Bitcoin: Rise of the Digital Currency
With the emergence and the use of cryptocurrency, Bitcoin has managed to take up the lead. Within just 13 years of its onset, Bitcoin price has risen from basically nothing to thousands of dollars. What’s more astonishing is that on 9th February 2011, Bitcoin was only worth a single dollar, but the tables have turned!
On 9th February 2021, the price of 1 Bitcoin reached USD 48,200. Every passing second is increasing the worth of this cryptocurrency, and the day is not far when the digital currency will take over the world altogether.
Bitcoin Being Recognized by Giant Businesses
With every sunrise, a ray of legitimacy is passing through Bitcoin. Renowned companies are accepting it, and with each acceptance, Bitcoin is gaining more validity. A reasonable number of online stores have been accepting Bitcoin since 2017. Japan has even passed a law to accept Bitcoin as a genuine and legal payment method. All these incidents and claims are tangible proof of Bitcoin’s supremacy.
Taking Over the ATMs
Usually, people use ATMs to withdraw the regular cash but let us tell you something amazing! There are ATMs available for digital currency as well, and Bitcoin is taking over the storm with a real BANG! The most developed countries like The United States of America, The United Kingdom, Canada, Spain, and Austria are home to such ATMs. In fact, there were about 5457 ATMs of Bitcoin available in the whole world in the year 2019.
The number keeps on increasing, and looking at the pace with which Bitcoin is winning the race; one can clearly assume that the number of ATMs until now must have been doubled.
Influx of Investments
Bitcoin is becoming a safe haven for companies that want to fence themselves from intense market swings. Companies are looking for ways to hold less cash and store their money somewhere safe. Guess the solution they have figured out? The answer to all their problems is Bitcoin. As a more sound and safe store of cash or value, Bitcoin has managed to gain the trust of multinational companies.
There is an analytic company called MicroStrategy that has converted its $425 million into Bitcoin. Hence, significant companies are entrusting this currency with their hard-earned cash and storing it in this virtual safe-house. Back in the days, people converted cash into gold bricks, but now the criteria are changing. A new future is about to unfold before our eyes, where digital currency has taken the place of the world's most valuable asset.
Paypal’s Acceptance of Bitcoin
One of the best things that the supporters of Bitcoin heard in October 2020 was PayPal’s announcement of buying and selling Bitcoins on its platform. From the instance when this announcement was made, the price of Bitcoin began shooting up. It is precisely because PayPal is the most widely used platform, with more than 350 million users. Not only this but there are more than 20 million active merchants available on PayPal. They can easily accept this cryptocurrency, turning Bitcoin into one of the finest currencies in the world.
Acceptance by Paypal has aided in a significant rise of this digital currency. Venmo, which is a payment app used by PayPal has over 40 million users, has boosted the flow of Bitcoin. Moreover, following the decision of PayPal, its competitors like Square and CashApp have also started accepting cryptocurrencies.
The point is pretty simple. Slowly and steadily, Bitcoin is taking its roots in every single area of this world. With the advancement of technology, even the criteria of becoming wealthy are changing. You want to become rich and own the world? You no longer need cash for that; all you need is Bitcoin.
The Inflation Hedge
Because of Covid-19, central banks all across the world began printing more and more money. This process marked a rise in the inflation level, which led to the lower purchasing power of the people. In times like these, the only safe way to protect one’s money and the only beneficial investment is Bitcoin. Out of 21 million Bitcoins, 18.5 million have already been circulated. This scarcity is leading people to realize the advantages they will get after investing in this cryptocurrency. In other words, this rise in the inflation level has sped up the process of the rise of digital currency.
Central Bank Digital Currencies
A central bank holds the place of a heart in the body of the banks. This is where the money is printed and circulated among all the other commercial banks. If Bitcoin has managed to take hold of the central bank, then let us tell you; nothing can stop it from advancing!
The central banks of enormous powers like China, Russia, the EU, and even Canada are working day and night to make way for Central Bank Digital Currencies (CBDCs). This step is enough to show the legitimacy and genuineness of Bitcoin. It points out the fact that cryptocurrency is the new future.
In a Nutshell
Summarizing everything in just a few words, BITCOIN IS THE FUTURE! The rise in the use of digital currency is taking pace, and within some years, virtual currency will take hold of the world.
From storming the ATMs to reaching the world of the Central Bank, from gaining legitimacy through various financial laws to becoming a safe house for giant business companies, Bitcoin has managed to prove its worth and significance in the world of digital currency. You need Bitcoin more than ever now!
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