Bitcoin has been king of cryptocurrencies for a while now. Despite this, many people still think bitcoin is just a store of value that could potentially make them rich. In this post, I will be going into why bitcoin is more than just a trading asset. Here are a few reasons why it’s worth taking the time to actually consider using bitcoin. Bitcoin is the most mainstream cryptocurrency on the market, but many people still don’t understand why they should make the effort to use it. So, if you’re thinking about using bitcoin, look no further.
In some parts of the world, using Bitcoin (BTC) is actually much cheaper and more efficient for transferring money across borders. In fact, there are several remittance startups that help to facilitate this with ease using BTC. Despite this, the cost and speed of Bitcoin (BTC) are slowly being eroded as traditional channels improve, and liquidity remains a problem in many countries around the world. In addition to this, the network’s fees are continually increasing.
All around the world, both large and small retailers accept BTC (And sometimes, altcoins too) as a form of payment. Be that as it may, reports find that the demand for this function is not as high as you’d assume. Besides this, many individuals feel more comfortable holding a portion of their wealth in securely-stored BTC, away from central authorities.
Following the price boom in 2017, cryptocurrency seems to have taken the role of being an investment asset. The wave of interest that followed the price inflation drew traders, investors and even small savers to the Bitcoin scene. It seems as though people have woken up to the potential gains that could come from price appreciation.
When attempting to send bitcoin to someone else, there is no need for any involvement from a payment processor. Meaning, the fee for each transaction is extremely small, ranging from 0 to a negligible amount. Bitcoin (BTC) being peer to peer means that no central entity controls the network. This negates the need to trust or receive permission from any one person or organization in order to operate on the Bitcoin (BTC) network. As a result, Bitcoin (BTC) has global appeal and is resilient to many problems that plague traditional fiat currency.
There are many scenarios in which using BTC is the easiest and quickest option when making a payment on the internet. If you’re making a donation or buying a digital item that doesn’t need to be shipped, Bitcoin doesn’t require any personal information. As opposed to fiat currency, the merchant won’t need any information about you. This is because they aren’t charging you like a credit card. Instead, you are sending them the payment, much like a cash payment.
“Bitcoin enables certain uses that are very unique. I think it offers possibilities that no other currency allows. For example the ability to spend a coin that only occurs when two separate parties agree to spend the coin; with a third party that couldn’t run away with the coin itself.” – Pieter Wuille
Accepting traditional credit card payments is not only an expense for merchants, but it also leaves them vulnerable to fraudulent payment reversals or chargebacks. BTC payments cannot be reversed. As a result, once a merchant has received a payment, they can be certain that the money is there to stay. If a merchant is without access to traditional fiat payment networks such as credit cards etc, Bitcoin enables them to access the global economy instantly with low fees.
Bitcoin gives it’s users the freedom to control and store their own money in an unprecedented manner. It’s free from restrictions, penalties, and most fees currently imposed by traditional banks. With BTC, you have the power to make executive decisions about your finances that were previously in the domain of financial institutions and governments. Using bitcoin allows you to take full responsibility for your savings. Having money without the need to trust a third party is something that didn’t exist prior to Bitcoin. Although trusting a third party isn’t always a bad thing, but having the option to is important. Here at iCE3X, we offer our users the ability to be in complete control of their funds with our cryptocurrency exchange.
Since its initial release, Bitcoin has been valued at everything from less than a single penny, to almost 20,000 US Dollars. An asset with such high volatility is clearly a risky investment. Which there is a significant financial gain for some people, but not all. Many people are comparing Bitcoin in its current stage, to the internet 20 years ago. As it stands, there are infinite questions revolving around how Bitcoin usage will change, and the scale of its impact as the network grows and matures.
Much like gold, Bitcoin is considered a store of value. However, it can also be used as a method of transferring funds internationally with ease. The value of Bitcoin in the future will depend entirely on what role(s) the Bitcoin network takes in the global economy over time.
— Bloomberg Crypto (@crypto) November 28, 2018
This article is intended to educate and should in no way be seen as investment advice or an enticement to use the ice3x.com platform. Bitcoin is highly volatile with big profit opportunities but you should also remember that you could lose part or all of your investment whenever you take part in any high risk investment. Bitcoin trading is not a regulated industry in South Africa, which in itself carries additional risks. IF YOU ARE NOT AN ASTUTE BITCOIN TRADER, SEEK INDEPENDENT FINANCIAL ADVICE BEFORE MAKING ANY INVESTMENTS.