The cryptocurrency which is known as Bitcoin is the first one to hit the market and has started garnering attention from the people. The value of this newly minted currency has quickly risen from being almost nothing to more than a $1,000.
After that, the price of Bitcoin fell and some people started questioning the value of Bitcoin currency, that whether these new types of currencies are desirable as they were intended to be made out. Since then the Bitcoin has seen a continuous meteoric rise and today it has reached over a $4000 per bitcoin and its users are predicting that it may reach a million dollar per coin within a span of 10 years.
A number of influences have combined together to create a strong need for the Bitcoin, and this new digital currency has a lot of advantages to offer its consumers and the investors across the world. One of the biggest reasons why Bitcoin is still considered as the wave of the future is because with the need for the increased security measures.
With the traditional systems the Identity of theft has been on the rise and the entire databases which has full of credit card numbers and other personal information are being stolen and being used for nefarious purposes. The new PIN and the chip credit cards banks which are being issued have helped to some extent, but it still has a plenty of room for the fraud.
Bitcoin offers its nervous users a more secure alternative to the traditional payment methods. Since the Bitcoin transactions are an entirely anonymous, the security of it is built in from the starting stage. The Bitcoin users benefit not only from its privacy and security of the transactions, but also own other advantages which go far beyond the financial security. Those who are living in repressive regimes have been turning towards Bitcoin to make the purchases or transfer funds and also to live their lives far from the prying eyes of the governments.
Like Twitter, Facebook, and few other social media platforms, Bitcoin has got a powerful role to play in the spreading democracy and is helping nascent freedom movements to grow and thrive. The decentralized nature of the Bitcoin, and the fact that its transactions cannot be traced back to the individuals, makes it a natural fit for those who are concerned about the government spying and the repression.
Bitcoin also has a number of other benefits which government has issued and government backed currencies that simply cannot offer. Most of them are worried about the future of these traditional currencies such as Euro and U.S. dollar.
If these traditional currencies were to fall or get into any serious trouble, the implications would be an enormous one. Many people see Bitcoin as the natural hedge against the risk of the traditional currencies, as well as a valuable and safe haven when the crisis occurs.
Freedom from the financial interference is another added valuable benefit of the Bitcoin. The Governments, tax agencies, and even the private businesses can freeze the traditional bank accounts with the touch of button and putting the individual wealth at a serious risk.
Paying with the Bitcoin and maintaining the Bitcoin account offers a protection from the risk of asset seizures and the bank account freezes. Even the individuals who have no reason to think about the assets which would be frozen have been using the Bitcoin to protect themselves from the unlikely scenario. People who got struck with the previous assets and with the bank account seizures are even more enamored of the Bitcoin and are more likely to turn towards this cryptocurrency.
Few think that turning towards Bitcoin is an attempt to avoid the asset seizures and the bank account forfeitures seems to be a bit paranoid, but there are few other and more practical reasons to opt for the cryptocurrency in place of the credit cards and the other forms of payment.
One of the more practical reasons is its relatively low transaction fee which is charged by the retailers who accept the Bitcoin as a mode of payment.
The transaction fees associated with the wire transfers and the foreign purchases are extremely high, and anyone who has traveled overseas recently can attest with it. The Bitcoin fees are typically much low and makes the cryptocurrency an excellent choice for all kinds of the purchases.
Another practical benefit of paying with the Bitcoin is its easy availability with the mobile payments. On the go payments allow its consumers to make the Bitcoin purchases with the touch of a button through any smartphones. It does not require any travel to the bank or to pull the money from an ATM.
Despite having few recent setbacks and the questions about its long-term viability, there are many other reasons to think that Bitcoin is the wave of the future. This cryptocurrency is a tailor made for the new digital age and many of the 21st -century consumers continue to use it.
Whether the users are looking for an anonymous way to pay, or to want freedom from the high transaction fees, or are they just curious about the new currency, it is the perfect time to join this Bitcoin revolution.
Today, bitcoins are mostly accepted in the online gambling industry at bitcoin casinos. We have added top 33 cryptocurrencies in the following infographic developed by our friends at Mrbtc.org, please check the infographic and let us know your thoughts.