Should the World Embrace Bitcoin?
Bitcoin has continued to attract widespread applause from several governments, industry leaders, investors, and the general public worldwide. It is undoubtedly the most prominent cryptocurrency, accounting for almost half of the entire crypto market capitalization. Bitcoin is now a universal currency and investment vehicle, accepted in various global sectors, including finance, e-commerce, travel, health, real estate, and retail.
Besides serving as a currency for daily transactions and an investment tool, Bitcoin also has several other real-life applications. Although some have criticized Bitcoin's high volatility and looming regulatory pressures, its adoption has increased significantly over the years. So, should the world embrace Bitcoin? This article highlights the primary reasons the world should adopt Bitcoin.
Decentralized Financial Transactions
Fiat currencies have been the basis of financial transactions for centuries. While they still work, fiat currencies' supply and circulation are subject to government regulations. The laws stipulate businesses and individuals must go through banks and money processors to transact. Besides, those laws also empower the institutions even to decline some transactions. The regulations make it conditional for people to trust financial institutions with their wealth.
The problem with trusting financial institutions to manage your transactions and wealth is that it exposes you to several risks, including delays in payment processing and higher costs. It also means you can only access financial services through banks and money processors. The centralized system makes it extremely difficult for the unbanked populations to transact with the rest of the world.
Bitcoin could be the best solution to the bureaucracies of the traditional financial systems since it's a decentralized currency and asset, not subject to political or institutional manipulation. No government or institution regulates Bitcoin's supply and usage. That enables users to transfer funds, receive payments, and invest without external intervention. Instead of trusting an institution with your wealth, Bitcoin gives you the autonomy to transact and invest worldwide at your convenience.
Low-cost Money Transfers
Millions of individuals worldwide rely on international remittances for daily needs and investments. However, the costs of cross-border processing payments have increased by huge margins in recent years. That impacts a substantial financial burden on businesses and individuals that depend on international money transfers.
Using Bitcoin to send and receive payments can be the most effective way to avoid substantial transaction costs. Bitcoin transactions do not involve intermediaries like credit card payments and bank transfers, impacting relatively lower transaction fees. Many reputable crypto exchange platforms such as bitcoin revolution usually charge minimal fees based on transaction volumes. The lower transaction fees could be an excellent way for businesses to reduce operational costs.
Robust Economic Opportunities
Bitcoin has sparked a revolution that will transform almost every global economic sector. It has inspired a wide range of economic opportunities that never existed before. Bitcoin offers numerous ways for institutional investors, businesses, and the general public to make money, promoting growth and development worldwide.
Crypto trading is one of the most popular and straightforward ways to make money with Bitcoin. Traders generate profits from buying and selling Bitcoin in the short-term and long term. Apart from trading, you could also invest in Bitcoin through mining and affiliate marketing. Other ways exist for investing in Bitcoin without owning the tokens.
Innovation
Bitcoin is also driving ground-breaking innovations in multiple global economic sectors. Its blockchain technology is an open platform that allows innovators to develop and improve various products and services. The technology can also integrate and streamline multiple core business processes, including supply chain management and smart contracts.
Bitcoin is still in its infancy, and we may not discover its full potential just yet. However, the world should embrace Bitcoin because it facilitates decentralized transactions, low-cost money transfers, robust economic opportunities, and innovation, critical to global economic growth and development.