Is Bitcoin Good For Our Society?

Bitcoin, which initially was dismissed by major financial players, is emerging as a new trend with remarkable hold on the world economy. The mainstream financial systems are in fact worry of the new sheriff in town, with Bitcoin already fetching high prices which have continued to hike. These are the same institutions that had wished Bitcoin investment as a pipe dream that would vanish away with time, which now is gaining momentum into the world economy.

Why is Bitcoin making such Gains?

Bitcoin is a financial design that removes intermediaries and frees the industry from centralized monetary system. It is a digital monetary system that does not require banks, central banks and other centralized financial institutions common with the current system. Bitcoin in fact is a very good haven for assets and investment.

Bitcoin is endowed with certain properties which other traditional monetary currencies don’t, giving it the advantage to impact the global economy. Below are some of the unique characteristics of Bitcoin;

Storage

Bitcoin is stored in digital wallet as it has no physical shape like other forms of monetary currencies, therefore, cryptocurrency is the best form of currency which can be accessed through any digital device as long as you remember your login details. Just at the click of a mouse or touchpad and it is done. Digital wallet is the best form of storing money so far.

Security

Bitcoin, the modern type cryptocurrency, is meant to be digitally transacted. There is no middle or intermediary systems like in authorized currencies which have to be stored in physical forms in banks and other financial institutions. It is a real time transaction process that doesn’t involve third parties thereby granting you full authority to manage and control your investments and assets.

Portability

Bitcoin is a digital currency, therefore very portable at best. It is the most portable, divisible, irreversible and fungible form of currency in the market currently, making it easier to transfer or carry your assets around with you anywhere you go. It is actually money on the go anywhere you are in the world; no currency exchange, long queues at withdrawal points and physical verifications so common with the traditional authorized monetary currencies.

Anonymity

Another important aspect of Bitcoin, is its indistinguishable characteristic of your vital information to banks and other institutions who have to know your bank records, balances and investment plans. Bitcoin is stored in digital wallet and therefore need not be connected to any distinguishable data of any verifying authority, therefore your information remains anonymous.

Means of Payment

Bitcoin is digital money and can be used to make payments. In fact there are already a big number of companies that accept bitcoin as a means of payment. Initiating payments is easy and simple, all you have to do copy the Bitcoin address in the payment window, paste it in the send field in your wallet. Then copy the Bitcoin amount in the payment window and paste in the amount field in your wallet then send the payment.

Bitcoin is gaining ground in the world economy as many investors are now adding cryptocurrencies to their portfolio. In addition, Bitcoin also encourages overseas transactions since the process is simple and straight forward and there is no middle man. So Bitcoin is a great way to encourage and speed up growth globally and reduce fraud.