As one of the most widely known and accepted cryptocurrencies in the world, Bitcoin (BTC) stands as a good alternative method of paying for goods and services across different parts of the globe without the use of a trusted third party. Bitcoin is a digital currency that is used to pay for different goods and services and it can be stored in a virtual wallet from where it is used for any form of transaction.
Bitcoin (BTC) makes use of a peer-to-peer system of payment that does not require the use of a trusted third party. The bitcoin payment system is well protected by cryptographic algorithms, which allow users to exchange or pay for services and commodities with ease for a fee or even free. Bitcoin however shares this fee between the buyer and the retailer for a more balanced method of operation.
Read Also: Bitcoin Millionaires That Are Reshaping the Crypto Ecosystem
The effects of Bitcoin on the global economic growth
Since its introduction in the year 2009, Bitcoin has gained more popularity and use, and its value has also increased with time. Bitcoin can now be used to make different types of transactions and to buy and pay for almost any type of goods and services around the world.
One of the countries in the world that have embraced the use of cryptocurrency is El Salvador. This is a country where the use of Bitcoin (BTC) is widely accepted as it is their acknowledged form of currency. Even as this country freely makes use of Bitcoin, not all the countries in the world have fully legalized its use. However, this is not to say that bitcoin is not used by other people from different countries.
In fact, in places such as Cyprus, the USA, Switzerland, and Germany, the use of Bitcoin is accepted as payment for educational fees online. Similarly, Bitcoin can also be used for the purchase of flight tickets, paying for goods online, and even getting hotel reservations with no stress.
Some companies have also started to accept Bitcoin (BTC) as a form of payment for their goods and services, and this has seen a drastic rise in the level of investments. The fact that Bitcoin is a decentralized currency, which means it is not controlled, makes it difficult to be manipulated or subjected to data theft.
Another effect of Bitcoin on the global economy is that it makes it easy to store funds without getting worried about banks closing down with the money not being accounted for. Since bitcoins are stored in a virtual wallet, it is easy to track them and use them as desired with no restrictions.
Read Also: Michael Saylor Explains Why Getting into Bitcoin (BTC) Was the Right Decision for MicroStrategy
How the use of cryptocurrency can transform the world
Cryptocurrencies can be purchased from different cryptocurrency exchanges, or they can also be mined. Although not all retail eCommerce sites, companies, and countries accept cryptocurrencies, their values have continued to increase, and hence they are considered a very good investment plan.
Cryptocurrency has transformed the way money is viewed and has also brought a long series of benefits to the economies of the world. Some of the ways the use of cryptocurrency has transformed the world include but are not limited to the following:
Minimize fraud
Cryptocurrency offers privacy and security, which makes it impossible for fraud or attack on stored data or transactions. Unlike traditional financial institutions, cryptocurrencies are transferred electronically through the blockchain; hence, foul play can be easily detected and stopped.
Streamlined money transfer process
Sending cryptocurrencies is faster and safer than transferring fiat currency, which may also take up a lot of time before it gets delivered. The money transfer process for cryptocurrency is streamlined for a better transfer process.
Consistent payment method
Other fiat currencies may end up fluctuating and also suffering from inflation and other types of financial issues. However, with cryptocurrency, there is a stable alternative to other currencies and they are also easy to access.
Read Also: Ex-Google CEO Called Bitcoin (BTC) A Remarkable Cryptographic Achievement in a Resurfaced 2014 Video
Decentralized currency
Cryptocurrencies are decentralized. This implies that they are not controlled, and this makes it easy to use them for any type of transactional purpose. Since they are not controlled, anyone can buy them and store them as an investment. The value fluctuates and can serve as a very nice means of investment to be sold when the rates are high.
Conclusion
As of today, Bitcoin remains a leading cryptocurrency that has managed to gain entry into the different economic sectors of the world, such as healthcare, finance, real estate, eCommerce, and so on.
Many investors have also seen that Bitcoin (BTC) can be used as a tangible means of investment, and so many traders, retailers, and consumers around the world have adopted this method of payment. It is also a favored method of payment as it has a stronger resilience to inflation than the fiat currency.
Follow us on Twitter, Facebook, Telegram, and Google News
