Monday, 18 October 2021
Can you trust bitcoin as technology or currency? Image by Gerd Altmann from Pixabay

Can you trust bitcoin as technology or currency?

Written by  Aug 11, 2021

Every investor always wants to invest in an investment asset that is safe and trusted. In the case of bitcoin, trust has to work on all sides. The chances of bitcoin getting banned or disappear are so less, and there's nothing to worry about. But many uncertainties happen in life and not for you alone but everyone. The Bitcoin network is quite huge, and there are countless individuals engaged in it along with the bitcoin network that is required to run all the time.

The entire concept of bitcoin, in which people face the most difficulty in terms of the trust, is decentralized. You must have read that bitcoin is a decentralized digital currency, and no one backs the bitcoin network so that it can recover in any case of failure. Also, every individual involved in the bitcoin network is an important part of its ecosystem, so if it’s shut down in any case, it won't take any collaboration. The decentralized nature of bitcoin can be compared with how search engines work. A search engine like Google is accessed by millions of people across the world at the same time, but it never slows down. This is because the search engines run or work on many serves and that too in a decentralized manner, and it doesn't provide all the workload on a single-serve that will bring it down.

Another aspect of decentralization that makes people think multiple times before getting into the network is that no central authority backs or oversees it. There are many individuals involved in the network. Still, no central authority is involved, which means that even if anything goes wrong on the network due to unforeseen reasons, no one can help or reimburse you. Once your bitcoins are gone, they are gone forever, and there is no chance that you can recover them. But also if you trade bitcoin, you can earn money and can become a great trader by visiting Yuan Pay Group.

Trust on Bitcoin Technology

Internet was invented to make the world stay connected, and it was a big change for the world. Bitcoin is sometimes compared to the internet as it is a new and disruptive technology that is far ahead of time. Bitcoin and the underlying technology of bitcoin are indeed developed to solve the technical problem, but not everyone thinks about these two in the first place. This is because human nature tends to reject the changes. But if we see today, Bitcoin has exploded like the internet. It has become the mainstream technology, and today there are many bitcoin platforms and projects that have been developed. Even the general public is ready to use bitcoin for everyday exchanges. Additionally, people need to be highly educated about bitcoin ideas and their underlying technology instead of considering it only an alternative currency.

Today, people are trusting bitcoin technology as it is a technology that is focusing on financial means, and it allows users to send money without requiring paying high transaction fees. Using bitcoin is giving tough competition to traditional banks and other financial platforms, and they often recognize bitcoin as fake internet money.

Trust on Bitcoin as currency

As compared to fiat currencies, bitcoin isn't a proper currency, but it is a great digital mode of payment. Bitcoin can be used to buy goods and services, but the monetary aspect lacks many features that are required by it to be connected as a real and true currency. Still, many individuals, businesses and merchants are putting their trust in the bitcoin network and have started accepting it as a medium of exchange. There are two main reasons behind the wide acceptance of bitcoin and the trust of merchants, and that is no extra costs associated with bitcoin payments, and no infrastructure is required to set up.

The best thing is that merchants can integrate bitcoin payments in physical as well as online stores. Also, they can convert bitcoin into their preferred local currency anytime and can deposit money in a bank account. It is good for customers to use bitcoin as a medium of exchange as it doesn't require you to carry cash or have a banned account, and instead of you can make payments with your smartphone by installing a digital wallet.

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