Not everybody knows about cryptocurrency yet and many of those that do are somewhat skeptical about it. They wonder what the point of having a Bitcoin wallet app is when they already have a stable currency such as the Dollar. This is a currency with an established value and one that you can physically hold in your hands. However, the world changes regularly, and the reality is that cryptocurrencies are now becoming more widely accepted – for good reason.
Understanding the Bitcoin Wallet App and the Cryptocurrency Market
Bitcoin was the first type of cryptocurrency that had any measure of success. It was a huge breakthrough and most breakthroughs eventually change the world of the better. So why should you use it if you have a fiat currency?
One of the reasons for this is the anonymity that cryptocurrency offers. You can exchange it across various networks without anybody ever knowing who you are. The system has been set up so that no single unit can ever be duplicated. Indeed, they addressed the possibility of double spending even before making Bitcoin available. Another big benefit is that using cryptocurrency means that you don’t have to pay any transaction fees. Plus, there are no limits in terms of how much or how little you can spend.
When you consider this, it becomes quite clear why Bitcoin is popular. However, because it involves finances, you also have to make sure that your transactions are completely secure. Again, this was considered by the developers, who store all transactional details on a public ledger that can be accessed by anyone.
Bitcoin is not widely accepted yet, but it is quickly becoming a niche investment market. Many people disregarded it as an irrelevant techy project in the past, but this project grew tremendously. Today, Bitcoin has real value and this has made it more acceptable to the general public as well. Slowly but surely, more types of cryptocurrency were developed. Some were successful in this, whereas others failed. The fact that the currency could potentially cease to exist is certainly a risk to be aware of, particularly if you see it as an investment.
We live in an increasingly digital world. This means the way that trade and finance operates has to change as well in order to keep up with the changing world. Yes, there are significant disadvantages to Bitcoin and other types of cryptocurrency, but many of those can be ironed out if it is more widely adopted. Mainly, the benefits of this type of currency by far outweigh those disadvantages.
Some believe that Bitcoin and cryptocurrencies will soon change the way in which the world operates. Others believe it will never get to that. They say that due to the fact that cryptocurrency is decentralized and unregulated, the big banks and national governments will always resist it. But when you consider that more and more people have downloaded the Bitcoin wallet app and that it is now even available on iOS devices, it seems that people may not quite care about what governments think anymore.