We have heard so many predictions of the fall of Bitcoin, and yet it is still here. What’s more, it is getting more valuable every year, and we are expecting the value of Bitcoin to exceed $20,000 shortly. But even though it is valuable, what is to say it is going to stick around? Here are five reasons why we expect Bitcoin to be here for the long term.
It’s the Most Famous
When someone mentions cryptocurrency, it’s hard not to think of Bitcoin. It’s the original cryptocurrency and what the rest is modeled on. It is by far the most famous and so has used its fame and media exposure to remain at the top. It is not to say it is necessarily the best for investment.
Integration with Payment Systems
Given its relatively high exposure, Bitcoin has become the cryptocurrency that is most often offered alongside other standard payment types at checkout when shopping online. Payment merchant service providers are more comfortable with established platforms. This is a fantastic achievement for Bitcoin as once part of these networks, it is difficult to lose that space, so think about how long Visa and Mastercard have been accepted.
Choice of Exchanges
Again, we go back to Bitcoin’s popularity. The fact that it is so widely used means that there are more places that you can convert your regular currency and send Bitcoins wherever they need to go. It’s important to research your cryptocurrency exchange to find the best one for you. Factors such as the price of exchange, and service quality are important. It’s also important to know you are dealing with an organization that will offer you the security of your funds.
Since we just discussed security, it may sound surprising that being unregulated is positive for Bitcoin, it can make the privacy of transactions easier. Many customers find that having a financial system where their transactions are unable to be tracked is beneficial. Often this is cited as a potential for illegal and criminal activity, but just because the transaction is hidden does not mean that criminality is present. You may have businesses that are using tax avoidance schemes that are not illegal but that they would rather not be public knowledge. You could have partners who are trying to hide their wealth from their spouse. We may discuss the ethical merits or demerits of these behaviors, but so long as individuals and organizations are keeping to the law, it is all academic.
As we see rising usage and acceptance, it is likely that Bitcoin is not going anywhere. Once a product or platform gets into the public consciousness positively, it takes something significant to shift that back. It might not be the case that Bitcoin will be number one forever, look at how Hoover used to rule the vacuum cleaner world, but they were on top for decades and are still a significant player.
This article has been contributed on behalf of Paxful. However, the information provided herein is not and is not intended to be, investment, financial, or other advice.