Even though bitcoin has been around for ten years, people still think of it as a novelty. There are numerous incorrect theories that circle the Internet, claiming that bitcoin is a bubble that is about to burst. However, that couldn’t be further from the truth, and there are many things we can use to prove it.
Bitcoin has numerous advantages compared to traditional currencies, which is why it is definitely here to stay. It is becoming more widely accepted worldwide, allowing consumers to buy products and services in a more secure way.
If you still have your doubts about this digital currency, read the rest of this article to find out why Bitcoin isn’t going anywhere.
Big Names Support Bitcoin
Numerous big names in the corporate world are supporting bitcoin and including it into their financial systems. Some of these include people such as John McAfee, Sonny Singh, Mike Novogratz, and even Elon Musk. As long as there are CEOs of such highly rated corporations who believe in bitcoin, there is absolutely nothing you should be worried about.
The fact that these huge corporations publicly stand behind bitcoin means they also have a lot of money invested in it. Of course, they would not do it unless they were almost 100% confident that their money will be completely safe.
Large Industries Accept Bitcoin
More and more huge industries accept bitcoin and allow transactions using this cryptocurrency. For example, one of these massive industries is the gambling industry. To put things into perspective, at the end of 2019, the global gambling market is expected to be worth almost $500 billion. That’s a lot of zeros.
The majority of online casinos and online sportsbooks allow bitcoin transactions nowadays. You can register and play bitcoin live dealer games in a matter of minutes if you have a wallet with a few digital tokens. This form of payment has numerous advantages online bettors enjoy. Most importantly, it provides them with safety and anonymity.
Bitcoin is Decentralized
Bitcoin is based on blockchain — a completely decentralized system. That means that no financial institutions have control over it or over the transactions. Therefore, it is incredibly difficult to intentionally cause the price of bitcoin to go up or down, as many conspiracy theories claim.
Since there are no banks or middle parties involved, that means you are the complete owner of your money and your transactions. This is a big advantage compared to fiat currencies which are a lot more susceptible to fluctuations and plummets.
This is one of the things that make bitcoin very attractive to both ordinary people and business people.
Bitcoin Has the Fastest Transactions
Compared to fiat currencies, bitcoin transactions are lightning fast. That’s why bitcoin is one of the best payment methods in existence right now. A lot of sources claim that bitcoin transactions are instantaneous, which is not really true. However, processing times of transactions done using this digital currency are usually 15 minutes long. Compare that to bank transactions that may take up to 3-4 days and you will understand why bitcoin is so popular.
With that in mind, we can conclude that bitcoin is just too good and too convenient to burst. People will continue to use it because of how much easier their lives are thanks to it. In the future, as the processing power of home computers increases, the processing times of bitcoin transactions will decrease.
Bitcoins Will Continue to Be Mined for More Than a Century
When Satoshi Nakamoto created bitcoin is 2009, he created a finite number of coins. That number is capped at 21 million and is expected to be mined sometime around 2140. Out of that number, 17 million have already been mined and circulating the market. As the number of bitcoins that can be mined decreases, the demand will rise, and the price will go up. Therefore, it is wise to invest in bitcoin as it has a bright future, no matter what anyone says.
As you can see, bitcoin will certainly stay relevant for at least another 120 years. But, after that, its price and its relevance are only going to increase once people realize that there is no other way to obtain bitcoins but to purchase them from someone who already owns them.
If you want to learn more about our blog, please click here.
