There is hardly anyone who can deny that the future of digital currencies is not bright. Throughout its limited history that so far spans just over a decade, cryptocurrencies (mostly bitcoin) has proven the doubters wrong on multiple occasions. Time and time again, traditionalists and people who firmly believe in the old ways of doing things have said that there will always be a place for fiat currencies and that you cannot have a world in which there are no bank and government-controlled transactions.
In 2023, things have never looked better for virtual currencies no matter what they are, how valuable they are, nor how new. With bitcoin as their leader and the absolute model crypto, the wave is clearly paved towards a bright future. The reasons for this belief are many and experts agree on most of them. If you are interested in investing in a cryptocurrency there is no time like the present. Make sure to do enough research before the initial investment and you will be fine.
To help you along the way as well as to persuade you that it is a smart business decision, here we will talk about the most important reasons why the future is great for cryptocurrencies. To find out even more on the matter and become more educated on all things bitcoin and crypto, make sure to check out bmmagazine.co.uk.
1. The Value is Rising
At the moment, 1 BTC is worth more than $42,000. On February 9, 2023, it reached a new all-time high of more than $48,000, crushing the now-old record at the turn of the year when it was levitating between $35,000 and $40,000. These constant jumps in value are all the investors and experts need to cement their belief that it has more potential than anyone has ever dreamed of. Although some forecasts predicted such a rise towards the end of 2023 and in the first quarter of 2023, many were still skeptical. There is no denying it now as bitcoin is once again reaching new heights.
More and more people are deciding to jump on the hype train and ride it into a more prosperous future. The latest jump came thanks to Elon Musk and his Tesla investing $1.5 billion into the main cryptocurrency, which persuaded many new investors to finally make the move and expand their portfolio. The leading crypto is not as volatile as it used to be either and it shows promise of never going back to its old, unpredictable ways. If a 15% jump can happen within a day, there is no saying what else is possible. Moreover, if a modern-day genius inventor like Musk trusts in it, what more do we need?
2. The Laws are Changing
In the early days of cryptocurrency, everything and everyone were so skeptical and not educated that they looked down on the new type of money and the way business can be done. Many governments and organizations greatly limited the mining as well as the use of digital currencies, while some completely banned it within their borders. A mix of fear, a lack of knowledge, and an unwillingness to keep up with the time has prolonged the time needed for these new currencies to find their way in the world. Now that everything is happening faster and more efficiently, more those in charge are realizing the potential and the laws and rules are slowly being regulated. Big corporations and organizations mine their own bitcoin, business is done with it, and sooner than later most of the average people will have their own crypto balance.
3. Promise of a World Without Centralized Powers
Blockchain tech and all the benefits it brings is something the world desperately needs if it is to move forward and improve. The banks and governments overlooking everything, imposing taxes, and controlling the rules and laws cannot be the future. It is the old way of doing business and trading with each other. There is no more need for middlemen and intermediaries as digital currencies can be exchanged through a peer-to-peer system, without any centralized power overlooking the transactions and taking a small percentage of everything.
Moreover, anonymity is finally possible since nobody needs to know who is on the other side of the transaction. All you need is their electronic wallet address and the business deal can be completed. Whether you are buying, selling, or trading, you will be protected knowing that nobody else is in on it, no taxes or fees exist, and everything is as it seems while you stay anonymous. Blockchain technology has potential in other industries as well, such as healthcare for example.
4. Widespread and Easy to Use
Nowadays it is much easier to begin your cryptocurrency journey than it was five or ten years ago. All you need is a starting investment you are ready to buy crypto with and an account on the right cryptocurrency exchange service. Once you open it and buy the initial amount, you will also get an electronic wallet that will store and safeguard your balance.
The wallet comes with an address you use to do business with the digital currencies you have and the rest is up to you. When it comes to how widespread it is, all you need to know is that an increasing number of shops, merchants, and services now accept the leading digital currencies and legitimate forms of payment. Not long ago you could not actually use it to buy things online nor in the real world.
Now, as more people know about it and understand how big it is becoming, they want to have as much as they can so they are ready to sell you their products in exchange for cryptos. What is more, bitcoin ATMs (BTMs) also exist all over the world, especially in large commercial cities and country capitals. Such a widespread adoption was bound to happen, and although we would love to have seen it happen earlier, it is more than welcome now. It can only get better from here on out!