Bitcoin is no doubt a valuable asset, doesn’t matter how much government tries to deny it but we all know that bitcoin is only the tip of the iceberg the real game behind it is blockchain, and this idea is going to change everything.
So keeping everything in mind people always ask you a question about bitcoin and why this asset is so valuable that its prices sometimes go violently. that’s the reason we are going to discuss some reasons why bitcoin is Valuable.
6 Reason why Bitcoin is Valuable
Decentralization is the main idea behind Bitcoin and other cryptocurrencies. Decentralization simply means that data is not in one hand, currently in days of web2 data is stored on servers in a single place in that way your data is controlled by a single person and can be manipulated by the government.
But decentralization solved that problem, now your data is not stored in a single place but throughout the world in the form of nodes, in that way, no one can have their hands on your data.
Know more about how blockchain is transforming the world here.
Transparency is very important in a democracy, our government claims that they are democratic but deep down, we all know how things operate behind the curtains. Now blockchain has solved this problem, with the help of blockchain we can track the movements of funds and who is using them for what purpose, now that is what we call transparency.
You can track any transaction on their blockchain, for example, you can track bitcoin here.
This is another advantage of using bitcoin and other cryptocurrencies, you don’t have to get the approval of different people in order to send money around the globe. In today’s era if you have to send money from one country to another it takes more than 3 days and lots of charges.
But if we look at bitcoin, it takes some seconds to send money from one wallet to another, and also it doesn’t require any verification.
One of the examples of these advantages is that, take the example of the Russian and Ukraine war, if you want to help Ukraine, you can simply do it without anybody knowing not even your own government.
Fungible means you can exchange bitcoin with any other commodity like gold or money printed by the government, There are many crypto exchanges that allow you to buy and sell cryptocurrency, so if wish to buy something with your bitcoin then you can easily do so.
Today you can buy anything with bitcoin many shops all around the world have started accepting crypto in exchange for their services.
The availability of Bitcoin is limited, there are only 21M bitcoins and more than half of it is already mined the last of the bitcoin will be mined in the year 2142 every year bitcoin mining is getting tougher and tougher because there are more miners and this makes it hard to mine bitcoin.
If there is something that is limited in numbers then it’s obvious that its price is going to be high, this is one of the reasons by the bitcoin price is steadily increasing year by year.
Bitcoin gives you the freedom to do anything with your money, you can spend it on anything you like, and no one is going to ask your where did you spend your money and why, on the other hand, if you are spending too much of your money from banks, income tax is going to raid you for sure.
Also if you are getting your daily payment in the form of bitcoin then you don’t have to pay your income tax, because there will be no one to calculate it.