Categorized | Bitcoins

The Future of Bitcoins

The major draw of bitcoins for consumers is that they are decentralized, meaning the transaction fees are much lower than those of a bank or credit card processing company. Large amounts of money can be sent across the globe in 10 minutes for only pennies. Bitcoin users also have the option of paying higher fees to speed up the transaction. These fees go directly to bitcoin miners and others that give their time to help the bitcoin exchanges process smoothly.

So, why haven’t bitcoins taken off as the way to pay for online purchases? This has to do with their volatile nature. Currency only has value when someone chooses to accept it as a form of payment. Although more merchants are choosing to accept bitcoins, many are waiting for them to become more stable. Also, many bitcoins are simply sitting in digital wallets while their owners wait hoping that the value will increase. This leaves the future of bitcoins in a precarious situation because bitcoins can only become more stable as more merchants choose to accept them. The exchange rate of bitcoins changes on a daily basis as more bitcoins are either spent or saved and more merchants choose to accept bitcoins as a way of payment. BitcoinCPIAdditional Resources
Bitcoin Is Broken—Here’s a Simple Plan to Fix It
Bitcoin Is Flawed, But It Will Still Take Over the World

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