By Euro Weekly News Media • 28 January 2021 • 16:42
Bitcoin and other cryptocurrencies have taken the world of financial technology by storm. This currency that only exists in the digital form is built on a decentralized system and is not being controlled by any sort of central authority figure.
Bitcoin has revolutionized the industry by offering their users full control and autonomy over their finances. There is no need for a broker or a bank in order to perform transactions. A very important benefit of using Bitcoin is that there will be no transaction costs or fees required as you do not have to pay other companies for their service.
The system has also proven to be very secure through a peer-to-peer approach and other safety measures. Bitcoin has established as a reliable mode of exchange and it is also the most well-known cryptocurrency in the world.
A lot of people have started trading and investing in the crypto market. Bitcoin has grown even more with the help of constant advancements in technology.
Adoption as a payment method.
As mentioned previously, Bitcoin has become a viable means of exchange. The first transaction took place in 2010 where Bitcoin was used to pay for pizza. Since then, the number of businesses and online merchants who accept Bitcoin has only grown. More and more companies are confirming that they will accept Bitcoin in exchange for their services and products.
A very important step was taken by PayPal, a global online payment system, as they allow their users to now buy, sell and hold Bitcoin in their account. As PayPal is a leading company in the world of financial technology, this development should lead to more people and businesses putting their trust in Bitcoin and using it as a payment method.
Bitcoin as an asset.
Not that a lot of people see Bitcoin as a safe medium of exchange, a lot of digital wallets and apps are being developed to store these coins safely. Falling along the ranks of precious metals and stocks, Bitcoin is also being viewed as a safe haven asset by many investors. Bitcoin’s price has stabilized a little since last year and the crypto market has only seen growth. The past of Bitcoin has seen many ups and downs and many people are convinced that Bitcoin and cryptocurrencies will always remain volatile.
Also, there are day traders who do not keep Bitcoin for a long time but instead make profit through small shifts and swings in the value and use the digital asset as a trading instrument. These traders use automated trading platforms, like the Immediate Bitcoin app. Such platforms perform trades automatically for the user with the help of trading robots powered by AI. This method of trading has proven to be very profitable as the trading platform takes into account multiple factors and indicators of the crypto market.
However, it is important to understand that assets can go through turbulent times, especially if the asset’s price or value depends on the attitudes and perceptions of investors and traders. Many investors in the crypto market believe that Bitcoin has now overcome that stage. Bitcoin could be a long term store of value, like real estate, that you can leave to your children and their children. Keeping in mind the rate at which Bitcoin is growing, this digital asset will become even more appealing as it will probably rise higher in value in the near future.
Bitcoin as an institutional investment.
In today’s economic and social world, especially because of the pandemic, everyone is looking to go cashless. As mentioned above, Bitcoin is being viewed as a solid asset and a very safe store of value. It is no surprise that businessmen and companies are converting their cash into Bitcoin and storing their fund in digital wallets. This should result in further growth of the cryptocurrency as many companies are implementing this strategy and many more will follow.
Everyone is witnessing the advantages of using Bitcoin as a payment method. The most important benefit that has helped Bitcoin grow is that you do not have to pay hefty bank fees when transferring funds to someone. Now, instead of trading Bitcoin or using it just as a medium of exchange, the trend is moving towards maximizing the digital asset as a long term store of value and viewing it as an investment opportunity.
Share this story
Subscribe to our Euro Weekly News alerts to get the latest stories into your inbox!
By signing up, you will create a Euro Weekly News account if you donâ€™t already have one. Review our
Share your story with us by emailing firstname.lastname@example.org, by calling +34 951 38 61 61 or by messaging our Facebook page www.facebook.com/EuroWeeklyNews
Download our media pack in either English or Spanish.