Don’t Fancy Bitcoin? Here’s a Few Keys on Why It May Not Be Wise to Show Up to the Crypto Party Late
The applications and possible uses for Bitcoin in the future seem to be boundless in the event that adoption really does kick in globally. Bitcoin and cryptocurrency in general, has solved a lot of financial problems that plagued a lot of people especially regarding cross-border payments.
One of the major reasons people seem to be favouring cryptocurrency is the fact that they are completely decentralized and have strict guidelines that govern their production and use, making it very potent for financial use. Because no one person or entity controls it, cryptocurrencies are almost completely boundless.
Another great reason is the guaranteed privacy that protects your transactions. No third party knows specific details of your transactions and you’re untraceable. However, this particular feature has made Bitcoin very useful in the dark-web for illegal transactions.
If you’re still unconvinced about religiously using Bitcoin for financial transactions, lets explain a bit more.
Ease of Use
There currently is no easier method of transferring money than via cryptocurrency. All the other traditional ways use methods that are either a little too slow or have unreasonably high transaction charges.
Firms who have international clients, e-commerce websites receiving orders from a million and one customers all over the world and also people who render some form of freelance service or the other are the ones who bear the brunt of these problems.
There also is the problem of exchange rates. When you offer a service as a freelancer for example, you are most likely paid in the currency of the sender.
A lot of the time, converting the money to your own local currency isn’t only difficult but might end up costing you too much due to the exchange rate. Even when that is done, transaction charges will take a large chunk of it leaving you feeling unappreciated.
Using cryptocurrency for payments easily solves this problem. You don’t have to worry about exchange rates or the inadequacy of financial transactions or even trade embargoes placed on one country by another.
You can easily get your Bitcoin payments and even immediately convert it to fiat if you want.
Anonymity and Privacy
Many years ago, a Canadian media theorist known as Marshall McLuhan coined the phrase “Global Village” to describe a world where most people and parts are easily interconnected by technology and the media so much that everyone is somewhat like a neighbour and the whole world – due to the ease at which communication would be achieved and the speed with which news would be spread – is a small village.
The world we currently live is a global village and one of the downsides is that there isn’t a lot of privacy anymore. All the technological advancements, especially the internet, has pretty much eroded most of our privacy and this is something that’s very evident with traditional payments.
Bitcoin, on the other hand, seeks to return some of that privacy to you. Cryptocurrency affords you the chance to be anonymous because transactions only reveal your wallet address but all your personal information is protected and cannot be gotten. This gives you a lot of security especially if you’re a whale.
Increased Adoption of Cryptocurrency
Regardless of the level of volatility currently seen in the market, there is still a lot of cryptocurrency adoption even among traditional businesses. Some of the biggest firms in the world are either already accepting Bitcoin, actively looking to start or partaking in some cryptocurrency project or the other. Names like Starbucks and Microsoft are just two examples.
In addition, there are certain places in the world where the legislators are working on laws that allow citizens make official payments to the government – including taxes – in crypto.
There are also some nations whose citizens and locals have turned to Bitcoin as a replacement or support for their own extremely unstable local currency. This level of adoption all over the world will only drive more adoption.
Over the years, Bitcoin has proven itself to be a good investment. Even though it is still quite far away from it's all-time high of almost $20,000 in 2017, it definitely isn’t where it was a few months ago.
The crypto winter that plagued the sector from 2018 up until the first quarter of this year still didn’t hold down the market for up to a year. Currently, Bitcoin is worth over $7,900 and is still projected to go as high as its previous all-time high and probably even higher.
Cryptocurrency is not just something used by criminals. It has seriously grown. In fact, Bitcoin adoption has reportedly grown by about 700% in the last 6 years.
Furthermore, the sector is getting so much stronger that a U.S. Congressman, Brad Sherman, recently asked his colleagues to join him in banning cryptocurrency because it has the power to cause the “disempowerment of the United States and the rule of law.”
If Bitcoin is potentially strong enough to worry a sitting Congressman then maybe you really should consider increased use of Bitcoin either for financial ease or as an investment opportunity.