Technology never ceases to amaze us, and it never ceases to change our lives in every way by bringing in new innovations that serve as better options in the manner we do things. Along with the change brought about by technology is the conception of cryptocurrency, which eventually leads to the creation of Bitcoin. Now, why must we make such a fuss about this certain cryptocurrency? It is rising in popularity and, simply put, it can change the form of money as we know it. It can be the future.
We all know that Bitcoin is a digital currency. As popular as it is, many people, however, are still unaware that it is also a payment system that is underpinned by blockchain technology. Blockchain technology, simply put, means that in order for a single block of data to be added to the chain, there must be a universal agreement, and with some of the data from the previous block embedded, it is not possible to hack into the chain.
It is no wonder why Bitcoin is called, among other things, the future of money with its potential to transform the way we do transactions. Read on to find out why this is an attractive alternative for both buyers and sellers.
The Advantages of Bitcoin
This could turn out to be a very long list indeed – I guess the best place to start is that a Bitcoin transaction does not require a third party to facilitate the transfer. No bank or credit card company play any part in a Bitcoin transaction, it is just between the buyer and the seller, which then firmly puts you in control and avoids having to pay transfer fees. If you would like to get started with Bitcoin, check out https://bitcoindealers.com.au/, who are the leading cryptocurrency dealer in Australia and who can advise you accordingly.
1. Instant and Anonymous Transfers
Unlike an email, which actually sends a copy of itself, a Bitcoin transaction must be verified by all the other computers on the Bitcoin network, and while this is done in a flash and behind the scenes, once ownership of the said Bitcoin has been transferred to you, there is no way anyone can ever steal it. We can be sure that darker and illegal activities are already using Bitcoin to transfer funds secretly, thus avoiding a paper or digital trail. The only two people who know the transaction ever took place are the sender and the recipient.
Blockchain technology makes instant and anonymous transfers possible, reflecting the stringent security of Bitcoin. All transactions are secure, giving both parties peace of mind.
2. Resilient Despite Market Crashes
One of the common questions nowadays is this, ‘Is Bitcoin dead?’. The cryptocurrency market is now under pressure due to the problem of FTX, a major cryptocurrency exchange. Before this problem, many cryptocurrencies have fallen, such as BitConnect (BCC), OneCoin (ONE), NanoHealthCare Token (NHCT), and BoringCoin (ZZZ).
Despite the collapse of other cryptocurrencies, Bitcoin remains resilient despite market crashes. Knocking down the Bitcoin network necessitates a concentrated attack. If this is easy, then Bitcoin should be long gone. Surpassing Bitcoin requires a superior cryptocurrency with greater resiliency, privacy, and decentralization.
Amidst the price and market fluctuations, Bitcoin is here to stay. Although Bitcoin’s price is hard to predict and experiences price fluctuations like other cryptocurrencies and investments, more and more people realize that cryptocurrency and Bitcoin are the future’s cash and business core. That’s why blockchain technology and crypto are expanding in various fields, including cybersecurity, e-commerce, gaming, real estate, and marketing. It all comes down to smart investing. As a crypto investor, you need to know the rules to win the game.
3. Other Potential Uses For Blockchain
Some experts and Blockchain advisors are already predicting that the entire life of a person will be recorded on a blockchain – educational awards, property and intellectual property rights, qualifications, and his or her entire history can be recorded on a blockchain, and no one can alter that. Blockchain technology can be used for stock markets and many say it will curb high level corruption, which would be welcome indeed. Membership of any organisation could be using a blockchain, which guarantees that only authorized users gain access, and this technology has benefits through all levels of society. If you would like some further reading on how the blockchain works, there are articles you can find online with just a quick search on Google.
4. Fraud Prevention
Identity theft will soon become a thing of the past and when you meet someone, you can easily verify if they are who they say they are. Once the data of a person is recorded on the chain, it can only be changed if all the network users are in agreement, making it unhackable. There are articles available online that can give you more information and that can clearly explain how blockchain technology can protect the wealth and identity of a person.
Your wealth will be stored in Bitcoin, or another equally effective digital currency, and using a QR Code system, you can pay for anything and everything.
The signs are already there, with many tech gurus announcing that a better world is on its way, thanks to blockchain technology, and the digital age will continue to provide unique solutions to age-old problems.