Crypto News

Is Bitcoin The Currency of the Future: Getting to the Core of What Bitcoin Truly Is

Cryptocurrencies have revolutionized the way people do business and make investments. For instance, disruptive cryptos such as Bitcoins have been used for the last 15 years since its inception in 2009.

Although its creation paved the way for other cryptocurrencies such as Ethereum, Tether, and Binance Coin, Bitcoin still leads the pack of digital currencies in popularity, user base, and market capitalization.

But before going any deeper, what is Bitcoin? If you can’t answer this question, first take an online course and read as many relevant materials as possible. They’ll help you understand how this crypto works.

Let’s now dive into the nitty-gritty of what Bitcoin is and why it’s the future currency.

·      Bitcoin Has a Great Store of Value

One of the reasons Bitcoin is the future currency is its unmatched store of value. As a result, it is termed ‘digital gold,’ meaning it is a digital asset that keeps its value over a lengthy period. This attribute makes it ideal for investment during inflation, as it can be used as a hedging tool. Bitcoin as a store of value also comes in handy for those who want to survive a bear market. You can use your credit or gift card to purchase and hold Bitcoin for several months.

·     Bitcoin Has a Higher Accessibility

Compared to other digital assets, Bitcoin has a higher accessibility. If you want to purchase Bitcoin, you can freely get it on crypto exchanges such as eToro, Binance, Coinbase, etc. It is also accessible on a platform such as P2P.

In addition, other merchants deal with the buying and selling of Bitcoins. Since Bitcoin is more accessible and has a larger volume than other cryptos, this digital currency is more liquid compared to traditional options.

·     Bitcoin is Resistant to Censorship

One factor that makes Bitcoin stand out is its resistance to censorship. All your transactions involving this digital currency will be immutable and permanent. Resistance to censorship can be attributed to two things.

First, Bitcoin is decentralized. The other reason is that it is hard to manipulate Bitcoin since it uses cryptographic principles. With this, you can trust that all the transactions will be immune to alterations, blockage, or reversal by a centralized authority or the government of the day. Bitcoin might take over other currencies in the coming days if these elements are anything to go by.

·     Bitcoin Allows You to Remain Anonymous

If you have been worried that someone might access your details when transacting using Bitcoins, you will have to think otherwise. With this crypto, all your transactions will remain anonymous.

After all, Bitcoin transactions hardly need you to submit your details or any other information that might be sensitive to you. As a result, this cryptocurrency is deemed the future currency as it has greatly helped avert identity theft among investors and traders.

·     Bitcoins Has High Return Potential

Just like other cryptos, Bitcoin is highly volatile. If you are an investor, you can take advantage of the drastic changes in this crypto’s price, purchase it when it is priced low, and sell it at a higher price. Those investors who have invested in Bitcoin have enjoyed high returns in the past, thanks to its volatility.

For example, in December 2022, this crypto was trading at $16946.61. However, in March 2023, its value increased to $25116.90.

Final Words

Although Bitcoin has had its lows, its benefits are something to smile about. From having a great store value to enabling you to get high returns on investments, there are many reasons why Bitcoin is the currency of the future. If you are an investor or a trader, you can take advantage of those merits and choose Bitcoin as your preferred digital currency. Good luck in all your Bitcoin-related endeavours.