Plenty of science fiction imagines currency as a nebulous, floating force with no physical standard by which it’s judged. Currency in sci-fi is credits, not gold and not paper money. To some extent, cryptocurrency represents the next step in that dream. Bitcoin, for example, is valued like all currency, but the process by which it’s valued is much more tricky. To put it simply, cryptocurrency is futuristic and exciting as a currency standard. Here are 8 reasons why we’re betting on bitcoin for the future.
Bitcoin’s last major blip was way back in 2013. Since then, the currency has been trading solidly, and it’s only going to get more solid as time goes on and more people invest their faith and money in the currency. The fees for sending a Bitcoin transaction (there are other cryptocurrencies, but Bitcoin is arguably the most popular) are low thanks to increased capacity and scaling upgrades. To put it simply, Bitcoin is reliable. You’ll always be able to depend on Bitcoin to stay pretty stable no matter what happens, barring massively unexpected problems.
You can invest in it
Just got yourself a big loan from Fair Finance and not sure what to do with it? Why not think about investing it in bitcoin? You’ll likely make your money back quickly, and you’ll be able to make solid repayments on your loan as well as increasing your investment portfolio. Buying and investing in bitcoins really couldn’t be easier. If you’re looking for a safe place to put your money in terms of investments, then bitcoin is incredibly secure and won’t let you down. It’s also constantly active; websites like https://zycrypto.com are always tracking where bitcoin is popular and where you should buy or sell it.
It’s extremely secure
The security network around bitcoin is incredibly solid. Unless the cryptographic algorithm which stores security information in bitcoin is severely compromised, there’s almost no chance of anyone hacking bitcoin (we’re talking tiny, tiny percentages here). It would take hacking at a national level to undermine or compromise bitcoin, and since the vast majority of financial fraud involves personal credit card or bank falsification, you can rest assured your bitcoin is safe.
There are no gatekeepers
Bitcoin is as free a currency as it’s possible to have. Since that’s the case, there aren’t any gatekeepers around bitcoin. Anyone can create a bitcoin account, and anyone can trade in this currency. The security network is based on blockchain technology, which relies on a number of servers (rather than a single centralised one) to verify security certificates. There’s no centralised bitcoin bank, and there’s no way to stop bitcoin transactions by a single individual or company. As such, this is currency on an individual citizen level.
It’s almost crash-proof
Some people say that the global economy is currently on the brink of a crash. Of course, bitcoin is just as susceptible to rising and falling value as any other asset, but here’s the key difference: as a currency, bitcoin isn’t judged against the gold standard. As a result, it can be moved anywhere, meaning that it can be moved between countries without concern about exchange rates. It’s wise to place some of your traditional currency in bitcoin, because although it’s not crash-proof, it’s much more resilient to the idea of a traditional economic crash than standard currency would be.
It’s fairly private
It’s worth saying that no currency can truly be completely hidden from prying eyes, especially if they’re governmental. Bitcoin, however, does have better privacy protocols than a lot of digital cash. If you make physical cash payments, these are much harder to trace than cashless transactions; all a company would need to do is call up your bank history and they’d know where your transaction had gone. Bitcoin protocols don’t know your real name by default, so your transactions are typically better-hidden than standard cash. There are still ways for people to track your bitcoin purchases, but it’s much more difficult.
Bitcoin is a limited resource. There are a limited amount of bitcoins in the world, so when you buy into bitcoin you are still buying into a fixed supply. The value for bitcoin will therefore only increase in the future; there’s no such thing as bitcoin quantitative easing, so the fixed supply will remain the same. When you invest in bitcoin and save using this currency, you’re just increasing the value of your savings and won’t need to worry about sudden devaluation.
Even if bitcoin doesn’t quite end up being the cryptocurrency standard that’s adopted by the public worldwide, it’s definitely laid the foundations for something exciting and potentially world-changing. The security and privacy standards of bitcoin are great, but there are other cryptocurrencies which are building on those foundations to create something seriously impressive. As such, it’s hard to imagine cryptocurrency going away or becoming less valuable as time goes on. With the global economy struggling, physical resources dwindling, and demand rising for a currency that’s private and unchanging in value, cryptocurrency – and bitcoin – have laid the groundwork for the future of finance.