Years ago, we thought Bitcoin would be a fad. One of those weird terminologies that a lot of tech enthusiasts who come in to keep up with. And it was not strange to believe it. How could digital files be worth money? As concepts such as cryptocurrencies were established, the unique files to which millions of people and websites have given value as an alternative currency that does not depend on the central banks of any country; and blockchain, the chain of information blocks that manages to ensure, through hundreds of thousands of decentralized teams, that they corroborate each and every one of the transactions.
As a result, dozens or even hundreds of services and products related to cryptocurrencies have come to the fore and crypto assets. If years ago an entire unit of Bitcoin cost a few thousand euros and today it costs several tens of thousands, although it is unrealistic to expect it to cost millions in a few years, that its valuation stabilizes with increases or decreases, it is a more than possible future .
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From technological gibberish to digital asset with value
The value and possibilities are what all exchanges and related websites see. They see in them a new field to discover and in which to try numerous projects. We have passed the time of exchanges that were simply limited to being that, echanges… But luckily for users, competition makes people look for better experiences and products. An example of this would be bitlq.org, which integrates within its Bitcoin exchange service, a bot that notifies you of trends and opportunities to invest or sell. This additional service helps those small investors who do not have cryptocurrency trading as their main job.
But if you need one more token that Bitcoin is no longer the stuff of four enthusiasts, you simply need to know that there is one. definition of Bitcoin in the RAE. The fact that it has been accepted means that those responsible for collecting the uses of the Spanish language recognize that it has a clear definition and the name is widespread enough to collect its meaning for consultation.
Bitcoin has a future to store your money
It is clear that the honeymoon with Bitcoin is over. Its price is holding steady within limits. It is very likely that your savings deposit function not controlled by any bank will remain. The life savings that people hope to have for retirement or to inherit no longer have to be in the hands of banks. They can be kept in a wallet with the keys stored on a pen-drive to pass in the will.
private pension plans become high risk material. The interests rarely exceed the devaluation of the currencies due to inflation, and as an emergency deposit they do not work so well because they do not allow you to withdraw money instantly. An exchange account with investment in Bitcoin could generate some return on investment and allows you to have your savings ready in minutes and without the liquidity of the savings account being used for investments.
Being a legal tender, one of the Bitcoin options
Why do we accept money to pay for goods and services? Because we have decided that it has a value. And the value we give to it is backed by the central bank of a country. In the same way that stamps, video games in their boxes or Pokémon cards are worth money. There are people willing to pay for them. If you've ever seen an episode of The Pawn Shop, art has value, but a lot depends on finding someone who values it the way the seller wants. This is why for many people, an original and certified print by the artist Keith Haring is not worth a lot of money. But the artist's fans around the world could pay tens of thousands of euros for that original.
The same goes for Bitcoin. People decide what has value. Either as an investment good or as an alternative currency with which to buy in stores around the world without having to use banks as intermediaries that charge for the currency exchange. Bitcoin has many uses as an alternative currency, and little by little it is becoming legal tender.
What does it mean that it is a legal tender currency? It means that if a country approves Bitcoin as legal tender, all businesses and vending machines and more will be forced to accept it to pay for even the smallest purchases. Individuals can refuse to receive payments in Bitcoin, but businesses will be obliged. It is not the same as if a store on its own decides to implement a Bitcoin payment system on its own. In this case it is a personal decision to attract customers, not an imposition at the state level.
For a country to widely accept Bitcoin as legal tender, for now, has only been possible in El Salvador Street. It was done as a way of not depending its economy on the US dollar. They had been using it for years because their national currency, the colon, became obsolete. Other countries such as Panama, Brazil or Zimbabwe have presented intentions to adopt it, although they are merely the intentions of some politicians.
Countries against Bitcoin and what it can do
Although a good future for Bitcoin is prospected, there are a number of countries that do not see it with good eyes. Its main problems are that Bitcoin can be used for illegal activities, and its electricity consumption. The latter is due to the fact that the Bitcoin mining algorithm and to secure the transactions are the Proof of Work. the PoW requires extensive energy-intensive systems and that do not need high refrigeration.
Although this could change if at some point Bitcoin decides to go Proof of Stake. With the move to PoSm, it would be the token holders themselves (in this case Bitcoin), who would guarantee the transactions with their tokens. It is what is expected of Ethereum, which is the second largest cryptocurrency and the blockchain on which many operate. NFT.
The move to Proof of Stake would make sanctions could not be imposed on cryptocurrencies based on their energy consumption. But Bitcoin would be at the mercy of laws and regulations that seek to make transactions traceable, that crypto assets must be declared, and other assumptions. In theory, It's nothing serious which no investor who uses Bitcoin as an investment asset or in which to store their money should worry. Moreover, certain regulations to prevent illicit actions with bitcoin or to reduce the cost of its maintenance could make more users trust Bitcoin.
They are assumptions of the future of Bitcoin. But really it is very difficult to predict what may happen to Bitcoin in the futureWell, in one day, an action could revitalize or decrease the confidence and value of the cryptocurrency that has changed the world.
