1.Lower Fraud Risks for Buyers 2.No Risk of Inflation; Individuals Can Preserve Coins 3.Reduced Transaction Fees 4.Easy to Use in Any Situation 5.No Involvement of Any Third Party 6.Quick Payments 7.A Safer Ecosystem 8.International Payments Made Easy for Small Business Ventures 9.No Paperwork 10.Control and Security
Due to the unique nature of virtual currencies, there are some inherent advantages to transacting through Bitcoin that users of other currencies do not get. Digital currencies are a relatively new and untested medium of exchange, and users should be careful to weigh their benefits and risks. That said, Bitcoin appears to offer some unique possibilities.
The real answer to why the banks’ dislike cryptocurrencies is most likely that they feel threatened. The rise of cryptocurrencies has exceeded all expectations and, while the concept is still very young, it does have potential to shake up the aging fiat system. In order to understand the race between the banks and cryptocurrencies.
We all wonder where Bitcoin is going to be 1 year, 2 years, 5 years or even 10 years from now. It’s tough to predict, but everyone loves to do it.I strongly believe that blockchain technology and cryptocurrencies are the future.When Bitcoin was created by Satoshi Nakamoto, he set a limit for how many Bitcoins can be made — 21 million. This means that for as long as Bitcoin exists, there can only ever be 21 million — no more. So, if the popularity of Bitcoin increases, so should the value.
It is also an asset because you can sell your bitcoin and convert it to USD (or any other currency) whenever you like. It’s more liquid than something like a house and since its inception it’s tended to rise in value so that checks that off.
I think I’ll stick with my hypothesis that bitcoin, and its correlative phenomenon, blockchain, are really an advanced Bond villain plot to crash the world’s markets somehow.
General opinion that it’s decentalised and therefore isn’t controlled by anyone, but then there are obviously patterns in its behaviour that it is following. That means that there’s stuff that affects it and goes into it.
It seems like governments, out of self-preservation interest, will at the very least want to make sure crypto is taxed. As the market cap of crypto continues to increase it seems like it will become an ever bigger target for the possibility of tax revenue.