Everyone among us who has interest in the financial updates of the economy in the world must be aware of the term “Bitcoin”. The term is coined in 2009 when it the first cryptocurrency in the world was launched. The advances in the technology has provoked the economist to think differently and progressive to move ahead and ahead. The launch of Bitcoin is one of the substantial evident that our economist are working 24*7 on their toes to bring the change in the existing economy of the world. Though it is a volatile virtual currency, it has all its rights reserved to a private party instead of a government involvement. It is not all regulated and issued by any government authority. The rights are still preserved with a private party.
The debate on the impact of Bitcoin on the world’s economy is under an aggressive debate. There are many of the points that supports its impactful existence where as few of the points are responsible for making it not a suitable option to go for in future for a longer time. In this write –up ,we will be focusing on both the sides of the coin and will throw a light on the various highlights of the considerations of Bitcoin as a currency.
Positive impact of Bitcoin:
There are many of the positive impacts of investing and keeping Bitcoin as it can help in easing the economy of the country as well as the individual. Here is the list of positive benefits of using Bitcoin:
Unaffected with inflation: This is one of the best features of Bitcoin as it is going to be completely unaffected with the inflation. The decided quantity of Bitcoin is 21 million only hence there is no chance to face any inflation with Bitcoin.
No risk associated: As the currency is not regulated by any of the government authority, there is a low or no risk with the currency collapse.
Easy to operate: The currency is all operated under the hands of digitization which makes it easy and compatible for all to understand and use it at anywhere, anytime. Moreover the concept of Bitcoin is easy and could be understood by anyone who is interested in investing. One can easily keep a strict track on the ups and lows of the currency rate as it can be operated online through any of the internet supported devices.
Higher transparency in operations: As anyone can check the status of currency rates, it become easy and transparent to keep an easy track on the operations associated with it.
Negative impacts of Bitcoin
Moving ahead, we have a list of points that shows the negative impacts of using Bitcoin currency.
Lack of awareness: The important fact that we cannot deny is that many of the people are not aware and trained to deal with digital currencies. People need a special session to understand the correct optimization of these currencies in their life. There are many payment gateways that do not support Bitcoin as their currency. It becomes difficult to operate with such channels, if we speak about Bitcoin.
Volatility: There is a limitation on the count of coins at Bitcoin which makes it highly volatile in nature. There is a high increase in the coins of Bitcoin which further makes it on a high risk.
In a development phase: Though Bitcoin was launched in 2009, still the currency is under observation. There are many possible growth channels that are supposed to be done completely to bring the actual potential of Bitcoin out in the front of the world.
Need of internet: The other factor that contributes to the negatives of Bitcoin is that it always requires a high speed of internet to carry out the transactions. However it is not possible to stay connected with internet at every time.
In conclusion, we have an open debate that supports its existence as well as doubts its sustainability in the market for longer time. Bitcoin itself is not a perfect term but still it continues with many of the perfections with it. The final call to go for it or avoid the Bitcoin is always in hand of the user. One must weigh the positive as well as negative impacts thoroughly to come over a conclusion. This article depicts the actual facts behind the term “Bitcoin” …….. the final decision is in your hands! Think wisely before moving towards any decision for it!