Bitcoin was initially launched in 2009 and over the years, it has become up a great alternative to traditional currencies. It had definitely had an impact not only on the financial markets, but many other sectors due to blockchain technology and the way it’s designed. In this article, we explore the effect of Bitcoin in the digital world in 2021.
Blockchain Technology
One of the main advantages of Bitcoin was the blockchain technology that was created for the cryptocurrency. A Blockchain network is designed as a distributed ledger where the information is recorded in a way that makes it impossible to hack the network. Each transactional record is duplicated and distributed on the computer systems that are part of the network.
The peer-to-peer-based nature of the network makes Bitcoin the first decentralized cryptocurrency. Each user can find any information that it needs because this system of recording information is transparent. Overall, the main advantages that this blockchain technology introduced were highly secure transactions, processed within 10 minutes, and low transaction fees that made Bitcoin more accessible to a wider audience.
These kinds of benefits were also attractive for many different sectors. Over time as blockchain technology was gaining traction it was also tested and implemented in supply chain management, retail, public sectors, banking and many other sectors. For the public sector, the main advantage of using blockchain technology is the decreased chances of errors and increased transparency.
Furthermore, in supply chain management it allows an efficient and easy way of tracking in real-time the data and the products, it also reduces the costs and makes communication easier between the parties. 0ne example is the partnership between IBM and Walmart regarding supply chain management while IBM has also partnered with other companies in order to test and implement blockchain within the business sector.
Advanced Use of Exchange Sites
Thanks to Bitcoin today we have crypto exchange sites that didn’t exist before Bitcoin. Not only trading sites allow users to invest in BTC or make investments in other cryptocurrencies, trade their BTC for other fiat currencies among other options. One example is Bitcoin Equaliser which is a renowned trading site that uses Artificial Intelligence technology to offer automated trading at high accuracy to its members by reading large data sets.
Plus, you will be supported by a reliable Customer Support team 24/7. In order to fully prepare you for live trading, they also offer access to a demo account where you can learn the ins and outs of trading on the site. The minimum deposit to create your account is $250.
Purchases of Goods and Services
As Bitcoin grew in popularity a lot more businesses were accepting BTC because they were aware of the advantages of Bitcoin. This helps users to purchase regular products and services as Bitcoin was gaining traction. Some of the biggest corporations and brands that have supported Bitcoin are Microsoft, Tesla, Subway, PayPal, Burger King, Home Depot, and many others. In addition, this trend was also noticeable with non-profit organizations. Some of them were accepting BTC donations, and the number is only rising today.
Popular brands that support BTC are Wikileaks, Save the Children, UNICEF, Wikipedia, and many others. But there are also many small businesses including brick and mortar shops and restaurants that support Bitcoin all over the world. In fact, currently, there are over 15,000 businesses that accept BTC payments.
Safe Haven Asset
Bitcoin is also a very innovative cryptocurrency and it is even regarded as a safe-haven asset today. This wasn’t the case before the bull run. But today, thanks to the incredible bull market phase of the cryptocurrency when is the price has but managed to climb over $60,000, and it’s a limited supply of 21 million BTC, an increasing number of investors, including huge institutional investors are treating Bitcoin as a safe-haven asset.
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