Blockchain technology harbors the power to transform our approach toward online transactions. It operates as a decentralized digital ledger, documenting transactions across a network of computers. This makes it practically impervious to any attempts to modify or tamper with the recorded data.

Voila! This makes blockchain the perfect candidate for fortifying online transactions, offering secure, transparent, and tamper-resistant record-keeping. Now, isn’t that just the cherry on top of the digital security sundae?

What Exactly is Blockchain?

Think of a blockchain as a decentralized digital ledger, diligently recording transactions across a sea of computers. It’s an ever-expanding list of records, fondly referred to as blocks, bound and secured with the magic of cryptography.

Each block is a treasure chest that typically houses a cryptographic hash of its predecessor, a timestamp, and transaction data. The power of cryptography ensures that once a block finds its place in the blockchain, it can’t be modified or erased without the network’s collective agreement. Blockchains can don the cloak of public or private identities.

Public blockchains, such as Bitcoin and Ethereum, roll out the welcome mat for everyone and are kept running by a network of users.

On the flip side, private blockchains are usually under the wing of a central authority and only accessible to a specific user group.

The star of the show when it comes to blockchain technology use cases is undeniably the creation and management of digital currencies, like Bitcoin.

However, the versatility of blockchain technology doesn’t stop there. It has a plethora of potential applications, including supply chain management, digital identity verification, and even voting systems.

One of the crowning glories of blockchain technology is its capacity to offer a secure and transparent stage for record-keeping.

Transactions are etched into a decentralized network, making it a Herculean task for hackers to manipulate or tamper with the data.

Moreover, the use of smart contracts paves the way for transaction automation, reducing the reliance on middlemen and minimizing the risk of human error. Now, isn’t that smarter than your average bear?

Perks of Leveraging Blockchain for Online Transactions

The most striking perk of blockchain technology is its ability to provide a bulletproof platform for online transactions.

Transactions get chronicled in a decentralized network, making it a herculean task for hackers to tamper with or alter data.

This is because, once a block of data is cemented into the blockchain, it can’t be modified or deleted without the collective agreement of the network.

Not only does blockchain technology offer a secure platform for online transactions, but it also guarantees transparency and accountability.

In a blockchain-orchestrated transaction, every user can view and track the entire transaction history, including the nitty-gritty details, all parties involved, and the exact timestamp.

This level of transparency paves the way for accountability and traceability of transactions, allowing for the swift detection of any fraudulent activities.

Another significant facet of blockchain technology is its aptitude to facilitate smart contracts. Picture a smart contract as a computer program that automatically carries out the clauses of a contract when certain conditions are fulfilled. This leads to the automation of transactions, cutting down the need for middlemen and minimizing the chances of human errors.

The application of blockchain technology in safeguarding online transactions isn’t confined to financial transactions. It can also be used to secure other types of online transactions, such as exchanging personal data and managing digital assets.

For instance, blockchain technology can be employed to establish a secure and decentralized platform for storing personal data, like medical records and personal identification documents. This empowers individuals to take control of their data and ensures it’s used correctly and handled appropriately.

To sum it up, blockchain technology holds the potential to revolutionize the way we conduct online transactions by offering a secure, transparent, and tamper-proof platform for record-keeping.

Its capability to enable smart contracts and decentralized applications also allows for the automation of transactions, reducing the need for intermediaries and minimizing the chances of human error.

As technology continues to evolve and more businesses and organizations jump on the bandwagon, we expect to witness a surge in the number of secure online transactions facilitated by blockchain technology.

What Are the Most Popular Blockchains?

The blockchain world is dominated by two major players – Bitcoin and Ethereum.

Bitcoin, the original cryptocurrency, has been the poster child of the blockchain revolution since its inception in 2009. The brainchild of an unidentified individual or group known as Satoshi Nakamoto, Bitcoin uses a public blockchain to document its transactions.

The Bitcoin blockchain functions as a ledger for the ownership of digital currency, facilitating peer-to-peer transactions without the need for centralized oversight.

