The introduction of cryptocurrency in 2009 was a changing event for economies across the globe. A digital currency with the name, Bitcoin (BTC), was launched and aimed at becoming the world’s leading currency one day.
In the beginning, people were accustomed to Fiat or bank transactions and using a digital currency to meet their basic needs was an unknown phenomenon. But things have changed quite remarkably in the favor of Bitcoin in the past few years as BTC has shown the potential of changing the existing financial system.
Bitcoin is now the world’s largest cryptocurrency by market capitalization but is still far away from completely replacing Fiat or traditional currency. However, Bitcoin is gradually transforming economies across communities, thanks to its amazing characteristics and incredible nature.
Let us find out how Bitcoin is changing the existing financial system.
Freedom from Banking
Bitcoin is a digital currency which is supported by blockchain technology and is free from any type of regulations. BTC does not fall under the supervision of any financial authority like a bank or any government institution.
The unregulated nature of Bitcoin provides its users freedom from the traditional banking system. Bitcoin users don’t have to follow the rules and regulations set by banks regarding the usage of Fiat as they are the sole owner and managers of their wealth.
Many global leaders have supported Bitcoin and one such global crypto leader is Carl Runefelt, alias, The Moon, who is pushing for the mass adoption of BTC.
He believes, “We will see a big catastrophe monetary disaster when the dollar and other fiat currencies ultimately collapse because I think that’s going to happen due to inflation. And then Bitcoin will rise as the solution. The only safe place I would say it’s like Noah’s ark in a way buying Bitcoin today.”
Inflation Hedge
Financial experts have failed to find a permanent solution to rising inflation around the world. Today, inflation is the biggest worry for governments and the situation is even more appalling in developing countries.
The rising prices of goods and services not only make it difficult for people to meet their needs but result in dire poverty. At one time, you are buying an affordable product, the next moment, it can become unaffordable, and this is due to a lack of monetary management.
Here comes Bitcoin to your protection as it is a digital currency that has been designed to offer an inflation hedge to its users. The protocols of Bitcoin limit its supply as you can trade only a limited number of BTC which reduces inflation and increases the purchasing power of its users.
Incredible Returns
In today’s time of technological advancement, an investor can find a lot of investment opportunities. But risk also prevails in the market because of high-interest rates, inflation, etc.
You would want to buy an asset which not only ensures monetary protection but offers amazing returns too. Bitcoin is an asset which you can rely on.
Carl, on his YouTube channel, The Moon, says, “I think Bitcoin has done incredibly well in the past year. You can see just a little bit more than a year ago Bitcoin was trading down at $3,000. Now, it’s more than ten times higher. So, I’m happy about those per that performance just compared to gold. Gold has nearly done nothing in that same period. So, I would already say that Bitcoin is performing much better than any asset out there while still taking low risk.”
One of the remarkable benefits of investing in Bitcoin is making a lot of money. Bitcoin was valued at mere pennies in the beginning but reached an all-time high value of $70,000 in 2021.
So, when the crypto market is bearish and Bitcoin is affordable, missing this investment opportunity can be a foolish choice.
Remarkable Safety
Monetary safety has always been one of the biggest concerns of people worldwide. You never know when someone is going to rob the bank that holds your money or a hacker doing his best to hack your bank account.
All these financial struggles make people sick as they find it hard to secure their money. Bitcoin, on the other hand, is designed in a way to ensures maximum safety to its users.
Blockchain is protected by cryptography which consists of complex mathematical problems that are hard to break and make it difficult for any hacker to hack the entire system in one go. In addition, BTC has the highest hash rate among cryptocurrencies which makes it the safest digital currency to buy.
Conclusion
Bitcoin has already shown positive signs of providing financial freedom to its users regardless of their backgrounds.
The current bearish run in the crypto market represents a great opportunity to invest in BTC when it is affordable.
Now, it is in your hands whether you want to be part of the next financial revolution or still struggle with the existing economic challenges.
