Will Bitcoin become the universal payment method?

Bitcoin has once again found itself in the headlines as it recently managed to top the 2017 record in value and reach heights like never before.

Will Bitcoin become the universal payment method?

Dado Ruvic/Reuters

Not only did it went over $20,000 in value recently, but the current value is well over $30,000, which is something that not many people were able to foresee.

Although many experts have stated that there were several indicators which proved that Bitcoin will spike again in 2020, not many of them actually thought that it can go this high. If the spike in value tells us anything, is that people are now fonder to use it than ever before. The interest is massive and Bitcoin has millions of users around the world.

Its popularity raises one very intriguing question: does this cryptocurrency have the potential to become the universal payment method in the future? After all, that is why it was created. We are going to dive in that topic by explaining why is Bitcoin so popular, how do people make money with it, what are the opinions on experts, and what are the governments' stances. Let’s begin.

Earning money with Bitcoin has 2 stages – first, you got to earn Bitcoins, then sell them. Earning Bitcoins is done through mining. This is a process which requires miners to verify every transaction made with this cryptocurrency. They do that by solving complex puzzles. The reward for every verified transaction are Bitcoins. Each completed and recorded transaction is called a block, while the log that stores all of the data is called a blockchain.

After you earn Bitcoin, comes the second part – selling them and making money. This is much harder than it sounds, because Bitcoin has a very high volatility rate, meaning that its value fluctuates. It can go up and down in a matter of days.

Predicting the future price of Bitcoin means that miners can make the most of it and earn the highest possible profit. But unfortunately, they are not always able to do this. So, they turn to the experts. There are many trading sites which help them do just that.

One of the most reputable and most successful platforms of this type is the-bitcoinevolution.com. This site uses AI which collects all of the information on Bitcoin and predicts its future price with great precision. The platform has thousands of users from all around the world and the daily profitability rate here is massive.

The reason as to why so many people are fond of Bitcoin is because the cryptocurrency has tons of benefits and advantages over the FIAT currencies. It provides users with a certain level of anonymity thanks to the cryptography, all transactions made with Bitcoin are instant, and users actually save money by using it.

Bitcoin is a self-sustainable currency and it is not controlled by banks and/or governments. They are unable to impose added or hidden fees to you. Not only that, but the general fees for some transactions are also much lower than the ones of other payment methods.

Many experts believe that Bitcoin has the potential to become the universal payment method. Why? Because the infrastructure keeps growing with each passing day and due to the fact that unlike other currencies, Bitcoin is user-orientated and provides the people with many advantages, some of which we mentioned above.

They believe that in time, its popularity will become so great that governments will be forced to recognize it as an official payment method, thus making it a universal method. Millions of people are already fond of it, and Bitcoin acceptance is increasing each day.

Right now, the reason as to why governments oppose Bitcoin so much is because they cannot control it. As we mentioned earlier, this is a self-sustainable currency, which favours the people rather than the banks and governments. But, some countries around the world have already loosened their laws and are more open to the idea of accepting it as an official payment method.

These days, it is hard to determine whether all countries around the world will be open to the idea of making Bitcoin the official universal payment method, so we’ll just have to wait and see what the future holds.

*This is a featured post.

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