Hot on Bitcoin’s heels is Ethereum, the second most popular blockchain. Introduced to the world in 2015 by Vitalik Buterin, Ethereum also operates on a public blockchain. However, it sets itself apart from Bitcoin with its support for smart contracts and decentralized applications (DApps).

Ethereum’s blockchain serves as a playground for developers to design and launch their own decentralized applications. Furthermore, it boasts a built-in programming language that enables the creation of more intricate and flexible smart contracts.

Other blockchains that have managed to carve a niche for themselves in the market include:

• Ripple (XRP)
• Litecoin
• Bitcoin Cash
• Binance Coin
• Tether
• Cardano
• Chainlink
• Dogecoin
• Polkadot
• Solana

These blockchains are deemed popular owing to their high trading volume, significant market capitalization, widespread adoption, and the interest they garner.

However, the popularity of these blockchains is subject to change, influenced by fluctuations in market conditions and their rate of adoption.

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“As we’re entering the possibilities offered by Web3 — the decentralized, ownable and programmable web — we have seen hundreds of new projects popping up every day. But it’s important to remember that Web3 is not about specific NFTs, it’s about what you can do with it, be that providing access, social capital or utility,” explained Nicholas Julia, co-founder and CEO of Sorare, an NFT-based fantasy football game. 

“I expect most NFTs will go to zero the same way most .com companies went to zero — the hype does not negate the underlying trend, and if you choose projects that build for the long-term, you will find the Amazon of the .com bubble. NFTs help you own a piece of the internet and as our good friend Alexis Ohanian explains, the internet is a culture machine and is a community connector. Ultimately, NFTs are now a part of the culture, and while not every NFT will survive, we will absolutely see projects that will retain value for centuries to come.”

Julia knows a thing or two about the world of NFTs. In November 2021, Sorare raised a mammoth $680 million in a Series B fundraising round – leaving a company valuation of $4.3 billion. The newfound unicorn status means that Sorare can legitimately stake a claim to be the world’s most valuable NFT startup.

The secondary market sales of NFTs grew at a rapid rate in mid-2021 before a brief revival took place in January 2022. Although secondary sales haven’t quite spiked in early 2021, a significant decline has emerged in February. 

Echoing Julia’s notion that many NFT projects will ultimately go to zero, digital artist Mike Winkelmann, better known as Beeple, echoed the sentiment. In 2021, Beeple sold an NFT for a record-breaking $69 million, but has since shared his scepticism about the market. 

He noted in an interview with the New York Times that investing in crypto-based art “is for people who are looking to take some risks,” before adding that “this stuff will absolutely go to zero.”

Beeple also said: “I think there’s a very good chance it’s in a bubble,” when discussing the future of the NFT market. 

So what’s next for the world of NFTs? And can the market continue to thrive despite some of its key players dismissing many of the projects that currently populate the industry?

Assessing the Merits of NFTs

Despite drawing plenty of scepticism from investors outside of the crypto landscape, we’ve seen the rise of blue-chip NFT projects like CryptoPunks, Bored Ape Yacht Club, and CyberKongz have helped to bring greater levels of interest in non-fungible tokens. Some projects even carry forms of utility whilst rewarding holders with a form of passive income. 

The rise of NFTs has led to prestigious auction houses like Christie’s auctioning off digital art for millions of dollars. 

Furthermore, the potential for multifunctional utility means that owning an NFT can carry more benefits than traditional artworks, with tokens being incorporated into games in a way that rewards players. 

However, the NFT landscape has become unsustainable for many investors. Best-in-class tokens have become too expensive for many retail investors due to their scarcity and popularity, leading to myriad copycat projects emerging. This invariably means that the vast majority of NFTs will never gain value once the non-fungible gold rush shows signs of dying down. 

NFTs are also highly dependent on the success of cryptocurrencies to be successful. Recent pullbacks across the crypto market have served as a warning for NFT investors. 

