fluctuate depending upon various factors. And just because bitcoin’s value was $20,000 once upon a time does not mean that it cannot get there again.
Lastly, contrary to common belief, crypto is a unit of account. It is a unit of account by way of the over 500 crypto exchanges and the underlying blockchain technology, the ledger. Those who use cryptocurrency regularly do so in various ways and in a manner that is more convenient and simple than traditional money.