Why global bitcoin adoption could be inevitable
Bitcoin is, so far, the largest and most successful cryptocurrency
It’s no secret that cryptocurrency startups the world over are working hard to ease the process of purchasing, using, trading, and finding Bitcoin easier. And this is driving consumer awareness, acceptance, and adoption of this virtual currency.
Bitcoin’s mainstream adoption is increasingly essential to the growth of most businesses. That’s because some customers want to do business with enterprises that accept Bitcoin payments. That means a company or business that doesn’t take this virtual currency risks losing potential customers and revenue. There are more Investment options for Bitcoin, you can visit online trading platforms for better insight.
At the same time, institutional and individual investors are expressing increasing interest in this virtual currency. That’s because Bitcoin has proven its ability to retain value during crises. For instance, Bitcoin prices continued to rise during the COVID-19 pandemic. And this prompted more people to consider it practical value storage.
Today, many people are signing up on platforms like bitcoin trading and using fiat money to buy Bitcoins. These platforms allow individuals and institutions to trade this virtual currency for profit. So, do all these factors hint at an inevitable global adoption of this virtual currency? Here’s what you should know.
Bitcoin is a Relatively New Technology
Being a technology means people will hesitate to accept Bitcoin. However, this cryptocurrency presents an improvement in the currency that people have used for centuries. And its chances of substituting what individuals have used over the years are very high. Although Bitcoin may not replace its alternative entirely, it may eventually be at the top of what most people use today. That’s because it represents new technology. What’s more, this new currency has arrived when the world has a new economic age.
Here’s how Bitcoin compares with the other forms of money:
- Commodity money like Cowry Shells came along with Barter Economies
- Ferris coins arrived during the Iron Age
- Grain receipts reached during the Agricultural Era
- Exchange Bills came during the Discovery Age
- Fiat currency came during the Industrial Revolution
Since we’re in the digital age, the world might have no option but to embrace a digital currency. Consequently, massive adoption of Bitcoin could be inevitable. However, people think Bitcoin is a complex concept that it is.
No Entity Controls Bitcoin
One of the reasons why Bitcoin might eventually dominate the global finance or commerce system is that nobody controls it. No country, organization, or person can regulate Bitcoin. Satoshi Nakamoto is the mysterious entity that introduced cryptocurrency and disappeared shortly after. What’s more, nobody can interfere with the mechanisms of this virtual currency. Blockchain, the technology behind Bitcoin, is fully distributed and available to every cryptocurrency user. However, Bitcoin users remain anonymous because they don’t disclose personal information to use this virtual currency.
Bitcoin Has a Finite Limit
The world can have a maximum of 21 million Bitcoins. That means Bitcoin has some value protection and scarcity, which is not the case for traditional currency. Even physical gold has an average annual extraction rate of 2%. Having enough funds requires the users to divide it by a decimal point.
Bitcoin Has No Border or Time Limit
Traditional currencies require third parties or physical transportation. However, Bitcoin doesn’t need all these players or elements. People can send Bitcoin instantly, anytime. Regardless of your location, you can send and receive Bitcoin as long as you have a crypto wallet, internet connection, smartphone, or computer. People use Bitcoin wallets to send and receive this virtual currency. And this includes completing Bitcoin transactions.
Bitcoin is, so far, the largest and most successful cryptocurrency. And it has qualities like scarcity, portability, divisibility, and durability that define money. What’s more, Bitcoin came at the digital age, and when people were losing trust in the traditional financial system. Consequently, the world will most likely adopt this virtual currency massively because it fits the current context.