Bitcoin is the only currency that is famous than the other 500+ cryptocurrencies in the market. Many Bitcoin users do a lot of transactions every minute. So the popularity of bitcoin is increasing day by day by increasing bitcoin usages. Some people say that bitcoin is a beneficial currency because we can do multiple things with bitcoin. Some people say that bitcoin is a useless currency.
It depends upon the demand and supply, which means the price of bitcoin will increase and decrease according to the market and store. Some people increase its price by spamming, such as buying the bitcoin in bulk, and when the price increases, they start selling, and the price will go down. In this article, we will discuss whether bitcoin technology is useless or not.
Bitcoin is a digital currency that is very popular in the crypto market. Bitcoin is a digital coin that came into existence in 2008 by a person named Satoshi Nakamoto. Bitcoin is a decentralized system that means no third parties such as banks, the government, and other financial institutions can control the bitcoin technology. In simple words, bitcoin is a separate currency in a digital form that anyone in the world can use for multiple things.
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Why do people say bitcoin is useless?
There are the following things that people say about the bitcoin is useless given below:-
- The price of bitcoin is not constant. When the demand increases, the price also increases, and when the demand decreases, the price decreases. Some people buy bitcoins in bulk to increase the price of bitcoin, and when the price increases, they start selling bitcoins to earn a profit. So they think that bitcoin is useless technology.
- The second thing that people say is that bitcoin cannot use everywhere. Bitcoin is banned in some countries because it is a decentralized currency. Many uneducated people do not know what it is; bitcoin even they never do transactions through banks. They do transactions through cash because it is the only convenient way of exchange.
- Once you lose the bitcoins, then you cannot get them back. Bitcoin is a decentralized system that means no manager or a third party is working behind it. In the case of banks, if you lose your money or transfer the money to the wrong account by mistake, you can contact the bank, and they will help you get your money back. Bitcoin is an open-source platform, and no person will help you to get your bitcoins back.
Why is bitcoin helpful technology?
There are a lot of people who say that bitcoin is useless technology, but there are some reasons that make bitcoin a useful technology given below:-
- Bitcoin is a decentralized system that means no one in the globe can hack or crack bitcoin. Bitcoin is an open-source system that means there are millions of miners working behind it. If you want to break the bitcoin technology, you have to hack all the computers or nodes of miners.
- No government, banks, or other third parties can track your transactions, which is why that is very popular. You do not need to pay tax because the government has no record of your transactions.
- Bitcoin is a deflation currency because there is only 21 million bitcoin on the blockchain. However, unlike fiat currency, the price of bitcoin will rise at some percentage in the long run.
- Bitcoin is more than a currency; that means you can use it for multiple purposes such as investing, buying, selling, sending, receiving, mining, accepting, etc. There are a lot of people who are earning money through it. Fiat currency is only a medium of exchange that means you can use it only for the exchange and not more than that.
- You do not need to pay tax to the government if you do all the transactions in the bitcoin wallet. You can accept business payments by integrating bitpay into your website. You do not need to pay high charges for doing bitcoin transactions.
So I think bitcoin is not a useless technology because, in the future, every person will use it as a regular payment gateway.