The world’s most popular cryptocurrency Bitcoin, came into existence in 2009 being the first ever digital currency in an entire ecosystem of cryptocurrencies. Since it’s inception bitcoin and cryptocurrencies has witnessed price fluctuations which has been the basis of the debate whether bitcoin and cryptocurrencies are a wise choice of investment.
However, bitcoin and cryptocurrencies have withstood the test of time proving itself a worthy store of value, as a result of this people are now seeking to acquire bitcoin as a hedge against inflation most especially in under developed nations of the world where a high inflation rate seems to be predominant.
Benefits of bitcoin and cryptocurrencies
With cryptocurrency, the transaction fees are low to nothing at all—unlike, for instance, the fee for transferring money from a digital wallet to a bank account. You can make transactions at any time of the day or night, and there are no limits on purchases and withdrawals. There is no restriction to use bitcoin and crypto currencies; anyone is free to use cryptocurrency, unlike setting up a bank account, which requires documentation and other paperwork.
Also international cryptocurrency transactions are faster than wire transfers too. Wire
transfers take about half a day for the money to be moved from one place to
another. With cryptocurrencies, transactions take only a matter of minutes or even
seconds. The pros of bitcoin and cryptocurrencies in general are endless, and some
predict that in the nearest future that there will be a transition from traditional
currencies into cryptocurrency.
While we are yet to know the possibility of a complete transition from traditional
currencies to cryptocurrency, it is glaring that bitcoin and cryptocurrencies are here
to stay. However, within a couple of years, the cryptocurrency market has grown with
more oversight and regulatory measures in place by both financial institutions and
government agencies to reduce the risks associated with cryptocurrencies,
stabilizing the cryptocurrency market hence making it a safer investment.