Posted 11 months ago | by Ben Armstrong
Why is it Time to Look at Bitcoin?
Bitcoin has been increasingly stronger since it found a bottom in 2018. While there are still some questions about how long it will be able to grow without the governments getting involved, it has been able to build a strong foundation.
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Bitcoin – Security
Bitcoin is built from decentralized blockchain technology. This means that there is no central authority in charge of the currency, such as a bank or state apparatus.
While there are some arguments about the pros and cons of this, decentralization provides a higher level of security for the currency due to politics. May governments are using their currencies as weapons, which makes Bitcoin's agnostic nature a real bonus.
While most sane people are uncomfortable disclosing their banking and personal details online, Bitcoin transactions are completed without any direct knowledge of the owner, which makes them far safer.
Cryptocurrencies like Bitcoin have an advantage, especially in some countries where traditional banking is lacking or underdeveloped, such as most of Africa.
Since no physical banking institutions are involved and the Bitcoin blockchain transactions only required a smartphone with internet access, it’s easier to set up an internet connection than it is to create a physical banking network.
Bitcoin can become the currency of the future for many areas of the world, even if the corrupt local governments don't want to see their people prosper.
An international bank transfer through the traditional system is not the easiest process. Online platforms, such as PayPal or TransferWise, have made it easier and cheaper than standard bank operations, there are still fees and political issues are involved.
Meanwhile, Bitcoin can complete international transfers almost instantly without third-party fees. This is particularly important for business owners. Nowadays, as markets become globalized, more and more customers are taking advantage of global services and products.
May be Inflation-Resistant
Bitcoin is designed with a cap at around 21 million tokens. This gives Bitcoin a major advantage over traditional currencies. Due to its limit, Bitcoin will likely retain its value better than fiat, and also make it a viable alternative to traditional currencies. Fiat currencies subject to losing value, especially in countries like Venezuela where hyperinflation is rampant. This kind of runaway inflation may seem a world away from the US and EU, but anything can happen when central banks go bonkers.
You just need a Bitcoin wallet, and you are in the system. No KYC, no tax forms, no approval from any bank officer or bureaucrat. As things get worse in the global economy, this might be the most important point on the list!