More People Accept Payments in Bitcoin Despite Crypto Winter

From Fiat to Bitcoin

The Old System Problem: Fiat

More efficient methods are being added to the ecosystem of electronic payments every day, with a variety of advantages that make the traditional modern payment system seem obsolete. With the advent of bitcoin in 2009 and the global boom it achieved in 2017, more people are leaving cash behind, even using the payment methods of the conventional banking system.

This growing flood of adoption by the general population of disruptive technologies does not look with compassion on the banking system or even the new implementations that these companies have carried out in the last decade. This is due to the growing awareness of the economic instability fostered by trust money cycles. Now the world is waking up to the reality of control schemes and regulations with interests in between.

The impression of more money, the facilities for bank indebtedness and the opening of credits, increase a debt bubble after the operation of this type of measures, causing distrust in the fellow citizens and important imbalances in the internal economy of any country. So, inflation can get out of control, which means a real danger for the current monetary system.

So far, the trust system has relied on abrupt population growth globally, and if the trend changes, the system could be seriously affected. Central banks and governments that have eaten from the 35-year structural decline in inflation cannot prevent it from rising, as raising interest rates to adequate levels would jeopardize a serious economic contraction given the enormous debt faced by economies.

The decentralized characteristics of cryptographic financial instruments are overcoming the current shortcomings of the fiduciary system, which is why this adoption is taking place in a progressive and accelerated manner. The current fiat system works, at least since 1971, if we start from the dollar, when the then president of the United States, Richard Nixon decoupled gold from the dollar, which made this economy intrinsically unstable and prone to high inflation.

Free Network of Intermediaries with Particular Interests: Bitcoin

Bitcoin (BTC) has since its inception become a totally revolutionary innovation for the world of finance. Its development and constant evolution in the ecosystem of cryptocurrencies, has completely changed the traditional notion that society maintains about money, resulting in more frequent use for people who appreciate its benefits and increased opportunities in many business sectors that also bet on its adoption.

Currently, many people are aware of the cryptocurrencies, especially Bitcoin, being the most popular among them. Each individual distinguishes his existence with some of its special characteristics. Such as, for example, the fact that it is totally decentralized; its operation is completely digital, or its ease in handling and transferring funds is really remarkable. These are only some of the most well-known properties that have led it to stand out since its creation.

Likewise, the blockchain technology that has formed part of its protocol and has served as the basis for its operability, has taken charge of adding other elements such as transparency, security and the immutability of the cryptocurrency, placing it even more on the surface so that it becomes known among people. Despite all of the above and even the fact that its market price has remained steadily rising since 2009, there is still a long way to go to promote superior adoption of this new cryptographic digital asset.

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Payments Using Bitcoin

When it comes to the use of $BTC, there are many advantages that can be mentioned in addition to the aspects mentioned above and which are also part of its many benefits. Some of them are those related to the accessibility covered by the management of your system, the methods that have arisen to obtain the corresponding funds and all the options that have been developed and incorporated to facilitate their use.

Generally speaking, in the traditional financial system, there are more obstacles that arise when carrying out operations with trust money and other assets than the simplification that they can offer in the execution of these operations. The enormous paperwork and collections to get involved with a banking institution, the excessive collection of commissions for use, maintenance and transactions and the constant limitations for the user with respect to the handling of their money, are only some of the obstacles that make Bitcoin a more practical and efficient option.

Currently, many large companies and small businesses in different sectors accept ₿ (Bitcoin) as a payment method to sell their products and services. Most of them are motivated by the increase in prices that the asset has had in the market throughout its history and in function of taking advantage of all its advantages and opportunities as its adoption expands.

In the growing adoption of Bitcoin, there have been many ways to start using this crypto asset. Even more important is the fact that multiple merchants have looked for methods to accept Bitcoin as a form of payment in their businesses, regardless of the size they own or the industry they are in.

In addition, many companies have begun to offer their workers the possibility of collecting their salaries in this digital asset, which obviously guarantees the increase of its use in any branch. This income in BTC also opens the doors to other types of businesses driven by its adoption, such as loans in cryptocurrency or even various ways of obtaining passive income with them.

Although the use of Bitcoin or other cryptocurrencies is not allowed in every country in the world, there is a great effort on the part of the ecosystem and the current community of enthusiasts, to bring this innovative asset along with its promising blockchain technology, to mass adoption by people in a progressive way.

Conclusions

Bitcoin is still a cryptocurrency that can evolve in many ways. Always with the aim of perfecting its operability and making it more efficient in the daily transactions of users. An example of this is the implementations of Lightning Network and SegWit, which have sought to provide solutions to improve the efficiency of operations.

Ultimately, it should be noted that, although Bitcoin has a price that can be quite volatile in the market, its creation was not conceived only to remain as a reserve of value, despite the fact that this is one of its many benefits. It is essential that people really use this asset as digital currency so that they can really take the value it possesses for its usefulness and aptitudes, while it is generally consolidated.