Can Bitcoin triumph over old financial system?
Many investors consider Bitcoin as the first decentralized cryptocurrency, it was invented in 2009 by an unknown programmer or a group of programmers using the pseudonym Satoshi Nakamoto, this has opened the doors to a new age of blockchain technology. Since then many cryptocurrencies were invented, and the price of Bitcoin is only going up.
Lately, bitcoin is making lots of buzz, this week Elon Musk changed his Twitter bio to “#bitcoin#”, then followed up with a tweet “In retrospect, it was inevitable”, which signaled to investors that Musk might have bought some bitcoin and this in return has driven the price up from $32,000 to 38,000$, 19 percent in less than an hour.
One of the things that are special in bitcoin is complete autonomy. Only you the key owner can access your account through something called Wallet, and that is where you store your bitcoins or other cryptocurrencies. As the price of bitcoin is going up, it becomes one of the most attractive cryptocurrencies in the world and many are looking for ways to get into the bitcoin train.
The cryptocurrencies become very unique and different from the old financial system, you do not need the banks to hold or forward the money for you, it all happens in the blockchain transparently, and no central banks involvement, only you can access your wallet.
With bitcoin and other digital currencies, you have complete control, complete autonomy, and it is decentralized from the central banks. The investors that have bought bitcoin cheaply from the beginning, now are seating on a fortune. The uniqueness of cryptocurrencies is the hardness of hacking into your wallet, so if you have lost your hard drive or forgot your login details, it is hard to get back into your account again, Especially there is no customer service to contact to check if it is your account. This is one disadvantage of cryptocurrencies compared with banks who will be just a phone call or a small distance away from you, and Of course, it is impossible to imagine a bank would lose your account details or a password.
Financial brokers such as banks, insurers, and capital investment companies represent the old financial system and they are not particularly popular, but they play a very important role in the financial system. They act as an intermediary between private individuals and companies, they bring entrepreneurs and lenders together to work out an agreement with the various lending products at their disposal. In Principe Banks have lots of benefits, you are protected in case of pin or card lost, you get that back and your money is not lost either.
The thirst for digital currencies is obvious. Many companies all around the world want to offer bitcoin and other cryptocurrencies for sale, purchase, or for payment. which makes it easier for investors to trade and profit from cryptocurrencies. If you choose to start investing in cryptocurrencies there are many brokers out there that offer bitcoin and other digitalcurrencies, you only need to remember your log in details and not your 64-digit long crypto key.
Finally, I can say that Cryptocurrency has not failed, especially now that the central banks are getting interested in introducing regulations to cryptocurrencies. We are paying more with our cards, and do not use cash as before because it is easier and faster. The technology behind Bitcoin has the potential to revolutionize the global financial system, and perhaps in the future, every electronic transaction in the world would be processed via blockchain.