Cryptocurrencies, especially Bitcoins, have sparked debates all over the world. Maximum people know about Bitcoins, but there are still speculations on the other cryptocurrencies. Nevertheless, the popularity of Bitcoins has reached its peak. And there is further space to grow. If you are new to oil trading, consider the following benefits of using bitcoin in the oil industry.
The present rate of adoption of Bitcoins has triggered an unprecedented rise in the popularity of crypto. As the price of the crypto reached the maximum value in November- December 2021, people are rushing in to buy more and more BTC to their investment portfolio.
Reason #1: Low transaction fees
One of the significant reasons for the rising popularity of Bitcoins is the low fees for all transactions. If you compare the transaction fee to the traditional payment processes like the centralized banks, Bitcoins charge the lowest fee.
As a result, people prefer to send money using Bitcoins instead of cash. This is further applicable if you are sending money across borders. Essentially, the low transaction fee is the primary reason why maximum people use Bitcoins for money transfers. The same rule applies to buying a product or service online.
Reason #2: Absence of centralization
Do you know that one of the many reasons why people love trading Bitcoins is the absence of any regulatory authority? The non-involvement of a government or any centralized bank in the authorization of the transactions increases the credibility of the bitcoins.
- It is evident that Bitcoins will maintain their stability even when any country is going through some political or socio-economic turmoil.
- Bitcoins can be a potent tool for protecting your wealth.
- You can convert Bitcoins into fiat money anytime and vice versa in case there is a problem with the stability of the traditional currency.
Reason #3: Scope to earn profit
Initially, the price of bitcoins in the beginning of 2010 and next few years, were pretty much low. However, considering the excellent features of the cryptocurrency, the CEOs and entrepreneurs of unimaginably big brands started taking interest in the same. Later, upon finding out about the participation of so many bright figures in the trade market, people started removing their doubts on the same and started investing in chunks and got tremendously huge returns which were impossible in the fiat trading market like stocks. Thus, such amazing return rates have pushed the matter towards something huge which is enough to drive people crazy!
Reason #4: Ease of use
A decade back, many people didn’t know about Bitcoins. And those who knew about crypto did not completely believe in the credibility of cryptocurrencies. Thus, the price movement was never significant.
But using cryptocurrencies has become much easier over the past few years.
- You can pay at various retail stores or different eCommerce platforms using Bitcoins.
- Cryptocurrency debit cards have slowly popped up and immediately earned huge online popularity.
- It’s easy to use Bitcoins as a mode of payment on some digital wallets.
The convenience of using Bitcoins has made people understand that it is not the last option for payment anymore. As more people are getting aware of Bitcoins and the convenience of having them, it’s natural for more and more people to invest in the same.
And as it goes, more demand will definitely lead to a surge in the price.
Reason #5: Overall security
Security of identity and money are the primary needs of maximum people. Bitcoin enables the protection of both identity and money.
- When you pay online via Bitcoins, you are not disclosing any personal information during the transaction. But that does not happen when you pay via a debit or credit card.
- You are only sharing the digital address. And you can use a private key t protect this digital address. Therefore, unless you share the digital key with someone, nobody can come after the Bitcoins that you possess.
The above two factors make digital currencies much safer than fiat money. Anyone can steal fiat money by grabbing a physical wallet. However, the digital wallet is impossible to steal.
So, it’s quite obvious that the price of Bitcoins will continue the upward graph, even if it is not going through the high zone right now.
