Bitcoin is one of the most talked-about subjects in the global financial industry. As the cryptocurrency is on its path to hit $60,000 in value, thousands of people join its network each day in the quest of making money. It is reported that there are over 5 million Bitcoin users in the world and over 100,000 millionaires who managed to make their wealth by trading with this cryptocurrency.
At the heart of Bitcoin, lies blockchain. This is the technology that powers in and enables it to be highly decentralized and self-sustainable. The blockchain is one of the biggest inventions of the modern era, which is why we wanted to take a closer look into it. We are going to name 2 reasons why the blockchain is a revolutionary discovery and a future concept in the world of trading. Let’s check them out.
It Helps People Make Money With Bitcoin
Thanks to blockchain technology, all of its users can profit off Bitcoin. Here’s how it goes. The blockchain is a massive log that contains numerous blocks. Each block is a successfully recorded transaction with Bitcoin. And if you are wondering who records these transactions, the answer is – anyone who is willing to.
Recording transactions is also known as mining. The reward for mining is Bitcoins. This is also the most commonly used method for earning Bitcoins as it is free. Be mindful though, it is extremely hard and complicated, hence earning Bitcoins is not as easy as one might think.
After you’ve earned your Bitcoins, you visit trading sites to sell them. To gain access to all the services at trading sites, you must register and deposit a certain amount, which is very fast and simple. Many reputable trading platforms like https://bitcoin-billionaire.net/ even provide you with expert predictions on the future fluctuations of Bitcoin.
Their AI systems analyze the market and the results are pretty accurate. That is the reason why the daily profitability rate at platforms like the one we mentioned above is very high and there are thousands of registered users from every part of the world.
Proved That There Is No Need for Banks
With regular payment methods, banks are the facilities that process every transaction. Two disadvantages come with this. First off, the processing time is very slow. In many cases, it can take up to 5 business days for a transaction to be processed and completed, making the process very inefficient.
Secondly, banks are also known for applying numerous unnecessary fees with transactions. Since fees are their main source of income, they will try to add them whenever they can.
Well, banks are totally excluded from Bitcoin’s network and users can rest assured that they will not pay any extra/unnecessary fees. General fees are also much lower. So, in a way people save money by using Bitcoin. Additionally, Bitcoin is a digital cryptocurrency that is fully optimized for online use. With that being said, every transaction that you make with it is instant.
Since we live in an era where online payments are used every day and there is a need for a payment method that is fully optimized for this type of use, Bitcoin is a pure embodiment of a concept method. The two aforementioned strengths are just a few of its advantages, and that is why many believe that Bitcoin should be legalized.
Governments Dislike Bitcoin’s Blockchain
It is no secret that governments are not quite fond of Bitcoin or the technology that powers it. The reason for that is that they cannot control it, hence they deem it as an outlaw currency.
Interesting Related Article: “Blockchain: Advantages and Structure“