“Cryptocurrency is currently one of the most attractive alternatives to investing in stocks, bonds and commodities. Cryptocurrencies are generally highly volatile, which means investors can generate high returns. Yet, with volatility come greater risks,” notes Maxim Manturov, head of investment advice at Freedom Finance Europe. 

When volatility becomes more pronounced, NFTs will be especially susceptible to investor sell-offs, as preservation of wealth takes precedence. 

Although we’ve already seen what happens when a digital bubble bursts from a time when dot-com websites were attracting big money as a form of virtual real estate. There are certainly some parallels between the dot-com boom and the NFT landscape. However, investors will be hoping that the fixed scarcity of their tokens helps to maintain their value.

Investors are likely to be aware that even the most scarce asset is worthless if there’s no interest in it, so it’s vital that projects are fully trusted before purchases are made. With this in mind, it appears likely that many NFTs will ultimately go to zero, but for the trusted and well-managed projects out there, there’s certainly plenty of reasons to remain optimistic for the future.

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Statista aggregated 55 separate research reports from the Statista Global Consumer Survey to find the nations where Bitcoin and other cryptocurrencies are most popular, providing some of the most comprehensive statistics on the issue. The findings demonstrate a clear pattern. Africans, Asians, and South Americans are far more likely than Europeans, North Americans, and Australians to own or utilize bitcoin and other cryptocurrencies like Ethereum, Cardano, TPR Coins, etc.  

Introducing the King of Crypto Leaderboard

The king of cryptocurrencies is Africa’s greatest economy. In Nigeria, nearly one-third of respondents — 32 percent — said they had used or owned any form of cryptocurrency in 2020. In comparison, only 6% of Americans said the same thing.

Nigeria’s particular culture and circumstances, as per Bitcoin.com, are propelling the movement. Poverty, which affects 87 million of Nigeria’s 200 million people, is a significant factor, and crypto transactions are inexpensive. Another explanation for the development is that Nigerians are far more likely to use their phones to make payments and send money. Finally, in Nigeria, double-digit inflation is the norm rather than the exception, and cryptocurrencies like Bitcoin, which are limited in number, act as a hedge against inflation.

Almost a third of Nigerians agreed that this was true of them. According to Bitcoin.com, the hefty expense of transporting money across borders in the traditional manner has prompted many people to turn to local bitcoin exchanges that cater to overseas workers and their families. Businesses in Nigeria have recently begun to include crypto plugins in their phone payment options, providing yet another method for Nigerians to use bitcoin in their daily lives.

Case Study

Abolaji Odunjo, a tiny businessman selling mobile phones in a bustling Lagos street market, made a significant improvement to his business by beginning to pay his suppliers with bitcoin.

Odunjo gets his phones and accessories from China and the UAE. For speed and convenience, he added, his Chinese vendors requested payment in cryptocurrency.

He has increased his profits as a result of the change, as he no longer has to buy dollars in Nigerian naira or pay money-transfer costs. It’s also an illustration of how bitcoin, the world’s first and largest cryptocurrency, is finding practical applications in Africa that it hasn’t found elsewhere.

As per statistics given by roughly 20 bitcoin users and five cryptocurrency exchanges, Odunjo is one of many persons at the core of a stealthy bitcoin explosion in Africa.

According to data from U.S. blockchain research firm Chainalysis, monthly cryptocurrency transfers to and from Africa of less than $10,000, which are often conducted by individuals and small enterprises, increased by more than 55 percent in a year.

The number of monthly transfers increased by about half, to 600,700, according to Chainalysis, which claims the study is the most comprehensive ever to map out global crypto use. Nigeria, the continent’s largest economy, as well as South Africa and Kenya, saw a lot of action.

This is a significant shift for bitcoin, which, despite its origins as a payment instrument over a decade ago, has primarily been utilized for financial speculators’ speculation rather than commerce.

Why is Africa seeing such a boom?

Some factors are working behind this boom. Young, tech-savvy people; difficulties buying USD from local currencies; and the complicated and costly money transfer process.

