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Bitcoin is the combination of two robust industries. One is finance, and the second one is technology; all the more the name of bitcoin correspondingly demonstrates this character as the bit is the smallest unit of a computer database. The coin is the term used for a currency.
Bitcoin was released in 2009, and it was utilized as a payment method for the very first time in 2010. Unfortunately, subsequent first payment utilizing bitcoin, the so-called inventor of bitcoin, Satoshi Nakamoto, disappeared, and still, there are no clear facts regarding his identity.
The prominent reason why bitcoin was composed is to erase the domination and contribution of centralized entities in the financial aspects. Since there are no government authorities backing up bitcoin, the value of bitcoin gets influenced by institutional involvement.
Recently the CEO of a prominent social media platform named Twitter stated that bitcoin might become the one-world currency in the upcoming decade. The statement just shocked everyone but is it true? Let’s find out.
Will Bitcoin Become One World Currency
Beyond the shadow of a doubt, bitcoin is the most popular digitalized coinage and cryptographic cash equipped with a gigantic user base. All the more, there are websites like british bitcoin profit which can help you in getting profitable results in the bitcoin expedition. The market capitalization of bitcoin is nearly 700 billion USD after the market crash as prior to the market crash, the market capitalization of bitcoin was almost a trillion USD; yes, you read it right.
The numbers associated with bitcoin demonstrate the potential of bitcoin as a one-world currency. All the more bitcoin is subjected to decentralization due to a full peer to peer network, which demonstrates the fact that there is no government authority that can regulate bitcoin, so if bitcoin becomes the one world currency, it will be not be regulated by a singular government authority of any region and will be merely regulated by the peer to peer network.
Regardless of ample features to behave like a one-world currency, there are tons of reasons why bitcoin cannot become the one-world currency as the one-world currency will merely arrive at the incidents of fruition. Here are some of the crucial reasons why bitcoin cannot become the optimal one-world currency.
Bitcoin Is Not Supported By Few Regions!
Bitcoin is the most potential cryptographic cash that is not backed up by any existing centric party, if you own a bitcoin, you are the only owner of that explicit bitcoin unit, and no one can seize that explicit unit in your bitcoin wallet. Bitcoin is decentralized, which makes the value of bitcoin a bit fragile, and the value of bitcoin gets influenced by multiple factors, which further leads to the volatility of bitcoin.
The volatility of bitcoin is one of the prominent reasons why few regions do not support bitcoin at all. Few countries like China have correspondingly banned bitcoin utilization as a payment method. In a nutshell, not every digitized coinage is ready to accept bitcoin as a payment method.
Store value
Bitcoin was released as a currency to facilitate the transactions, but rather than considering bitcoin as a payment method, the investors and traders considered bitcoin as a robust investment asset for availing gigantic profit from bitcoin, which inclined the store value of bitcoin in an enormous amount. You might be familiar with the fact that not a single land-based currency is equipped with a store value similar to bitcoin.
To sum up, the store value of bitcoin is enormous for being a one-world currency; all the more, merely few organizations utilize bitcoin as a payment method, and everyone considers bitcoin as a method of making money.
Finite Supply of Bitcoin!
Unlike fiat currencies, bitcoin is subjected to a limited supply as only 21 million bitcoin units are issued by the inventor of bitcoin, and no one can incline the limit of bitcoin to expect its inventor. A limited supply of bitcoin demonstrates the fact that there are not enough bitcoin units to distribute amongst the population across the globe, even if bitcoin is subjected to an exceeding extent of divisibility.
Altcoins
Altcoins are the competition of bitcoin, and there are several altcoins in the industry. These altcoins are derived from the basic concept of bitcoin and are not subjected to a limited supply. The concept of one world currency is not possible at all, but if it is possible, altcoins are correspondingly in the contender list.
