Bitcoin is one of the biggest, if not the biggest inventions in the financial industry. Thanks to its numerous great features, this cryptocurrency managed to make all other regular payment methods look obsolete. There are reportedly around 5 million Bitcoin users in the world as of 2021 and the number increases by the thousands with each passing day.
But, even though Bitcoin is the true embodiment of a future payment concept, governments around the world oppose it and deem it illegal. Many businesses still accept it, but the heavy opposition makes it hard to determine the future of this cryptocurrency. That is the topic that we wanted to discuss. We are going to take a detailed view of Bitcoin’s future.
The Advantages It Boasts
Bitcoin’s advantages are the reason why so many people use it. As stated earlier, there are reportedly around 5 million Bitcoin users around the world in 2021 and all of them are fond of this cryptocurrency thanks to its features. First off, Bitcoin provides the users with a certain level of online anonymity, which makes it far more secure than regular payment methods when it comes to completing transactions online.
Not only that, but all online transactions made with Bitcoin are instant. Considering the fact that that banks cannot process them (banks cannot control Bitcoin), you can send and receive funds instantly, which is not the case with regular payment methods. And if that is not enough, wait until you hear about its profitability. The chance to make a profit is the main reason why so many people sign up to use Bitcoin.
When trading Bitcoin, people always use a reputable Bitcoin trading platform to help them maximize their profits. Trading sites have advanced Al systems that keep track of the market and create accurate predictions on Bitcoin’s future fluctuations. In doing so, the traders’ chances of making a profit are greatly increased.
Lastly, Bitcoin excludes banks and that brings one more advantage aside from instant transactions. People are able to void all unnecessary fees imposed by these institutions. Hence, when they use Bitcoin as a payment method, they save a lot of money. General fees are also much lower than the average.
Why It Should Be Legalized?
As you can see, there are tons of great advantages that Bitcoin has and they are more than enough to answer why it should be legalized. More so, the number of online transactions these days is increasing. People shop for products and services online. They also pay their bills via the Internet.
Considering the fact that Bitcoin is a digital currency and is fully optimized for online use, it makes these transactions extremely fast and secure. The more efficient the transactions are, the better it is for both businesses and consumers. Businesses will be able to receive money much faster, while consumers will stay protected. The number of online scams has spiked recently and being secure is a massive trait.
Why Governments Oppose it
As for the reason why governments oppose it, it is because Bitcoin cannot be controlled from one centre. We all know that no government in the world will accept something that they cannot control. More so, they have a very close relationship with banks, who also despise Bitcoin. Bitcoin users totally exclude banks from payments and thus, they are not able to profit off transactions.
The fact that Bitcoin cannot be controlled, combined with the bank lobbying tactics is the reason why they oppose it so much and why it is unlikely for Bitcoin to be legalized any time soon. Until then, you can use Bitcoin for trading or pay at companies that accept it.