After reading about and attending the Blockchain & Bitcoin Conference in Malta, by now, you've probably realised the impact such technology has had both in the financial as well as gaming sector.
Investors should not shy away from Bitcoin payments and the use of a virtual decentralized currency to pay for products. Why? Because they're changing the way business is conducted around the world.
Some scholars think that the change is good, while critics think of it as an unknown evil and people should tread very cautiously in territory which is still quite unknown.
However, it shouldn't go unrecognised that the increasing use of cryptocurrencies as time goes on can be seen in the rise of daily transaction numbers. Bitcoin has been the pioneering currency in the world of cryptocurrencies since its inception in 2009.
Competitors like Ethereum and Bitcoin Cash, have not matched the prowess of Bitcoin transactions. So, without further ado, let's look at 5 reasons Bitcoin Currency is the way forward in the financial sector.
Technological innovations have to continuously improve on their products in order to remain relevant in a fast-paced, ever-changing industry like gaming. Improvements are often measured in terms of convenience, customer satisfaction, monetary benefits and time.
Industry players should strive to provide a better interface and time-saving strategies. Moreover, Bitcoin helps in increasing productivity, consolidating multiple functions in a single tool and provides better customer experience.
Bitcoin remains the market leader in the industry, since it provides a decentralized ledger where no party controls records of prior transactions. Decentralized ledgers keep vulnerabilities to a bare minimum, unlike a centralized ledger.
Additionally, Lower transaction costs are associated with Bitcoin since the payment systems don't require a third party thanks to its decentralization. This results in cheaper remittances to money sent abroad, lowering costs given to merchants. Bitcoin also doesn't require the use of the conventional bank accounts.
Inflation isn't a major concern to Bitcoin users, as opposed to users of traditional currency users dread inflation, since it erodes the value of the currency. Inflation is usually created by Central Banks increasing supply of money into an economy, to counteract the effect of economic downturns. Nevertheless, it's good to keep in mind that there are limitations to the use of Bitcoin payment systems in many countries.
Bitcoin allows users to experience it, even though on a limited basis. Cryptocurrency ATMs are rapidly spreading into many regions around the globe, which allow new users to buy or sell small quantities of Bitcoin in a customer-friendly manner.
Numerous Bitcoin transactions allow new users with small investments to participate in virtual currency. Bitcoin purchases weren't common before, but they're now slowly gaining popularity in various regions around the world.
Most successful technological innovations are simple to grasp for the end-user. The underlying programming of an innovation may be complex but the target users should readily understand it and use it with ease.
Bitcoin has a sophisticated Block-chain underpin programming. However, users who understand how to use the internet, mobile banking and graphical user interface can readily understand the end user Bitcoin transactions. Many technologies have been used to simplify Bitcoin payments.
Some reluctant users may not understand the way it works or they might have a negative perception of the operating framework of Bitcoin.
It's easily compatible with other technological innovations. The only thing a Bitcoin user needs is a mobile phone with a solid internet access. There are no major adjustments to a user’s life for the person to be able to use Bitcoin.
Bitcoin payments have less clear observability. The U.S hasn't fully embraced Bitcoin as a mode of making payments for products. It's used at limited places, hence, it's hard to observe. Japan has embraced Bitcoins fairly well in terms of its use as a currency, in exchange for products and thus, it can be easily observed.
Bitcoin isn't a mere fad. Factors such as unmatched competitive advantage, compatibility with other technological innovations and providing a great customer experience have given Bitcoin the fast-growing success it has today. So it's no surprise that this will be a commonly-used medium of payment in the near future.
So, the next time you're playing on an online casino and wonder whether this cryptocurrency is indeed worth using, think of the above-listed reasons why Bitcoin is really the way to go!