Bitcoin – as many believers would have known is a pioneer cryptocurrency that stores value and is operating on a platform that uses distributed ledger technology, which is blockchain. The price is not fixed. The market is volatile, and it all relies and depends on the selling and buying of the digital currency among market users.
However, from the perspective of a non-believer, Bitcoin is a get-rich-quick scheme, too good to be true and always being associated with the scam, illicit activities and hackers. One thing to be noted here is, Bitcoin has become pot of gold for a lot of people and that one fact is undeniable.
At best, Bitcoin should be seen as a way to achieve financial freedom, in other words, get-free-quick scheme. Here’s why.
1. You Drive Your Wealth
One very significant advantage of digital currency is its decentralization. Unlike fiat currency, you can be your own bank. It will not affect users if the banks shut down or impose capital controls as long as payment transactions can still be made through Bitcoin and other digital currencies. Besides, digitally, the funds are in the control of your hands without any third party involvement.
2. Digital Currencies Are Transparent
Unlike fiat currencies, the government or any third-party intermediary like financial institutions have no control towards Bitcoin. Notably, users can access cryptocurrencies at any convenient time despite government’s banning and laws in making it illegal. As reported in Argentina, citizens are not allowed to make purchases over $200 a month via bank account and $100 in cash. However, with digital currency, no entity is to dictate you on how to use your money.
3. The Value Does Not Erode Over Time
Notably, Bitcoin is designed to be deflationary and increase in value over time due to its hard-capped supply. Thus, ensuring Bitcoin adopters will not go through the problems of hyperinflation with Bitcoin. Besides, bitcoin and other digital currencies are not going to be fundamentally worthless as long as there are users in the market.
Therefore, it is vital to free our minds from the skepticism on Bitcoin and other digital currencies. This is because, to be able to separate ourselves from traditional infrastructures, may open the opportunities for users to fully benefit the advantages cryptocurrencies may provide ranging from paying everyday bills to receiving your wages in Bitcoin.
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Nurul is an English Language graduate who is highly passionate on writing, she literally breathes on it. An avid reader and a critical thinker, she covers on blockchain news during day and weeps at sad novels at night.