Why Bitcoin Still Rules the Roost

bitcoin

The granddaddy of cryptocurrencies – Bitcoin (BTC) has recently dominated the cryptocurrency news.

This week’s highly anticipated Bitcoin halving has dented the price a little, but optimism surrounding the digital currency remains high. Here’s why:

Uptake in Usage

As of November 2019, bitcoin was the world’s sixth largest currency in circulation. The uptake in usage is down to a number of factors. For some, digital transactions like Bitcoin to Moneygram and P2P (peer-to-peer) wallets are the only way to move money.

At present, it is estimated that there are 1.7 billion people in the world that are ‘unbanked.’ Cryptocurrency and in particular Bitcoin is growing in popularity for the unbanked around the world and remains the only accessible tool workable in their particular circumstances.

Now, it is possible to pay for almost everything via Bitcoin. The adoption has been global and although suffered in the crash of last 2017 and the stagnation (or consolidation depending on how you view it) of 2018, the adoption has remained in continuous growth.

Advances in Privacy

As global authorities try and regulate the digital coin, so advances in technology move quicker to ensure privacy options are available to those who care, of which there are many!

Although there has been no big bang in blockchain advancement, there are some that view Bitcoin’s slow-moving development process, and relatively narrow focus, as “boring,” However, there are also many that view the slow but steady progress as Bitcoin’s most valuable feature.

Blockchain is the Future

Whether we like it or not, Blockchain is slowly creeping more and more into our lives. Big banks and financial institutions have invested billions of dollars into researching, developing and harnessing blockchain technology.

The advancements in technology and the adoption by organisations hastens the global uptake and only bodes well for Bitcoin and other cryptocurrencies.

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Ben Myers