In the future, bitcoin could be used as a global payment network because of its low cost and international transactability. According to the report prepared by the Business Insider research center; Emphasizing that bitcoin will pose a threat to all payment systems such as credit cards, Western Union or PayPal in the future and will be a serious competitor to them, the reasons for the realization of this prediction are explained under 5 headings.
1. User Privacy
Unless a user voluntarily publishes their own bitcoin transactions, just like cash purchases, purchases are never associated with their personal identity and cannot be easily traced. In fact, the anonymous bitcoin address created for user purchases changes with each transaction. This doesn’t mean that bitcoin transactions aren’t truly anonymous or completely traceable, but they are linked to far less personal identity than some traditional forms of payment.
2. Bitcoin is Scalable
With a total amount of 21 million, bitcoin can be divided into 100 million pieces each, thus providing enough numbers to cover its use as a global payment technology.
3. Peer-to-Peer Focus
The Bitcoin payment system is completely peer-to-peer, meaning users can send or receive payments to anyone on the network from anywhere in the world without the need for approval from any external source or authority. Users can also control how they spend their money without dealing with a brokerage firm such as a bank or government.
4. Abolition of Banking Fees
While “maker” and “taker” fees, as well as deposit and withdrawal fees, are considered standard among
cryptocurrency exchanges, bitcoin users are not subject to the traditional banking fees associated with fiat currencies. This means, among others, that there are no account maintenance or minimum balance fees, overdraft fees, and no return deposit fees.
5. Very Low Transaction Fees for International Payments
Standard bank transfers and foreign purchases usually include fees and foreign exchange costs. Since there is no intermediary institutions or government participation in Bitcoin transfer transactions, transaction costs are kept very low. This can be a great advantage for travelers. Also, in bitcoin transfers, any transfer happens very quickly, eliminating the inconvenience of typical authorization requirements and wait times.
Due to the many advantages we have mentioned, it is thought that bitcoin and other cryptocurrencies will play a major role in the global sense as a means of payment in the near future.
You can open a bitcoin account immediately and start trading to benefit from the advantages of bitcoin as a payment system.
