Bitcoin: The most revolutionising payment method
We live in an era in which we are witnessing revolutionizing inventions each day. Thanks to the technology that we have at our disposal, scientists and inventors are able to make massive contributions to humanity; contributions that are vital for our existence and future progress.
One of the greatest inventions of all time could possibly be the Internet and all of its products and services. It enabled us to complete most of our obligations such as paying bills without even having to leave our home. It also made communications far more effective and efficient, gave us social media, etc.
One of the inventions that came with the rise of the Internet and the one we decided to give some attention to is Bitcoin. This is a digital currency that completely revolutionized the way we look at online payments. Not only did it enabled us to increase the efficiency of online transactions, but it also provided us with a new way to make a profit. Let’s dive into this topic and explain everything there is to know about this cryptocurrency.
Bitcoin was created in 2008 by Satoshi Nakamoto. The identity of the creator is still unknown; Satoshi is just a pseudonym. During its first years of existence, Bitcoin was mostly used on the black market as it was banned by most countries around the world.
But, after spending a few successful years, the interest for this cryptocurrency was greatly increased and people saw the potential that it holds. Trading sites like the Bitcoin Rush platform used AI to help the people gather information on the market and future prices for 1 Bitcoin and make a profit while trading with it. The mentioned trading site has thousands of users from all over the world and it helped them earn a lot of money by using its AI-powered system.
2015 was the year in which Bitcoin had several ups and downs. Its price varied a lot and it had high volatility rate. The most impactful year that this cryptocurrency had was 2017. During this year, the value for 1 Bitcoin just kept rising. December 27th was the date when it finally peaked and ad a record-breaking value of over $19,000.
After that, it plunged and spent most of 2018 trying to stabilize and come back to normal, which it did. 2020 is the year when Bitcoin is at its most stable phase and it is valued at around $10,000. Thanks to its stability and institutional interest, some experts believe that the price of Bitcoin will start to rise again and it has the potential to top $20,000.
It Has Numerous Advantages
One of the reasons as to why people were so fond of this new payment method is that it has tons of great features, which the users don’t have when using the FIAT currencies. First off, Bitcoin cuts off the middleman – the banks. As you may know, banks often impose many added or hidden fees on some transactions. That is not the case with Bitcoin.
By going around the banks, people are not required to pay extra fees and they save money in the process. Furthermore, it increases their overall security by giving them a certain level of anonymity when trading. Traders are not able to see the true identity of other traders which is a massive advantage.
Next up, Bitcoin is a digital currency, meaning that it is fully optimized for online use. While other payment methods usually have a processing time for each transaction which can last up to several days before it is fully completed, each transaction made with Bitcoin is instant.
Lastly, we wanted to mention the fact that it enables users to actually profit off of it. Buying, selling, and trading Bitcoins has proved to be quite profitable for many people around the world. Some of them even became overnight millionaires thanks to their instinct and taking actions fast.
What the Future Holds for This Cryptocurrency?
Many experts believe that Bitcoin has the potential to become the universal payment method in the world. They think that it managed to make fantastic progress in the past 5 years and thanks to the fact that it is user-orientated, rather than benefit the banks, it will become far more accepted by the people and thus, spread and overtake the world.
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