Bitcoin has changed the way we perceive money. This alternative currency has caught the world’s attention. It has shown that we are the true owners of our money and how usage is faster and discreet. It can be a very convenient medium of exchange between two or more parties. The bitcoin concept has put up a challenge to the traditional currency exchange and intermediaries who manipulated and monopolised the way the currency should function. There are more and more people switching over to the bitcoin concept and people soon will be transacting with bitcoins; there will so many institutions that will be redundant in a few years. Get your to cash out now.
Why is it popular?
Bitcoins help for a price movement and the bitcoin concept is here to stay albeit with few changes regarding security, legal recourse and volatility issues. The other aspects can be handled but the major ones must be solved, and people are working hard to bypass and implement bitcoin in a strong way so that a lot of people can benefit from the same.
Many countries have not accepted that their citizens use this for transactions and considered it illegal. There are constant fears that can’t be addressed if bitcoins are used as the identities are hidden so many heinous crimes can’t be accounted for as for ransom deals and buying or arsenal and drugs and other illegal activities will be rampant if bitcoin usage becomes a norm. Hence many governments fearing the backlash of the possible law and order problem have not felt the need to legalise the use of bitcoins or any cryptocurrency. Make use of cash out.
There are other concerns too; the monetary policy is dependent on the currency of the country and if the bitcoin takes over, how will the interest rates be adjusted and how the money supply be controlled which are directly proportional to other factors like employment, inflation etc. If the bitcoin currency was to take over, there would be chaos as people would decide the fate of the country and people with more bitcoins will wield more power than others and there will be a mad scramble for the coins and there will more theft of bitcoin accounts. All the factors have to be considered and issues to be ironed out and though well before the acceptance of bitcoin currency into normal usage.