Why Bitcoin Works In 2021

Why Is Bitcoin Becoming So Popular?

When Bitcoin launched in 2009 the promise was that it would allow financial transactions on a peer to peer network without the need for any financial institutions or government control. A lot of people that knew about it at the time were very excited about the possibilities while others were somewhat skeptical.

The digital currency was actually a secondary consideration. It was the blockchain technology that so excited the creators and those that were part of the peer to peer community. But the Bitcoin currency has turned out to be a lot better than was expected. There are several reasons for its significant growth in popularity.

Bitcoin Transactions Are Private

The concept with Bitcoin is that it was totally anonymous. Anyone could make a transaction from anywhere to anywhere in the world and nobody would know who was involved. These days to use Bitcoin exchanges to make transactions you do need to provide some personal details but it is still a lot more anonymous than other financial transactions.

A good example of this is when using Bitcoin to make purchases from vendors both in online stores and brick and mortar stores. You can complete the transaction without having to provide any of your personal information to the vendor.

That being said a Bitcoin transaction can be traced but there are other privacy coins like Monero that are completely anonymous.

More Businesses Are Accepting Bitcoin

The growth of Bitcoin has lead to more and more businesses adopting it. They will accept it as a form of payment and also use it to make payments to outsource workers in different countries. 

With large brands such as Paypal, eBay, Intuit and the DISH Network embracing Bitcoin more people are becoming interested in the digital currency. A lot of people have now decided to invest in Bitcoin as a commodity because of this.

In fact you can now buy Bitcoin, Ethereum, and Uniswap through Apple Pay’s Lumi App. 

The Security of Bitcoin

Over the last few years there have been some serious data breaches happening to well known companies such as target. The cyber criminals who committed these breaches stole personal information about the customers of these companies. They then sell this information on the black market.

With Bitcoin and the underlying blockchain technology you can make financial transactions without the need to provide sensitive financial information. The decentralized ledger in Bitcoin is extremely secure and virtually impossible to hack. There is no exposure of Bitcoin wallets when making financial transactions.

Transactions Are Cheaper

To send money to another person using your bank will often cost you quite a bit in transaction fees. These rise considerably if you need to send money to someone in another country. 

International payments also take time as well and it is not uncommon to have to wait a few days for a transaction to clear. There are very small fees involved with Bitcoin transactions and it is a lot faster to make a transaction to another country.

Bitcoin Is Becoming Mainstream

There’s been huge investor investments happening in Bitcoin since March of 2020 and the accumulation isn’t showing any signs of slowing down. That’s been driving prices up and increasing awareness. It’s the perfect time to start researching and understanding Bitcoin. 

 

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