5 never heard before reasons why Bitcoin is the Future!
We keep reading about the reasons why bright future of Bitcoin. The truth is that most of them are correct. We have tried here to list the 5 most important factors which will act as a catalyst for Bitcoin Growth.
RAPID INCREASE IN BITCOIN ACCEPTANCE GLOBALLY
Bitcoin has the potential solve many problems which many developing economies are facing today like rural banking expansion in Africa and other developing Asian countries. This is the reason why many countries are eyeing to regulate Bitcoin. In Japan, after the regulation of Bitcoin, approximately 300,000 Japanese retail stores are expected to start accepting Bitcoin as their digital currency by end of 2017.Bitcoin was an infant who is maturing now.
INDIA, HOME OF 1.3 bn PEOPLE, ADOPTING BITCOIN RAPIDLY
India which is also known as the largest inward remittance market is valued at $70 billion per year. In May 2017 India accounted for 10% of the global trade in cryptocurrency. Indians are enquiring about Bitcoins as an alternative and safe investment option after demonetization. Just imagine Paytm which is an online transaction company in India post demonetization Paytm transactions touched 5 million in a day regularly. Paytm transactions totally hit Rs 24,000 crore a day and the company registered 700% increase in overall traffic and 1000% percent growth on Paytm wallet downloads.
Today Indians are downloading Zebpay, the leading bitcoin exchange in India. Indians like others want to experiment with digital currencies. Zebpay has over 500,000 downloads, & has become India’s largest Bitcoin exchange and is continuing adding more than 2500 users every day. Bitcoin is new to India but Blockchain, the technology behind Bitcoin, is already becoming popular as recently ICICI Bank, the biggest private bank of India, recently announced that it successfully executed transactions in international trade finance and remittances using blockchain technology. The government is also reviewing cryptocurrency space after setting up an interdisciplinary committee. The committee has submitted its report to the government; however, a government official privy to the committee’s development said that digital currencies are ‘unlikely to be declared illegal in India.’ Yet, under which regulatory body they will fall remains unclear.
RAPID INCREASE IN NON CASH TRANSACTIONS WORLDWIDE
As per the world payment report, an annual analysis of the global non-cash transaction market and a review of key regulatory and industry initiatives, the Global non-cash transactions have seen a sharp growth during 2014/15 to reach a global volume of 433.1 billion. The 11.2 percent growth, the highest of the past decade, was largely driven by developing markets, which recorded a 21.6 percent increase in 2015 while mature markets grew at a subdued rate of 6.8 percent.
The share of cash in the total payment volumes is declining in most countries, cash in circulation (CIC) remained stable or increased slightly over the past five years. The current non-cash system is costly, insecure and not decentralized.
Slowly and gradually with growing regulation of Bitcoin in various countries bitcoin is going to be the most preferred way of non-cash transactions. Bitcoin has stood the test of time and with a recent successful resolution of scaling issue of bitcoin, the transaction fees are bound to be almost negligible and lightning fast in comparison to any other non-cash transaction method in the world. In addition to that Bitcoin is secure and there is no comparison when it comes to the security of Bitcoins.
ROCKETING BITCOIN vs SINKING DOLLAR
Talks of replacing reserve currency other than US dollar is beginning to pick momentum. The momentum is backed by none other than China. People are losing trust in fiat currency day by day. Comparing Bitcoin value to the dollar’s is like comparing a written letter to an email. Both carry value.
We compare Bitcoin value to the dollar’s because they’re both seen as currencies, but Bitcoin value is much more than that. The U.S. Dollar is poised for a collapse of epic proportions as per many experts. As per the economist currency’s the Global Currency Tag lasts from 60-70 years. The U.S. Dollar is over 70 years now.
The growing military influence, with well over 100 nations occupied by military bases, is the main thing keeping the dollar in the business right now. The dollar will eventually collapse, and it will head to its true intrinsic value, Bitcoin value will certainly have an inverse market relationship. It will then skyrocket to unimaginable heights. We all know as the dollar continues to slip and slide, Bitcoin will continue its march into the future. The way I see it, the only thing that can stop Bitcoin from outlasting the dollar is the bitcoin itself.
CRYPTO-CURRENCY POSITIVE MARKET SENTIMENTS
Cryptocurrency market is on a boom! At the time of writing this article, the total market cap is $1.53 billion with a Bitcoin dominance of 47%.
There are certain behavioral similarities between the stock market and crypto market. Like stock market, cryptocurrency market also moves more on sentiments and less on fundamentals. Bitcoin is the leader in crypto space and leads the rally or downfall in the crypto market. Bitcoin is the benchmark. The cryptocurrency space is leading to innovation. More and more starts ups are entering this space.
There has been a sudden rise in ICO’s and bitcoin has revolutionized the concept of start up’s and fundraising. All this is leading more and more players entering the market. Today no government can even afford to ignore the value of start up’s. Startups generate employment which further fuel economy. Starts up are also coming up with a unique solution for different industries in the market. These startups are designed to solve the problem of economy.
When the whole ecosystem will grow, it is obvious that Bitcoin will lead from the front. More and more countries are planning to regulate bitcoin and want to be a part of this revolution.
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