There are many reasons why Bitcoin and cryptocurrencies in general have seen such a surge in popularity in recent years. For one, there’s been a lot of money to be made in trading, with the prices continuing to increase for such a long time. As well as this, businesses have started to readily accept cryptocurrencies as valid payment methods, which in turn is helping people become familiar enough with them to consider using crypto themselves. The blockchain technology has also been used by many companies to improve their security and radically improve how their systems work. People are really starting to see the benefits that Bitcoin could bring them, but one thing that many people don’t necessarily consider, is how Bitcoin could actually make people’s lives safer.
Keeping Transactions Anonymous
One benefit of Bitcoin is that you don’t need a traditional bank account in order to trade with it. This in turn means that you can buy goods and sell them anonymously using Bitcoin, or another cryptocurrency. Sometimes this can be beneficial to people, for example, if somebody wants to keep their purchasing anonymous. Despite being incredibly popular, a small percentage of people like to keep their online gaming purchases secret from either employers, partners, or anybody else who might be interested. Bitcoin enables these people to do this, as long as they’re playing at an online gaming site that accepts the cryptocurrency as a payment method. Often times in countries where casino style gaming might not be so widely accepted, this is a popular reason for using Bitcoin. For example, when it comes to online casinos in the UAE many are now accepting cryptocurrencies directly, or allowing people to use crypto wallets to pay to play. Arabian Betting clearly explains the ins and outs of gaming in the UAE, including the laws as they currently stand and the sites that it is legal and safe to play at. Not all of the sites currently accept Bitcoin, but as the demand for anonymity is growing, so too is the number of sites making this deposit method available.
You Can’t Steal Bitcoin
Remember that blockchain technology that we mentioned at the very beginning? This is what makes cryptocurrencies such as Bitcoin so difficult to steal. Each Bitcoin is protected by a fiendishly difficult code, one that it takes super computers months and months to solve; and that’s just for one coin. One of the things that gives Bitcoin its value is the difficulty involved in cracking the ‘code’ or, the blockchain. In order for new Bitcoins to be mined, the blockchain had to be solved. People worked in huge labs full of super computers for months at a time to mine new Bitcoins, which not only strengthened the blockchain each time, but gave a tangible value to each coin i.e. the amount of time that had been devoted to mining it. If this is all sounding a little too technical, then suffice it to say that blockchain technology protects Bitcoins from being stolen. The only way that Bitcoin can be ‘stolen’ is through human error. You must be the one to send the cryptocurrency from your own wallet to somebody else’s. Criminals do still exist and thus so do cons that can be quite elaborate, but when you compare the odds of a bank being broken into and a crypto wallet, the bank scenario is far more likely.
Safe From Turbulence
The continent that is seeing the fastest growth in cryptocurrency adoption is Africa, the continent that has seen the largest fluctuations in local currencies and also the continent that has seen the biggest discrepancy in wages between the rich and the poor. The reason for this is that Bitcoin does not require the input of big banks, making it possible for it to begin levelling the playing field. Crypto investors in Africa were protected from crashes of traditional national currencies because they had their money invested in what could be considered a global currency. Corrupt governments and widespread poverty are two of the largest driving factors in a currency plummeting and both were present in a selection of African countries. The big benefit of a global currency is that it is worth the same everywhere. One Bitcoin in Paris, France is worth the same as one Bitcoin in Windhoek, Namibia, is worth the same as one on the North Pole. Global currency could be the great leveller that might take big strides towards reducing poverty across the world and cryptocurrency is first to the market.