Unlike normal transaction systems, Bitcoin transaction systems are very fast and run all over the world. Since it is relatively new not many people use it but with each passing day technology is becoming more and more reliable and this is proving to be true as every month hundreds of people transact millions of dollars with of Bitcoin all over the world.
In the long run, due to the scarcity in the number of Bitcoins that can be circulated in the world, there is scope for a rise in its intrinsic value. This means that the percentage increase in its value will be exponential.
If they’re so good, why aren’t they popular?
It would be ironic to state that one of the most important features of earn bitcoin, that is, decentralization is also considered to be a disadvantage as they are prone to being used for illicit activities. It also has seen its fair share of scams and frauds. Moreover, it is non-refundable unlike other modes of payment. This is one of the major reasons that several nations have imposed either a partial or complete ban on the possession and usage of cryptocurrencies. Its high volatility also makes it an unpopular choice. For instance January 2018 saw a 65% decrease in value than 2017. However, in nations such as India, trading in digital currencies is legal.
Why bitcoins can work the trick?
Cryptocurrencies have evolved in the global economy to such an extent that their involvement in the progression of the economic system of any nation is integral. Although other cryptocurrencies are catching up slowly, Bitcoin has already set a mark in innumerable companies and firms across the globe being accepted as a primary mode of payment. They surely have the ability to revolutionize the global financial sector.