Is Bitcoins Real Money?
There has been so much noise around the launch of Cryptocurrencies ever since the first of its kind was launched in 2009. From the time of launch till now the value of Bitcoins have seen many highs and lows. The fluctuations in the prices have also been highly volatile. The economic experts had predicted a sudden death for the bitcoins due to the lack of a central authority to regulate it. These predictions proved to be wrong each time when the value scaled new heights and people started considering this as alternate money. Seven years down the line, Bitcoins are still very much in use and goes on to prove that it is here to stay.
Reasons why Bitcoins can be considered real money
Bitcoins are essentially a medium of exchange on the Bitcoin network. It is the currency that is not limited to any particular geography like the fiat currencies. It can be used or traded across the globe without using the services of a bank. The transactions on this network are secure and trustworthy as it happens on a peer to peer network. Bitcoins have the following attributes which make it a trustworthy currency
Limited Supply – The creator has fixed a limit on the maximum number of coins that can be created on this network. Like Fiat currencies, these also are limited in supply which will help in maintaining its value.
Durable– These are not physical units so there is no wear and tear. There is no risk of soiled or redundant currencies like in the fiat currency system.
Transferable –These digital currencies transactions can be easily traceable as it all happens on the network. This can be viewed as an advantage and drawback as the money that has been involved in illegal activities will also be in circulation on the network.
Portable– These currencies can be stored on phone, computer or tablet. It is possible to move the money around without any cost involved. This will foster international trade and make the payment process simpler.
Ethereum code is the second biggest blockchain network only next to Bitcoins. Ethereum code is one of the legit tools to trade in cryptocurrencies. People still doubt is it a scam, the reviews on the internet proving that this is an authentic website. More and more people are getting to know the advantages of this new trading website.