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Friday , 29 August 2014

Can Bitcoin survive in the future? The pros [Part 1]

the_rise_and_rise_of_bitcoin

Let’s take a walk on the Bitcoin side and check the cryptocurrency’s possibilities in the future. We decided to divide this reflection on two different parts, so here are the reasons pro Bitcoin.

This is the right article for the digital optimistic! So, check the five reasons that make us say that digital currency might thrive in a near future. Later, we’ll talk about the reasons against.

1. Bitcoin is reliable

Cryptocurrency has grown so fast and so much because people can rely on it. We don’t trust in the banks anymore, at least blindly. Since the outburst of the financial crisis, we have started to feel the need of being independent. That’s where Bitcoin wins: the transactions are made through a user network based on an encrypted protocol. Besides being quite safe, there’s no third party messing with these transactions. Also, Bitcoin provides a flexibility that users don’t get with banks or other institutions.

2. Bitcoin is independent

Like we said before: no middle man, no governments, no taxes. For now, Bitcoin is totally independent, but this can change in the future, since a lot of experts claim that Bitcoin needs to become regulated to grow into a “real” currency.

3. Bitcoin is convenient

Our favorite digital coin is easy to use. You don’t need to go to the ATM or the bank to check your transaction history or make a payment. Even when you compare it with online transactions… Bitcoin is always easier and quicker. And, again, Bitcoin is super safe.

4. Bitcoin is transparent

Disregarding the criticism of people who clearly doesn’t understand Bitcoin, this cryptocurrency is quite transparent and not necessarily anonymous. Anonymity is a choice when it comes to Bitcoin transactions, so the process is usually really transparent. Besides, every operation is recorded on the network, so there’s a permanent and linked record of the transactions made in the Bitcoin world. so that there is an up-to-date record as to what each user’s balance is as well as the amount and location of each transaction.

5. Bitcoin is decentralized

One of the features that most attracts people to the Bitcoin universe is the fact that this digital coin is decentralized, so it’s immune to the markets and the changes imposed by the economy and other currencies. There’s no space for “manipulation”, how people called it. Governments and markets don’t have a say in it and that makes a lot of people happy and is one of the main reasons why Bitcoin might thrive in the future. By creating a platform where users from the four corners of the world can connect and exchange Bitcoins without anyone meddling their business, Bitcoin might turn into the Holy Grail of currency.

So, these are the main reasons that might explain the survival of Bitcoin. However, there is also the other side and Bitcoin Examiner will talk about it later.

Via techopedia.com