The timing of developing Bitcoin is perfect due to the recent fluctuation in the world’s economic status. Business world requires continuous innovation to sustain their needs in terms of stability, expansion, and retirement. Prediction says that it is one of the greatest milestones in the history. Boosting the world’s economic status is one of the advantages of using Bitcoin.
Bitcoin is the first cryptocurrency published in early 2009. It was developed by Satoshi Nakamoto whose identity remains unrevealed until these days. There are suggestions that this alias is a collective name for a group of people behind the success of Bitcoin. But it was not yet proven true.
Bitcoin is in the stage of discovering and strengthening its feature. Even though the company is facing a lot of issues at the beginning, it made a clear purpose for the people to enjoy the use of their own money. The following are the advantages of using Bitcoin compared to traditional currency:
- Potential gains
- Hypothetically, there are speculations that Bitcoin might be an international currency. It is expected that the rate will be 20,000 times its value.
- Accessibility and flexibility
- Bitcoin can be accessed anytime and anywhere using smartphones connected to the internet.
- Generates interest
- Investing to Bitcoin grows interest over time just like investing in a business using fiat currency. It also applies the principle of low buy and high sell.
- Free from regulating authorities
- The concept of Bitcoin is decentralization which means no regulating authorities like the government and the banks will manipulate how it works. In addition, since it is independent, Bitcoin is not required to pay taxes every year.
- Preventing stolen identity
- Bitcoin users are registered anonymously by creating a digital wallet. In doing transactions, you are not required to say your debit or credit card number and even your full name.
- Fair and transparent
- All transactions are publicly posted and regulated fairly. You can view every transaction anytime and anywhere.
Even with the advantages of using Bitcoin, it is not yet considered stable. But the world is continuously evolving, and the future success in business depends on how well the company adjusts to technological advancement.