Despite recent price volatility and global COVID-19 uncertainty, 2020 is shaping up to be a big year for Bitcoin.
1.Security
The fact that Bitcoin is not centralized makes it less vulnerable to security threats and more resilient and efficient. Many users are uncomfortable entering their banking and personal details online, so Bitcoin offers an alternative that, at the very least, appears safer.
2. Availability
All that’s required to perform transactions with Bitcoin is a smartphone with internet access. Since no physical banking institutions are involved, cryptocurrencies like Bitcoin have an advantage, particularly in developing countries where traditional banking is unavailable or difficult to access. Since it’s easier to set up an internet connection than it is to create a physical banking network, Bitcoin is likely the currency of the future for many areas of the world.
3.Easy To Use
And Bitcoin — although its underlying technology is highly complex — is incredibly easy to use. As we become increasingly used to apps and software solutions for everyday tasks and problems, we’re beginning to expect that "there’s an app for that."
4. Inflation Rsistant
Bitcoin is essentially inflation-resistant, giving it a major advantage over traditional currencies, all of which are subject to losing value at certain times. The anti-inflationary measures mean that Bitcoin will always retain its value, and also make it a viable alternative to traditional currencies.
5. Lack of Competition
Bitcoin is no longer the only cryptocurrency around. Ethereum, for instance, was one of the first competitors to emerge, imitating the technology behind Bitcoin. However, for the competition to be a threat to Bitcoin, it would need to have some specific and tangible advantages. Fiat currencies are not a rival to Bitcoin as governments continue to print more money.
1.Security
The fact that Bitcoin is not centralized makes it less vulnerable to security threats and more resilient and efficient. Many users are uncomfortable entering their banking and personal details online, so Bitcoin offers an alternative that, at the very least, appears safer.
2. Availability
All that’s required to perform transactions with Bitcoin is a smartphone with internet access. Since no physical banking institutions are involved, cryptocurrencies like Bitcoin have an advantage, particularly in developing countries where traditional banking is unavailable or difficult to access. Since it’s easier to set up an internet connection than it is to create a physical banking network, Bitcoin is likely the currency of the future for many areas of the world.
3.Easy To Use
And Bitcoin — although its underlying technology is highly complex — is incredibly easy to use. As we become increasingly used to apps and software solutions for everyday tasks and problems, we’re beginning to expect that "there’s an app for that."
4. Inflation Rsistant
Bitcoin is essentially inflation-resistant, giving it a major advantage over traditional currencies, all of which are subject to losing value at certain times. The anti-inflationary measures mean that Bitcoin will always retain its value, and also make it a viable alternative to traditional currencies.
5. Lack of Competition
Bitcoin is no longer the only cryptocurrency around. Ethereum, for instance, was one of the first competitors to emerge, imitating the technology behind Bitcoin. However, for the competition to be a threat to Bitcoin, it would need to have some specific and tangible advantages. Fiat currencies are not a rival to Bitcoin as governments continue to print more money.