Bitcoin has therefore gained massive popularity among the users and people have started bestowing their faith and trust in it as a medium of exchange. Even industries and businesses have started to accept bitcoin as a mode of exchange and have bestowed a lot of faith on them. Several industry leaders and founders/CEOs of companies have heaped praise on Bitcoin. Virgin Founder Richard Branson is a huge admirer of Bitcoin and has credited it for helping people make fortunes. “Well, I think it is working. There may be other currencies like it that may be even better.But in the meantime, there’s a big industry around Bitcoin. — People have made fortunes off Bitcoin; some have lost money. It is volatile, but people make money off of volatility too,” said Richard Branson to Bloomberg. Because of the decentralized nature of Bitcoin, it has caused a lot of fear to the banks and govern- ments as it might essentially disrupt the services of banks as there is always a fear of the banks crashing. This fear is eliminated when it comes to Bitcoin and this has been a major cause of concern for the banks and the governments. The lack of intermediaries and the circumventing of capital controls imposed by governments has made governments wary of Bitcoin. Nefarious and notorious activities can also get freebies when they use bitcoins and this has also been another reason why governments of many countries have not legalized this cryptocurrency. Bitcoin has also largely impacted the digital wing of the economy and has made digital transactions quite smooth and hassle-free. It provides a lot of security to the data of the users and the transactions of the users. International transfer of funds becomes quite easy with bitcoin and people even without bank accounts can operate bitcoins quite easily. Bitcoin allows such people (mostly people from under-developed countries and weak economies) to engage in economic transactions from people across the globe. The transactions with bitcoin also take minimal time and there is a very little transaction fee that is charged. Bitcoin investments have both their pros and cons but they can change the landscape of the way businesses grow and the way people make investments and make payments. Even with the volatility of Bitcoin, users have trusted it and have made it a very impactful cryptocurrency and undoubtedly, the world’s leading cryptocurrency. And in the coming years, its vast impact is only going to increase.
10 Jan 2022
Sayanta Sengupta
