Bitcoin is around in the market since late 2008 but it only started making the news in early 2013. It is cryptocurrency and a payment system also; the main advantage is being that transactions are anonymous and peer-to-peer. Bitcoin’s unique architecture is set-up in such a way that their creation gets progressively more resource-intensive and total production will be limited to 21 million Bitcoins
There are various cryptocurrencies are out there like Ethereum, litecoin, ripple etc. are the different platform but Bitcoin is something different as it is a consensus network which enables a new payment system and it is a completely digital money. So, Bitcoin is the first decentralized peer-to-peer payment network that is powered by its users with no central authority or middlemen. From a user perspective, Bitcoin is something more prescribed by everyone out there.
Most people trust “Only Bitcoin”
There is a huge number of growing businesses and individuals are using bitcoin. This includes businesses like restaurants, apartments, law firms as well as popular online services. While bitcoin remain the same as a relative phenomenon, it is growing so fast. By May 2018 bitcoins total value increased 100 million US dollar.
Advantages of Bitcoin
- Payment Freedom
- Choose your own fees
- Fewer risks for merchants
- Security and control
- Transparent and neutral
BTC is Most Trusted, compared to Ethereum, Litecoin & others
There may be facts comes when you don’t want to trust on bitcoin at all. But in comparison to other cryptocurrencies in the market like Ethereum, ripple, and others, Bitcoin is quite more trustable from all of them because it is a fully open-source decentralized platform. It means anyone can access anytime with all of its source codes whereas, in another cryptocurrency platform, this is not allowed.
Virtual or immaterial
Bitcoin is virtual as the online banking networks used by peoples. Bitcoin can be used to pay online and physical stores same as any other online store. Bitcoin can also be exchanged as in physical coins like Denarium coins, but if you are paying with mobile then it will be more convenient.
Taxes on Bitcoin
Bitcoin is not like as fiat currency with legal tenders in any status in any jurisdiction, but often tax liability accrues regardless of the medium used for that. There is a wide variety of legislation out there in many different jurisdictions which may cause income, sales, payroll, capital gains or some other forms of tax liability to arise with Bitcoin.
No replacement for Bitcoin. Period.
For now, Bitcoin is the only source and it will remain the same in future as well. There is no need to worry if someone creates any new digital currency because there can be no guarantee that it will remain the Bitcoin value. As there is already alternative currency out there inspired by Bitcoin but it cannot be going to replace it. Though there might be some changes or upgradation requires in the future remaining the same while other currencies keep introduces.
So with all these facts and states are enough to prove that Bitcoin currency will always remain the same in the coming future as well.