Why Is Bitcoin Considered A Futuristic Payment Method?

Bitcoin is without a doubt one of the biggest inventions in the global financial industry in the modern era. When it was created in 2008, nobody believed that it had the potential to rise to these heights, and yet, over 5 million people use it daily. 

The main reason why Bitcoin is so popular is that it provides users with the chance to make a profit. After all, it is valued at around $40,000 and has the potential to rise as high as $1 million by 2037. Not only that, but studies have shown that there may be as many as 100,000 Bitcoin millionaires in the world. 

But, instead of focusing on Bitcoin as a profit-maker, we wanted to take a look at Bitcoin as a payment method. We are going to name some of the reasons why this cryptocurrency is considered a futuristic payment method. But first, let’s see where you can acquire Bitcoins. 

Where Can You Acquire Bitcoin? 

The first way to acquire Bitcoins is via mining. But, even though this process is free, it takes a lot of time. After all, you don’t want to wait a few months before you are able to purchase something that you found online.

So, the second option is to buy it at trading sites. These platforms operate 24/7 and can be accessed from any mobile and desktop devices, as long as you have a stable Internet connection. Considering the fact that a majority of the world’s population has access to the Internet, this would present no problem. 

Once you’ve found a reputable trading site such as Bitcoin Profit, then the next step is to register, select a payment method, and verify your identity. The process of registration is simple as you just need to fill out an online application form. 

After that, you will be asked to verify your identity via mail or by sending the trading site a valid document with whom you prove that you are a real person. That includes a selfie, a photo of your ID/passport, and/or utility bill. 

Now, let’s see why Bitcoin is a futuristic payment method.

Bitcoin is Very Secure

Statistics show that over 5 million people fall victim to online scams annually. Half of them come from the USA and data has stated that in this country, around $1.2 billion are stolen from people. Instead of security being a guaranteed feature, it has become a privilege. 

That is not the case with Bitcoin. This cryptocurrency utilizes a method called cryptology which increases users’ security by providing them with a certain level of online anonymity. Not only that but Bitcoin’s network has never been hacked, which is a massive feature, considering the most recent events.

Instant Online Transactions 

When using regular payment methods, banks act as the middlemen as they process every online transaction. Hence, it may take up to 5 business days before a payment is completed. Mind you, if you send funds, they will instantly be taken from your account, but the receiver will have to wait a while before he or she receives them. 

Bitcoin is completely off the control of banks. Thanks to Bitcoin mining, all transactions made with it are processed instantly. So, Bitcoin is very efficient and that is a massive benefit. 

No Fees 

Finally, the lack of bank presence leads to yet another advantage. Banks often impose various added or hidden fees to transactions as they are the main way through which they make a profit. Bitcoin cuts banks from every transaction, which means that the users do not have to pay these fees and in doing so, they save money with each transaction.