A piece of paper, a copper disk, a plastic card; all seem worthless at first since they cannot be eaten as food or used as materials to build a house. But they are valuable nonetheless. This value comes from belief – the belief that they are a form of money or a means to purchase whatever you could possibly want. So, it begs the question, “why do so many still think of Bitcoin as a sort of consensual delusion?” After all, it is a means of carrying out transactions, albeit online.
When Bitcoin was first introduced back in 2013, it was worth a little over $13. Today, its value has reached incredible heights (the exact value will not be given here since Bitcoin’s value continues to rise). The truth is, if any country’s currency were to increase at a rate that Bitcoin has over just the past few months, that country’s economy would go down into a deflationary spiral. But that has not happened with Bitcoin. That being said, Bitcoin or any other cryptocurrency, for that matter, is still not backed by any major government.
So, if the value of all money is just an illusion, then isn’t Bitcoin a better way to partake in that consensual delusion? After all, Bitcoin and other cryptocurrencies run on economics, cryptography, and game theory to create a truly decentralized payment system. One of the reasons why many consider Bitcoin as the next best mode of carrying out transactions is that, to many, the dollar’s flaws are glaringly obvious. Here are some of the reasons why Bitcoin’s value will keep growing.
It’s Transparent
While there’s always room for improvement, few would deny that Bitcoin is not largely transparent. This level of transparency makes it incredibly easy to track Bitcoin, which also includes the mining process and evaluation of online transactions. All records of Bitcoin transactions are kept on the blockchain and are easily accessible to prevent fraud. This also means that when Bitcoin is accepted by governments and organizations, its sustainability and transparency are assured. In fact, the blockchain has already been identified as being suitable for use in creating large and secure databases, in education and healthcare facilities, and even in elections. This level of transparency is what makes Bitcoin realistic for future use.
Real-World Use
Bitcoin is already being accepted by merchants in many parts of the world. It is widely considered to be the best cryptocurrency exchange and can be stored in a variety of wallets. Furthermore, Bitcoin can be bought, sold, and traded online via Bitcoin trading apps. In this way, Bitcoin has created a blueprint for how cryptocurrencies could be used for real-world applications.
One of the main reasons Bitcoin is all set to succeed is that it is already being accepted by many merchants, organizations, and service providers, including online ecommerce stores and traditional brick-and-mortar establishments. As this acceptance for Bitcoin increases, governments and nay-sayers will have no choice but to admit the wide variety of real-world applications that Bitcoin offers, which is going to be not only incredibly convenient but extremely safe as well. As this integration deepens, we are going to see widespread adoption of Bitcoin ATMs and payment cards that can be swiped at points of purchase (TIL points).
It should be noted here for those who do now know that some of the major payment processors such as Uphold and Stripe are already allowing Bitcoin payments for their customers, and account holders can also convert their money to Bitcoin. It is clear to see that the emergence of more supportive technologies, coupled with Bitcoin’s real-world applications and the use of trading platforms such as ekrona software is going to be a real boost to Bitcoin’s popularity.
