The craze around the most popular cryptocurrency has introduced just about everyone to an entirely new concept for anything from earning through to digital money and even blockchain. Over the last ten years, the currency has shown incredible growth, making just about everyone want to get in on the huge earning potential by mining or by taking advantage of the currency as an investment.
If you follow social media, you would’ve seen some posts about people turning into millions from small investments, even teenagers becoming instant millions by investing money they got from their parents for birthdays.
There’s no doubt about it, the huge increase in value around Bitcoin has made it amazingly popular, especially with the huge price spikes in the last few years. First, it started at less than $0.10 per coin, and by the time most have heard about the coin, it was close to the $20,000 mark, making instant millionaires out of everyone who was brave enough to invest a $100 or more. Not long off to the massive price increase, the coin had a rather serious dip, causing the currency to decrease by more than 50%. However, it still remains well over $5,000, making it the most valuable currency in the world.
As some of you would know, the currency was created to cut out all the middlemen, meaning banks and other financial institutes that control our money and benefit from it. With blockchain technology and a decentralised platform, the Bitcoin system works only with the users involved with it, which is simply the basics of it.
With everything in place, will Bitcoin really become the next international currency?
When we look at the overall state of Bitcoin, we can see that it’s becoming less and less popular with businesses around the world, especially after the major dip in value not so long ago. It’s also important to remember that the value of Bitcoin isn’t regulated, and it can be extremely volatile, making it a difficult currency to work with, especially when it comes to businesses.
Since the major dip in value, more and more businesses that used to accept Bitcoin as a payment option now avoid it, which isn’t just related to the value of the currency, but the scams around it as well. If you keep up with Bitcoin news, you would’ve heard about many different scams, people losing thousands by purchasing fake coins.
For these reasons and many other economical reasons, it’s unlikely that the current state of Bitcoin would become the standard international currency. Sure, there are still many international retailers and online stores accepting Bitcoin, but it’s become harder to use the currency, due to the scammers.
Bitcoin is completely anonymous, allowing scammers to get away with stealing much easier, especially for people who aren’t clued up with hacking and tracking someone down. Even then, Bitcoin scammers aren’t easy to track down, making the currency risky for the everyday user.