Innovations hold a huge significance in human history and man has progressed each time when he invented something new. Likewise, financial innovations are significant for the growth and development of economies across the globe.
One such innovation, Bitcoin (BTC), took place in the year 2009 when the world was going through a financial crisis. But people around the world were unaccustomed to the concept of BTC because they used the traditional banking system.
Fast forward to 2022, Bitcoin has proved to be revolutionary as it has withstood the test of time and come a long way. BTC has been supported by many global leaders as the best alternative to Fiat or traditional currency because of its remarkable characteristics.
Let us find out how BTC is changing the existing financial system.
What is Bitcoin?
The financial crisis of 2008 hit financial markets around the world and left many out of cash. People were left homeless and many lost trust in banks and traditional financial institutions.
In 2009, the emergence of cryptocurrency as a substitute for Fiat was revolutionary. Though not understood comprehensively in the beginning, cryptocurrency being led by Bitcoin, soon proved itself as a remarkable asset.
Bitcoin was launched as the world’s first-generation cryptocurrency by a pseudonymous person named Satoshi Nakamoto. Within a few years, investors across communities invested in BTC, thanks to its amazing benefits.
Bitcoin can be defined as a digital or virtual currency that is supported by blockchain technology. BTC is a decentralized currency which means that it is an unregulated coin and neither a bank nor any government can interfere in it.
To ensure the enhanced safety of its users, blockchain is protected by cryptography which consists of complex mathematical problems that are hard to break. In addition, the hash rate of Bitcoin is the highest among cryptocurrencies making it the safest digital currency you can buy.
Carl Runefelt, alias, The Moon, is a global crypto leader who is pushing for the mass adoption of cryptocurrency, particularly Bitcoin.
He believes, “The price of Bitcoin will likely break above $45,000 at some point. When we do break above $45k, that is when I am going to go massively bullish, and that is when I think we will see a huge breakout, and that is what I am going to put in a multi-million-dollar long position.”
Exceptional Characteristics of Bitcoin
Bitcoin has proved itself to be revolutionary for the future of the financial system. With time, it has shown the potential of becoming the world’s leading currency that can benefit all.
Today, BTC is the world’s largest cryptocurrency by market capitalization because of its positive adoption and profitability. Investors worldwide are preferring BTC, and many have made fortunes through it.
Here are some of the extraordinary traits of Bitcoin that are proving to be amazing for everyone.
One of your aims, when you start earning, is to save your hard-earned money, but it is becoming difficult with each passing day. Higher prices are pulling money out of your pocket quickly and you might not be able to save as much as you want to.
But with Bitcoin, you can solve this issue.
Inflation has been one of the gravest challenges of the traditional economic system that increases poverty. It has left the world divided between privileged and unprivileged with the former getting the most benefits.
Bitcoin is a digital coin and its protocols have been designed in a way that only a limited number of BTC can be traded. With a limited supply, Bitcoin can increase your wealth manifold and provide you with an inflation hedge.
Earning money has always been an arduous task because of the disparities imposed by the existing financial system. Many sleep on empty stomachs and are unable to afford even the necessities.
One of the incredible characteristics of Bitcoin is its potential for higher rewards.
Bitcoin is not a regulated currency, and it is comprehensively supported by blockchain technology where its value keeps on fluctuating. You can earn a lot of money with Bitcoin when the crypto market is bullish.
For example, Bitcoin was valued at around U.S. $6,965 in 2020 but it reached an amazing value of around U.S. $70,000 in 2021.
Sending money to someone can be a challenging process considering the different procedures involved in the banking system. There could be delays or even higher fees.
But with Bitcoin, you can send money to anyone within just a few clicks.
Since Bitcoin is supported by blockchain, the whole process is online. If you want to make a BTC transaction, all you need to do is to go to the crypto exchange platform and put the address of the person to whom you want to send money.
Within a few minutes, it is all set up. In addition, the transaction fees with Bitcoin are fewer as compared to bank transactions which can save you money.
The significant characteristics of Bitcoin make it a versatile currency that is rapidly adopted by many investors.
No one can stop you from becoming part of Bitcoin because it is online and all you need is an affordable investment.
Now it is in your hands whether you want to be part of Bitcoin and secure your financial future or still rely on the traditional system and face multiple financial challenges.