How Bitcoin is Changing the World

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Bitcoin might be a little over a decade old but it is gradually changing the world and has the capacity to revolutionize how we spend and exchange money in the coming years.

Bitcoin has been a hot topic of discussion in recent years, as it fluctuates in prices but still delivers to its investors, and more. At the end of the third quarter of 2020, Bitcoin was recorded to have a value of 10,794 dollars per coin. This is how far it has grown since its inception in January 2009.

However, how can this digital currency change the world? The answer lies in the few points highlighted in this article:

1. Banking and Payments
We are slowly watching traditional banks become less relevant daily, as new fintech apps, software, and ideas are introduced to make banking easier for us. Bitcoin doesn’t work with any third party or institutional body such as the bank, which makes transactions seamless.

It also takes seconds for transactions to take place anywhere in the world, compared to waiting 1 to 3 business days to finalize a transaction. This is one of the major reasons why most people opt for crypto. If we continue with this momentum, we might not need traditional banks in the future as much as we do today.

More companies and merchants are also beginning to add bitcoin as a payment option for their products and services. The world is moving fast and with the ease that comes with paying with bitcoin, more people are likely to migrate to this form of payment and ignore others with long processes.

2. Investing
Investing is an important topic in the world today and the crypto world is not exempted. However, in this case, investing in bitcoin is easier and quicker compared to other forms of investments. This is because you don’t have to go through the long process of meeting with a broker or finalizing some paperwork. There are efficient apps readily available such as the bitcoin up login to help investors transfer ownership of funds between themselves without involving a broker. Also, if you are new to crypto, investing in bitcoin is a great place to start from.

3. Anonymity
One of the biggest advantages of using bitcoin is that it allows you to be anonymous. You have a public address and key that everyone sees and can transfer to but they won’t know the real owner behind the account. Also, you’re the only one who has access to the private key and as long as it’s not exposed, your account is secure. With this anonymity, anyone can make a purchase online without their identity revealed and the payment can also not be traced back to them.

Conclusion
As we progress in the digital age and take advantage of the technological tools we have at our disposal, certain changes must occur. This includes the use of bitcoin more than ever before. The benefits bitcoin offers assures us that the world will gradually drift away from traditional banks and payment methods and rather choose the easier path.