Hello There! Bitcoin is the most popular, the most traded, and invested cryptocurrency on the face of the Earth. Cryptocurrencies are actually digital currencies that can.
There are a lot of reasons why Bitcoins can be considered a disruptive technology. For starters, it uses Blockchain technology, which works on the concept of the distributed public ledger. And there a ton more reasons.
I am a crypto investor, and I have been investing in all sorts of cryptocurrencies for the last five years. I know for sure that Bitcoins are based on technologies that are set to disrupt a lot of things.
Apart from facilitating digital payment methods, Bitcoins also serves as a long-term asset worth investing in.
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5 Reasons Bitcoin is considered a disruptive technology
Bitcoins, being a digital currency, works on blockchain technology, which is set to disrupt many major industries.
1. Decentralization and its Soaring Value
You will be surprised to know, when bitcoin first came into the scene, the value of one Bitcoin was equal to 0.0008 USD, and now as I am writing this blog, the value of one Bitcoin is equal to almost 32,000.
You are not obliged to give an account of your transactions and spending to any regulatory body. All in all, Bitcoins are here to stay and are soon about to change the way we perceive our finances.
2. No Inflation And its Bull Run
The COVID-19 pandemic brought the whole world to its knees, and Bitcoin was no different. The Bitcoin market collapsed when the price of Bitcoin crashed down to $3000. At that point, the investors got pretty scared and started selling off their Bitcoins.
But investors who had a very strong knowledge of the crypto market held onto their Bitcoins and started buying more Bitcoins since the price was already too low. This generated a Bull trend in the market and stabilized the market. Not only did it stabilize the market, but it also pushed the prices further up, and the prices of Bitcoins kept rising ever since.
3. An alternative to fiat currencies
This has a lot to do with COVID 19 as well. Ever since the COVId-19 pandemic brought the world down to its knees, the US Government has constantly been announcing stimulus packages for its citizens.
The Stimulus Packages were basically relief funds for people that were affected the most by the pandemic. It is indeed a good gesture from the Government, but it also means bringing more fiat currencies into circulation in order to fill the void made by the Stimulus Packages in the US Economy.
All this has led to inflation; it has weakened dollars by a lot. People have already started complaining about the hike in the price of goods and services.
All these have led people to invest more in Bitcoins. The rising popularity of Bitcoins has become very hard for the Government. So, the Government may soon decide on making Bitcoins as an alternative to Crypto-currency. You can know more about bitcoins by visiting myfrugalbusiness.com
4. Launch of Central Bank Digital Currency
Bitcoin Can Be Considered as A Disruptive Technology as it has compelled most nations’ governments in the western hemisphere to launch its own Central Bank Digital Currency. Countries like Japan and China have already embraced Bitcoins with open arms.
Germany has taken a step further and legalized Bitcoins, whereas some countries, The US included, have taken the initiative to launch their own Central Bank Digital Currency to tackle the rising popularity of Bitcoin. Bitcoins’ rising popularity made the Governments feel that if this trend continues for too long, then the whole financial system might collapse.
5. Uses the blockchain technology
This is probably the most important reason why Bitcoin Can Be Considered as A Disruptive Technology. The whole foundation of Bitcoins lies in Blockchain technology, which uses the concept of a public ledger database.
There you have it; the major reasons why Bitcoin Can Be Considered as A Disruptive Technology. As an investor myself, I suggest you invest in bitcoins simply because of the enormous benefits.