Gradually Bitcoin is becoming identical to fiat currency; some even consider this cryptocurrency to be more valuable than noble metal. Many investors and traders hold and trade in Bitcoin as it opens a new horizon in the financial market; some even buy merchandise and services using the coin.
Policy regarding Altcoin is ambiguous in many countries, but some are accepting it as a legitimate currency. Irrespective of the government policies, the demand, and acceptance of Bitcoin is growing slowly but progressively.
The brighter side
If you want to have comprehensive knowledge about Bitcoin and its future, cryptocurrency news can provide all the relevant information. With soaring fuel prices and a meltdown of the global economy coupled with the devaluation of major currencies, the prospect of Bitcoin looks bright. Devaluation of fiat currencies, particularly US$, and global economic slowdown, the price discovery of Bitcoin is imminent.
Many pioneer business entities and some forefront banks are accepting Bitcoin and Altcoin as payment. As of date, there are only twenty-one million Bitcoin universally, and more people are willing to accept it as a legitimate currency. As the trend shows an upward movement, fewer investors are willing to sell their Bitcoin portfolio. This phenomenon is increasing the price and demand of Bitcoin.
A prominent social media launched a cryptocurrency named Libra to facilitate international payments and to reduce transaction fees. Some people believe this platform will resolve many financial aspects regarding Bitcoin. On the other hand, many financial gurus consider the aim is commendable, but the approach is erroneous. They believe it is also an attempt to evade the conventional banking system. Libra Method website is the only platform where you can buy trade Libra crypto, and it is not a crypto exchange or brokerage service. In this scenario, Bitcoin is a more accepted and trusted form of cryptocurrency.
The intrinsic risks
The prevailing concept about Bitcoin and Altcoin is that these Blockchain platforms are inherently trustless systems; governments or financial regulatory bodies do not govern these systems. Some investors advocate Bitcoin is superior to other fiat currencies as it is not governed by governments or financial institutions. Regardless of your opinion, the feature being beneficial or not; cryptocurrencies are not entirely trustless. It is dependent on the underlying infrastructure required to mine cryptocurrencies such as Bitcoin. Much of this infrastructure lies in China, and hypothetically the Chinese government can take ownership of cryptocurrencies at the root level. By imposing restrictions or acquisitions, the government can take hold of the data miners located in China.
Stable coins with real assets is the backbone to make cryptocurrencies more acceptable and reliable, identical to US $ used to be on the gold standard. The foundation assets of a cryptocurrency can be a commodity or other currencies with real value. Another major concern about cryptocurrency is that a scam can be easily committed as the system is not governed and regulated as fiat currencies. Another school of thought considers buying cryptocurrency is superior to purchasing weak, vulnerable currencies and stocks or bonds based on those. There is an equal amount of optimism and pessimism about cryptocurrencies. To get a balanced view read cryptocurrency news regularly.