Kanika Marwaha
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Kanika Marwaha in Market and Economic Perspective,

Were You Too Late for the Social Media Wave? Don't Miss Out on Bitcoin Too!

Bitcoin (BTC) has been around since 2009 but do you understand it? It's a global phenomenon that has been the subject of scandal and government scrutiny but still prevailed. Bitcoin is a digital currency that we've all heard about but might not fully understand. 

How Well Do You Know Bitcoin?

  1. It is a peer to peer currency exchange that eliminates the need for a regulatory body.
  2. There are no middle men and no transaction fees for merchants.
  3. Bitcoins can be mined or purchased at market rate.
  4. Many vendors prefer Bitcoin because of its lower transaction fees.
  5. It will revamp the international payment industry.

Why Are Merchants Embracing Bitcoin?

The question isn't why are merchants embracing BTC, but why aren't even more merchants accepting this form of payment? 

  1. BTC has lower transaction fees than credit card companies and those fees are paid by the customer not the merchant.
  2. BTC allows cross border sales without the hassle of foreign exchange rates.
  3. Just as merchants embraced social media as a new avenue for advertising, they've also accepted BTC as yet another avenue of payment similar to credit card or PayPal.

What's most fascinating about Bitcoin is its evolution since its inception 5 years ago. As it stands, Bitcoin has taken the world's stage and could effectively eliminate the need for multiple currencies. Bitcoin has the power to eliminate the market for foreign exchange (a daily $4 trillion market).

Bitcoin will Eliminate the Need for Financial Regulatory Authorities

Bitcoin will also eliminate the need for several financial regulatory bodies and central banks since everyone monitors the ledger to mine bitcoins. After sometime, as a global currency, Bitcoin will bring stability and cohesiveness to the world economic markets as everyone is working towards the growth of one currency as opposed to strengthening only their particular currency. 

It's survived a lot for a 5 year old, but what do you think BTC's future holds. Will you sit at a computer to mine your own currency, or do you think its a passing phase? Remember people thought social media was a phase and it prevailed.