Bitcoin users in five nations, ranging from Nigeria to Botswana, said that cryptocurrency was assisting them in becoming more flexible and profitable in their enterprises, as well as allowing those working in Europe and North America to keep more of the money they send home.

However, dangers abound

Many nations do not regulate bitcoin and other cryptocurrencies, and their legal status is unknown, so there is no safety net and limited redress if you lose money.

Many people rely on unofficial brokers to change their native currency to and from bitcoin. Prices fluctuate, and buying and selling is a technological procedure that necessitates technical understanding.

In June, minor bitcoin transfers in Nigeria totaled about $56 million, up nearly 50% from the previous year. The number of transactions increased by more than 55% to 120,000.

However, determining how cryptocurrencies are used in specific places is difficult. Digital coins provide a high level of anonymity, and while the value of transactions may be monitored on the blockchain, a user’s identity or location cannot.

Chainalysis, which tracks crypto movements for financial institutions and law enforcement in the United States, collected the information by analyzing web traffic and trade trends, despite the fact that virtual private networks can disguise locations. It distinguished between transactions of less than $10,000 and higher quantities commonly used by professional dealers.

Nigeria’s oil-dependent economy has been battered by low petroleum prices and COVID-19, prompting the central bank to weaken the naira twice this year. As a result, Odunjo and other importers are having to spend more to buy dollars that are becoming increasingly scarce.

Rise of Bitcoin in Nigeria

Because of the naira’s depreciation, many Nigerians are turning to bitcoin as a way to buy items from other countries without having to acquire dollars.

Yellow Card, which has offices in five countries, projected a five-fold rise in monthly crypto volumes in 2020, from $5 million in August to $25 million in August. According to the research, workers utilizing bitcoin for remittances was a key issue.

Bitcoin fees vary based on the exchange or broker, but for shipping 100 pounds, they would normally be around 2%-2.5 percent.

Conclusion

Exchanges and over-the-counter (OTC) brokers, on the other hand, are both vulnerable to hackers and scams.

And, while bitcoin is useful for transfers, it isn’t widely accepted on the ground; for example, stores and landlords rarely accept it. This means that monies sent by workers must be converted back to regular currency by friends or family, frequently through a broker at their end, posing added risk.

However, the majority of bitcoin users claimed that many OTC brokers, who rely on word-of-mouth evaluations, operated reliably in an increasingly competitive industry and were hesitant to jeopardize their reputations.

And for an increasing number of people, the benefits exceed the risks.

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Cryptocurrency or more specifically bitcoin, isn’t a new thing, but it is undoubtedly young being only a bit more than a decade on the market. Moreover, there are many frauds and controversies related to doing business alone, so it’s no surprise people are suspicious about virtual currencies. Additionally, bitcoin news has only recently started to spread widely so that more people can get informed about it. 

Nevertheless, there are plenty of reasons why bitcoin is better than traditional money. 

For instance, if you are traveling to a country that doesn’t use the same currency as yours, you need to pay attention to conversion rates. Otherwise, you risk losing some money. This will not happen when you are using bitcoin.

When we first heard about it, we also had some doubts, and it seemed unreliable. However, we decided to investigate and were pleasantly surprised by the findings. Today we will share them with you, discuss the reasons to use bitcoin, and explain what it is.

What Is Bitcoin

Some people talk about virtual currency and money as if these are two different things. But this is wrong; for example, if you have Indian rupees and money (USD), you won’t claim that dollars are money while rupees are something else. The same goes for bitcoin – it’s also money – just another, virtual form. By definition, it is a cryptocurrency – digitalized currency without a central bank. Although it is virtual, it does have all elements that fiat money has – it is a means of payment, a unit of account, and a store of wealth. Therefore, we can conclude that it is money. If you wish to find out more about it, you can read here.

There are plenty of reasons why it is much better to use bitcoin today. In the following sections, we will see how bitcoin works and look at some other crucial details.

