What is the Future of Bitcoin?

Channel:

FactFile

Subscribers:

2,440,000

Published on March 24, 2021 7:33:32 PM ● Video Link: https://www.youtube.com/watch?v=X-Wf6ZBgsKc

Duration: 10:36

2,589 views

161

What is the Future of Bitcoin?!

If you're new, Subscribe! → http://goo.gl/djmfuX

Fact File is the #1 place for all your heart warming stories about amazing people that will inspire you everyday. Make sure to subscribe and never miss a single video!

#viral #amazing #FactFile #animals

Nakamoto is said to be the originator of bitcoin. During its early days, bitcoin was used as a reward for good comments in forums – that's how negligible the value was. On May 22nd, 2010, Hanyecz bought two pizzas for 10,000 bitcoins. The value today is more than $50,000! In all of this, some people believed in the dream, and more than ten years later, the story is different.
Should you invest in bitcoin? What is its future? How does it work? You'll get answers to these questions and more if you keep watching!
Bitcoin is a cryptocurrency, but most persons prefer to call them a digital or virtual currency. This type of money is entirely virtual, meaning you can't hold them like regular dollars or pounds. However, you can use them to buy products and services although they are not accepted in many shops. Worst still, some countries have banned them outrightly for many years. The more influential persons like Elon Musk lend their voice to this currency's usefulness, the more it gains strength and popularity. Bitcoin was launched in 2009, and it is officially the first virtual currency in the world. It boasts a decentralized form of digital cash that overcomes all the traditional bottlenecks of conventional money. For instance, the U.S. dollar is regulated by the government that issues it.
However, it is different from bitcoin because it is powered by peer-to-peer technology and software-driven cryptography. This technology is the science of passing secret information that only the sender and receiver can read. All that is needed for a transaction to occur is an electronic payment system based on cryptographic proof. The two interested parties can then transact directly with each other without the need for a third party. Businesses like Wikipedia, Paypal, AT&T, and Mavericks accept this currency as a form of payment.
Are there advantages and disadvantages of bitcoin?
Regardless of how angelic trading in bitcoin may seem, there are downsides too. We'll consider the pros and cons so that you make informed decisions.
The pros:
It has potentials for growth
Most investors who use this currency are hopeful that it would grow because of the absence of some bottlenecks. The good news is that when it grows, more investors become interested in it, and the value would continue to skyrocket.
It is private and secure
When you buy bitcoins, you can transfer money at any time and anywhere in the world. There's no bank to charge you outrageous transfer fees or limit the amount you send. Your transactions do not contain personal information like your credit card number, name, and this eliminates the risk of your details being out there. Identity theft and fraudulent purchases are problems bedeviling the banking industry today, but digital currencies are doing their bit to eliminate that.
There are no unnecessary intermediaries
During a financial crisis, most investors are quick to embrace an alternative. In this case, a decentralized currency is an answer because it is not controlled by government legislation or banks. Imagine that you want to send money to a relative in another country. Your bank deducts a separate fee for the transaction, and when the money reaches its destination, the receiving bank deducts its charges too. Before it gets to the relative, more than 5% of the money is gone. Asides from the outrageous fees these banks charge, they also store your data, thereby exposing your details to hackers.
The cons
Hacking concerns
Although backers claim that blockchain technology is more secure than traditional money transfers, hot wallets are the target for hackers. Since bitcoin's invention, there have been several high-profile hacks amounting to millions of dollars. While you are concerned about your regular currency's safety, you should also be careful because your virtual money isn't 100 per cent safe.
SIPC does not protect it
The securities investor protection corporation insures investors if their funds are stolen or when brokerage fails. This commission won't cover you if you choose to trade with cryptocurrency. If the government doesn't control your transactions, you shouldn't expect so much from them.