Is Bitcoin here to stay? In November 2013, the New York Times predicted that Bitcoin was “doomed to fail.” Alex Planes at The Motley Fool was quick to affirm this prediction. If we fast forward to the present, though, it is clear that both predictions were wildly inaccurate.
Since 2013, Bitcoin has gone from strength to strength. Even the mainstream media now admits that cryptocurrency is here to stay. Here, we’ll look at five reasons why this is the case.
Is Bitcoin Here to Stay? – Yes — and Here’s Why
One of the first reasons why Bitcoin and crypto is here to stay is simple. All over the world, more and more businesses are embracing Bitcoin and cryptocurrency payments.
Ten years ago, it was barely possible to buy pizza with Bitcoin. Today, Burger King and even organic wild mushroom stores online cryptocurrency payments. Neither is paying using Bitcoin a novelty. Some entrepreneurs, after all, are already running entire Shopify stores using Bitcoin.
Crypto is Here to Stay Because it Prevents Fraud
In the beginning, the mainstream took delight in saying that Bitcoin was the currency of choice for drug traffickers and other criminals. However, Bitcoin today is increasingly seen as a tool that helps fight fraud and criminality.
Retailers who accept Bitcoin benefit from transactions being impossible to reverse. This helps tackle rising cases of customers using chargebacks to acquire goods and services free of charge.
Cryptocurrency is Here to Stay Because Better Regulation is in Place
Some cryptocurrency purists believe that government regulation is antithetical to everything cryptocurrency represents. However, regulation is helping ensure that Bitcoin and other cryptocurrencies will always have a place in the world of finance.
Countries like the USA now collect tax on cryptocurrency investments and transactions. This ensures that Bitcoin and other digital assets will be here for a long time yet.
Bitcoin and Cryptocurrency is Business Friendly
Bitcoin and other cryptocurrencies help businesses save by tackling chargebacks. However, Bitcoin is also easier than ever for businesses to start using.
Unlike with MasterCard, AMEX, and Visa payments, accepting cryptocurrency payments does not involve investing in new payment infrastructure. In many cases, businesses can start accepting Bitcoin payments simply by downloading free payment apps to smartphones and other mobile devices.
Crypto is Here to Stay Thanks to Increasing Consumer Trust
Ten years ago, almost nobody knew what Bitcoin really was. However, new trends see many people use Bitcoin to protect their wealth during times of economic uncertainty.
The world first saw evidence of this in Cyprus in 2013. However, more recently, people in Hong Kong have begun buying Bitcoin to protect their wealth in the face of ongoing economic and civil unrest.
Is Bitcoin Here to Stay in Nigeria?
Recently, Nigeria made headlines after researchers found that Bitcoin is more popular in Nigeria and South Africa than anywhere else in the world. For this reason, it is safe to assume that Bitcoin will be here to stay for a long time to come. The only question is, will you be investing as a result?