Bitcoin seems to have come at the right time, presenting itself as a better option to the current financial structure and the future of the global finance. Despite the many criticisms levels against it, Bitcoin still stands as a better package to the money world. This fact has been confirmed by a number of experts including Niall Ferguson.
Outside of the many benefits which outweigh the services of the traditional banks, the blockchain technology which goes hand in hand with the cryptocurrency has the ability to act as a digital ledger which can probably help to fight against corruption and all kinds of untraceable money disappearance in developing countries.
Unlike the traditional financial institutions, Bitcoin involves no middle men in transactions and has a low transaction fee. In consumer’s behavior, the maximization of utility is a top priority. There is no need for a middle man who will dictate your cash inflow when using the cryptocurrency.
Traditional banks charge transaction fee higher than that of Bitcoin in the process. Most of the altcoins also have as low as less than a dollar in a transaction. On top of that, it presents itself as a universal asset which can be used everywhere without hustle.
Also, cryptocurrencies led by Bitcoin has an interesting way of keeping senders and receivers anonymous with full respect to privacy. Transactions are made to a generated address linked to a specific wallet, unlike banks which require users to provide full verification before the transaction.
This feature is very peculiar; however, it has been used negatively for illegal operations. The various darknet marketplaces which have been said to host a large number of illegal buyers and senders use Bitcoin for transactions to keep them anonymous.
Regardless of this negative use, it can be utilized properly. A good regulation to guide its use can make it a better option to any other existing digital asset.
A bitcoin transaction is very fast and convenient as compared to the local banks. Some Cryptocurrencies confirm transactions within 15 seconds.
Also, it is very much secured and this alone can make it dominate the financial market in the future. Since transactions do not involve the provision of identification, there is nothing like identity theft.
Individuals are provided with private keys which ensure that third parties are kept away from their funds. Its wallet is easy to obtain and the same as its operation. These make it the right candidate to lead the global financial race in the future.
