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In 2023 we put the utility argument for Bitcoin to bed


Many investors put Bitcoin in the class of speculative assets, claiming it lacks practical use. However, crypto supporters and several investors state that the evidence shows the contrary. Bitcoin is a widely used cryptocurrency with all the necessary ingredients to be labelled as a store of value. In addition, there are several ways in which it can add value and support innovation in the future due to its robust ecosystem, developed on an effective network.

Those who didn't come in contact with the crypto world before fail to understand that Bitcoin is a living and growing universe with years of rich history. It's crucial to see it as a dynamic asset and appreciate the latest developments that happened in the ecosystem.

Bitcoin might have started as a digital currency, but it has gained the status of a growing ecosystem. Bitcoin is money, even if many don't want to believe it. The statement might be hard to sell in some places where notorious currencies like the dollar and euro are the reserve currencies. But considering the high inflation rate and the decreasing value of traditional currencies, investors must learn more about alternative assets and clearly identify the places where to buy bitcoin because not all exchange platforms are reliable. Even if it might be difficult to understand why cryptocurrencies like Bitcoin are essential for the economy, it's the moment to remove the blindfold the dollar, pound, and euro put on their eyes. Bitcoin has several utilities, and 2023 is the perfect time to appreciate them.

Bitcoin offers censorship-resistant funds

If you're reading the news, the censorship theme is always in the spotlight because people seem to be more interested in maintaining their freedom and if the authorities have any control over their activities. In the last handful of years, we noticed a lot of buzz around the censorship subject. One of the most well-known cases of censorship was when Twitter removed the account of the president of the United States from the platform. Other examples are those focusing on the COVID-19-originating theories. In the beginning, they were all considered heresies, and the authorities did their best to prevent people from sharing them online. Lately, many of these theories have been accepted as valid. However, in the beginning, several experts in the sector were stopped from using their social media accounts to inform the masses.

It's crucial to highlight that censorship doesn't happen only on social media but also in the finance industry. Let's remember the Canadian trucker protest from 2022, which sprang as a reaction to the Canadian Government's initiative to vaccinate all truckers who entered the country. People saw it as a violation of human rights, and truckers organised a protest that closed the capital by blockading the streets.

The local authorities didn't remain indifferent to it, and before everyone knew it, the Canadian banking system started to turn off the money of those who engaged in the protest in any form. It didn't matter if they were physically present at the protest or donated to support the cause; everyone involved was on a hit list, and their money was turned off. It practically denied them access to the funds. And people couldn't help but wonder where the censorship would go. What if the authorities decide to abuse their power and prevent people from protesting for the causes they support?

Events like this made people consider turning to alternative money like Bitcoin. The blockchain doesn't care about the users' political affiliation, skin colour, origin country, or the type of content they watch online. It has the same set of rules for everyone, and if they follow it, they can use digital currency. This is why many people donated Bitcoin to the Canadian truckers' cause and other similar ones.

Bitcoin and all the other cryptocurrencies are censorship-resistant assets.

Bitcoin is a store of value and means of payment

The crypto history shows that Bitcoin and blockchain technology needed over a decade to evolve and reach the actual level and characteristics. In the years since the first Bitcoin was mined, it has become one of the most valuable digital assets in the world, and it has reached a market cap of over $400 billion at the moment of writing. Even if some people have stated that Bitcoin lacks real-world use, this is no longer true in 2023 when it's a widely accepted form of payment. A large number of corporations accept Bitcoin, and even individuals use it to buy products, assets, and services.

Opposing Bitcoin adoption is useless because it has already been widely accepted and is doing what the average currency does. People know that if they hold Bitcoin, they can use it to purchase things they want. And in case they want to exchange it for fiat currency, they can easily do it.

Anti-Bitcoiners are concerned that while it might be popular now, the digital currency might lose some of its value in the long run, and it might become inefficient in trading. But Bitcoin's features show that it'll remain a store of value in the long run. No central authority controls it, it has a limited supply, and it'll most likely withstand the passage of time. A couple of years ago, it faced an obstacle to becoming a store of value because it wasn't widely adopted, but it has successfully crossed it.

Bitcoin is more than money

Suppose you understand the benefits and advantages Bitcoin brings; you might be sceptical that it's the best digital currency to use. You might have heard people saying that Bitcoin has a limited utility, compared to Ethereum, for example, and wonder if it's more than a currency. Due to its lighting network, it's an ecosystem that brings to life various applications. The full use of its lightning network can unlock its next utility phase because the layer 2 payment protocol powers faster transaction speeds and allows transactions to be completed off-chain.

Source: limnews

All tech articles on 2023-03-29

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