Bitcoin’s Long-Term Viability Relies on Users

Viability of Bitcoin Relies on Users and Research

Taking away the fear of adopting a new currency is a must. It is a mission for Bitcoin to gain the trust of people, and that raises value representation of the surfacing currency.

Doubts easily arise right after reading an article or two that point out deal-breakers without having to feel the need to know the other side of the story. It is unavoidable to notice imperfections before the benefits, especially for something so foreign like cryptocurrency.

But times are changing now. The digital era will soon emerge to a point where co-existence of new and previous technology is observed. Both fiat and cryptocurrency must be considered, especially for purposes that they are best used for.

The past

Early currencies back then easily gained assurance as they were represented by something tangible. Now, people are still used to the fact that something that has value is in need of the same physical representation. But why is it that people trust credit cards? Is it any different from Bitcoin?

Credit cards make it easier to spend money. No checking of savings happens before approval. Purchasing power is greater, but much likely to be exceeded. Therefore, it eliminates the physiological barriers of cash.

Moreover, despite the fact that a considerable amount of interest is charged on top of the value of an item, and credit information can pass through third parties, leaving it vulnerable to credit frauds, many consumers still patronize it.

Bitcoin Misconceptions

The future

Why not highlight the same reasons Bitcoin should be used? This should take away all the common misconceptions.

First, extinguish the security issues surrounding Bitcoin. Bitcoin uses open source software, but that does not signify that hackers can easily penetrate the system. In fact, the algorithm is what strengthens the security through the application of blockchain.

Alternatives like paper and Bitcoin hardware wallets are available for users who are not confident enough to leave their currency exposed to the Internet and hacking.

Second, highlight the protection. Bitcoin offers security and transparency no other form of currency can. Anonymity is one of the key features Bitcoin will stay in the game of currency. People believe the fact that personal information is not to be uncovered over the Internet.

Third, users are the only owners. Cryptocurrency accounts are not owned by anyone else but the user. No other party can freeze accounts or hold assets for suspicion of fraud or misuse of credit cards. Private keys are kept by only the users and no one else. Not even the government.

Global Bitcoin Adoption

The bettors’ part

If consumers are still able to trust credit cards and other traditional currencies that have been countlessly hounded by issues, then cryptocurrency can perform as well.

Current users of the digital currency play a huge role on the spreading of this message, especially Bitcoin gamblers. They are willing to risk time and resources for the sake of trying the cryptocurrency when it was first introduced, and it eventually paid off, slowly but surely strengthening the security of Bitcoin gaming as well.

Credit card payment systems could have easily been chosen and preferred, but the overall speed of payout, deposits, and registration makes Bitcoin the better choice for the purpose of online gambling.

The growing number of Bitcoin casinos and Bitcoin games show that the currency is doing substantial work in the industry. Truly, viability of Bitcoin relies on users and research.



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