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Can Bitcoin Become a Useful Currency?

Despite their growing mass adoption, skeptics still do not approve of cryptocurrencies as viable transaction mediums. Some are concerned virtual currencies such as Bitcoin have no intrinsic value and are highly volatile, hence not suitable to serve as transaction currencies. Others also cite the absence of Bitcoin regulations as a potential risk to merchants and consumers. You can transact Bitcoin directly through your wallet or a reputable crypto exchange such as bitlq.net 

Meanwhile, Bitcoin has continued to gain immense value and popularity over the recent years. Many governments, corporations, merchants, and individuals worldwide now recognize and accept Bitcoin as payment for various goods and services. It is also increasingly gaining a reputation as a better hedge against inflation.  Here are the reasons why Bitcoin will undoubtedly become a valuable currency. 

Increasing Global Adoption 

A currency's usefulness mainly depends on the number of people willing to use it to complete financial transactions in the present and future. Unlike fiat currencies that gain and lose value based on political and institutional influences, Bitcoin prices fluctuate according to public perceptions. Its exceptional performance over the last decade indicates growing investor confidence in Bitcoin as a reliable transaction currency and store of value. 

Crypto adoption is growing at a rate of 100% annually, well ahead of the internet's adoption rate in the 1990s and early 2000s. Experts predict crypto will have more than 1 billion users by 2024 if the pace slows by 20%. Bitcoin's market cap is the largest, driving the mass adoption of virtual currencies worldwide. 

The increased Bitcoin adoption indicates the world is ripe and ready to use it to settle payments and invest. El Salvador made Bitcoin a legal tender, making history for being the first country to do so. Several global industries, including finance, manufacturing, real estate, technology, healthcare, retail, and e-commerce, have already adopted Bitcoin as a payment method and investment. 

Easy Accessibility 

An ideal currency should also be easy to access and transact. One of Bitcoin's unique characteristics is being a decentralized currency, not regulated by any government or institution. Instead, its supply, circulation, and transactions occur exclusively on the blockchain.  

Bitcoin is a peer-to-peer network that anyone can join with a smartphone and an internet connection. It limits transactions to only the two parties involved, eliminating intermediaries. That impacts faster payment processing and relatively lower transaction costs, making Bitcoin seem more reliable than fiat money. 

Bitcoin has inspired several investment opportunities accessible to savvy and novice investors worldwide. Crypto exchange platforms are some Bitcoin-inspired businesses, bringing crypto closer to the general public. They facilitate Bitcoin trading and other investment opportunities for institutional investors and individuals worldwide. 

Unlike fiat money transfers requiring people to go through banks and money processors, Bitcoin allows you to transfer and receive funds worldwide freely.

Counterfeit-Proof 

Counterfeitability is one of the critical characteristics of a legitimate currency. Unlike fiat money that people can easily counterfeit, Bitcoin has strict security measures to ensure that never happens. For instance, its market supply is limited to 21 million tokens only, with about 19 million already minted. 

Bitcoin's underlying blockchain technology verifies and validates all transactions on a digital public ledger. The blockchain ledger is encrypted and irreversible, making it virtually impossible for anyone to manipulate Bitcoin transactions or use the same tokens for two separate transactions. That facilitates trustless transactions with fewer risks. 

Bitcoin's usefulness as a transaction currency attracts mixed reactions. However, its increasing global adoption, ease of access, and enhanced transactional security provide adequate proof that Bitcoin will undeniably become a valuable currency for daily transactions and long-term value storage. 

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