Is Bitcoin the Future of Money?

 

 

Bitcoin is the first decentralized currency. There were many supporters and detractors of this new innovation. So, why Bitcoin is better than money and why is it the future of money? In this article, we will make an attempt to explain it.

Speed

Bitcoin allows you to make 8 transactions per second. The transactions done by third parties like banks can make thousands of transactions per second when done locally in same currency, but in case of international transactions, Bitcoin wins.

Cost

The cost of transferring Bitcoin depends on its value which is roughly $ 0.40 US at current value. Where ever in the world you may be, it’s pretty cheap as it’s the same all around the world. Hence, you do not need to abide by any nation specific laws and everywhere the costs are exact the same.

Portable

Bitcoin is portable as you can carry it with you in a smartphone or a laptop or a thumb drive and even on a single piece of paper. You can store any amount of Bitcoin in these methods and move around in whichever way you want. You can also email it or send it through social media. You can also send Bitcoin across borders without having anyone’s special permit or approval and can transfer Bitcoin internationally without any hesitation.

Divisibility

There will be only 21 million Bitcoin in its entire existence. So, it is not mathematically possible to divide it among 7 Billion people. But there is always a way as Bitcoin is a digital currency that can be broken up into smaller bite-sized pieces which are called Satoshis.

So, these are a few essential points that makes Bitcoin and other cryptocurrencies like ethereum, litecoin etc. better than money. Cryptocurrencies are being driven by fast, global and secure transactions. Cryptocurrencies use cryptography system to control additional creations and to secure the transactions. Only the owner with private key or code can transfer the cryptocurrencies in the cryptography system, which makes it much safer, secure and authentic. From the above mentioned points we can easily say that cryptocurrencies are definitely going to be the future of money