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Today we will cover the WHY of Bitcoin. Due to the expanding reach of the Crypto Currency many people now know what Bitcoin is but most of them don't know why it's important and what the benefits of investing in Bitcoin could be?
The most basic use of the technology is to transfer money between two people without the the involvement of any bank or middlemen. Because there are no banks or any middleman involved therefore the people using this service will have to go through less procedures and conditions.
However that is not the only use of the technology, Bitcoin is much more than just a digital currency. It was basically designed as an alternative to the modern day financial system. It's a complete system with security protocols, custody rights, transaction settlement, lending, borrowing etc.
The next thing we need to know is that the production or mining of Bitcoin is strictly limited to a maximum of 21 Million Bitcoins that can be mined.The limited amount of Bitcoin available is a contrast to the government money/FIAT which can be printed to no limit. Key thing here to be noticed is that when government prints more money this can cause inflation or even hyperinflation which doesn't happen with Bitcoin because of its limited supply.
Example of inflation :
If a country produces goods worth $10 Million example 1 Million Tables worth $10 each then the money supply is $10 Million. If the government doubles the money in circulation and starts printing more money to let's say support a war then there will be more demand with the same quantity/number of goods available. This will increase the demand thus increasing the prices of the goods
If there is more inflation in a country this effects bonds which is a way governments borrow money from the people. Investors buy bonds because of good safe yields offered by the governments assuming that the key inflation will remain the same however if prices are doubled because of inflation then investors will seek opportunities else where with greater returns to counter the rising inflation. High inflation also effects savings of people and national debt. There have been many instances in history of hyperinflation resulting in collapse of solid economies. The hyperinflation in Germany in the 1920s is one of the many examples of this.
Bitcoin is extremely divisible meaning that one can send $0.10 worth of Bitcoin or $10,000 worth of bitcoin just as easily. The system runs through a decentralized network of servers all around the globe 24 hours a day and has a credible security protocol.
Another reason we might be turning to Bitcoin technology is the debt that is pilling up all around the world.When a debt becomes too big of an issue the currency then crashes.Historically debilitating inflation is the result of such crisis.
We can see uses of Bitcoin in many other spheres nowadays and there is more acceptance of the technology as compared to some years ago when everyone thought of it as a bubble with high risks.
Today on November 11, Singapore Exchange Limited (SGX) & Monetary Authority of Singapore (MAS) have successfully tested the block chain technology for tokenized asset settlement.
It's being taught in many of the National Universities around the globe such as Malaysia etc.
Many refugee camps are also using the technology to keep check on the ration for the camps. We can see many other uses in Asset Management, Insurance Claim Processing, Cross Border Payments, Smart Contracts, Smart Appliances, Personal Identification etc.
The increased acceptance of the technology is the key factor increasing the demand of Bitcoin in trading for investors. JOIN the global trend and INVEST in Bitcoin today before it's too late.
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