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In the spate of ongoing clamor for regulations and ban in some countries on Bitcoin(BTC), it is evident that so much is yet to be understood about this cryptocurrency. Many are still yet to come to terms with Bitcoin as being a liberating currency. A top venture analyst while analyzing this digital currency reiterated this fact that Bitcoin is indeed a liberating currency that spells a measure of freedom for its users.
Recall the reign of Bitcoin has spanned for more than ten years while it keeps forging ahead despite sentiments and regulatory concerns.
Drawing on the premise that Bitcoin cannot be confined to a particular location, it has transcended every other currency because it can serve as a means of exchange globally.
The numerous benefits of Bitcoin usage poised, supersede its limitations. Bitcoin is devoid of any government, persons or places. We are presented with a currency that is the same everywhere. It, therefore, liberates its users from the dynamics of government rulings. From times past, all fiat currencies are government-backed in terms of money printing monopoly, price regulations, while this is not the case for Bitcoin.
Bitcoin is also cost-effective than most fiat transactions and could be used for the storage of assets. Bitcoin transactions are much faster than fiat transactions.
It is still evident that many are still yet to come to terms with the benefits of this superior currency as findings revealed it recorded much lower transactions than other fiat-based transactions like MasterCard, Visa payment.
Bitcoin has allowed its users to send large amounts of money more inexpensively from anywhere around the world.
Bitcoin Amidst Regulatory Concerns
With the market volatility Bitcoin has faced in recent times where BTC prices nosedived by $1000 within 30 minutes, so many regulatory concerns have been spurred on with this singular event, some even considering bans, an example in the UK.
Yet despite all this, Bitcoin has continued to forge ahead against all odds of regulations. The limitation of Bitcoin has however come to play in the fiat and centralized exchange as IRS is enforcing most brokers to reveal user identity, so BTC anonymity may not be an entire hundred percent.
This may, however, be a plus for Bitcoin as it proffers the solution of proper record-keeping of transactions. This feature may also propel the government to review its anti-crypto stance in times to come.