Wondering if bitcoin is the future of money or not? If yes, then read on. There are quite a lot of experts who believe that Bitcoin is the future of money only. And there are quite a lot of reasons behind this.
The idea of bitcoin is really something that needs to be applied to the banking system. As well as it can work as a universal payment system. Hence, people are hopeful about it. However, in this article, I will be answering the Why bitcoin is the future of money question.
So let’s just head into the topic without wasting much of the time:
Why bitcoin is the future of money?
First of all, if you are not sure what Bitcoin is. There is a high chance that you are only one of the few persons in this world who does not know about Bitcoin.
However, let me break it down for you. Back in 2009, Bitcoin was first introduced, and it works as an online payment system. In other words, you can say that Bitcoin is a peer to peer digital or cryptocurrency that does not operate with a central repository. It is also the largest cryptocurrency in terms of market value. And as of now, the coin has a value of $7,546.6700 for each coin.
And over time, Bitcoin has emerged as economies across the world. And as a result, people have started to lose their trust in the current banking model. Institutions which existed for a long time have changed very little throughout the lifetime.
And because of the lack of trust and the similar way of running, the banking system allowed Bitcoin to survive. Bitcoin found the opportunity to take power out of the institutions and provide a better service. And the people have responded.
And the best part of Bitcoin is that it operates universally. It means that for the first time, there is a possibility of a global currency. And with a truly international currency possibility for global economic growth, and social equality are endless.
However, as of now, New York is currently debating how they should regulate Bitcoin. The decision that New York comes to maybe influential globally because of the financial power that New York has. And so far, the decision is to require a license for Bitcoin mining.
And this would limit the amount of Bitcoin activity almost immediately. On the other hand, Russia’s bitcoin movement is a little more intense. Russia has outwardly opposed the use of Bitcoin since the beginning of this year. And the country also has warned its citizens that anyone who is going to use Bitcoin maybe promoting illegal activities. Also, Russia is in the middle of drafting a bill that would not only ban Bitcoin. But it will also ban any activity related to bitcoin.
So overall, the future seems bright for Bitcoin. However, it also depends on the government and how they are going to regulate it.