Why Use Bitcoin

It is not hard to understand how it functions because it is nothing more than a computer file kept in a virtual wallet app. You can send and receive bitcoins directly from and to your wallet through online transactions that are recorded in the blockchain. The purpose of tracking and recording these transactions is to ensure security and prevent people from perpetrating fraud. 

1. Low Transaction Charges

This is one of our favorite advantages. Unlike fiat, cryptocurrency has very low transaction and transfer fees. Even if you are transferring bitcoin amounting to millions of dollars, it will cost you just a few hundred bucks – that is how low the charge is when exchanging bitcoin to USD. This is because there is no intermediary, and it is an excellent benefit for people who often travel.

2. No Borders

You can take it to any country in the world and exchange it for fiat currency once you arrive there. The only thing you need to find is the best bitcoin exchange office that will give you reasonable rates. Carrying bitcoin is much safer than conventional money or credit cards. 

3. Impossible to Steal

We live in a time when poverty is increasing, and, therefore, more people resort to stealing. However, it is not possible to filch bitcoin unless the thief has, for some reason, private keys necessary to access the wallet. 

4. Autonomy

Cryptocurrencies allow users to have autonomous control over how, and how much, they are spending without addressing a bank or a government body.

5. No Banking Fees

This doesn’t mean that you don’t have to pay anything because there are still things like withdrawal and deposit charges. But you can forget about all those monthly account fees such as  maintenance, minimum balance, and many others.

6. There Isn’t Counterfeit Cryptocurrency

Almost everyone is at some point afraid of getting fake money. Well, when you are dealing with bitcoin, you can be sure that this won’t happen. In this case, you don’t give it to an unknown person but to the network that checks everything first before proceeding with your transaction.

7. Online Shopping

Many of us don’t have time to go to supermarkets or shopping malls. Besides, it can be frustrating when you need to go from store to store to find what you need. That’s why many people opt for online shopping. Of course, you can buy things online with a simple credit card, but bitcoin makes it more convenient because you don’t need to leave any personal data on the Internet. 

8.  It Is Accessible

All you need for transactions is a smartphone or a computer with Internet access, and you are good to go. This means working with bitcoin is much simpler for people worldwide, particularly those who, for whatever reason, cannot use traditional systems of payment and banking. 

9. Open but Secure

This means that people can receive and send bitcoins between themselves without intermediaries. However, it doesn’t imply that anyone can do whatever they want because there is a network that controls the safety and security of transactions. Also, users have a password called a private key, which is necessary for operations. 

10. Fast

When you use traditional banking or payment systems, usually you have to wait a day or two before your withdrawal/payment is processed. With bitcoin, you have instant transactions. When you send bitcoins to someone, they will see the amount within seconds. Of course, then they need to wait for it to be confirmed, but it is still shorter than with a bank. 

Conclusion

We hope that we managed to explain why bitcoin is better than traditional money. The purpose is not to convince you of anything but to make sure that you have all the facts when deciding on the type of currency to use. If you find this topic interesting, we believe you would like to read about how to earn bitcoin as well. Have you thought about switching to cryptocurrency before? What are your pros and cons?

The post 10 Reasons Why Bitcoin Is Better Than Conventional Currency appeared first on SiteProNews.

Mainly, there are so many ways to buy bitcoin now. On peer-to-peer marketplaces like Paxful, there are over 350 payment methods available. Among many of the advantages and disadvantages of bitcoin, this is proving to be one of the greatest advantages. 

When bitcoin ATMs first came out, its promise was to make the buying and selling process not only easier but also more accessible. There are lots of bitcoin ATM machines around the world now but is it really worth using? If you’ve never encountered one of these before but are thinking about it, then you’ve come to the right place. We’re going to take a look at the good and the bad of using bitcoin ATMs.

Bitcoin ATMs: The good

There are a lot of people that use bitcoin ATMs around the world. If there weren’t there wouldn’t be any machines. Here are some of the reasons that bitcoin ATMs are used:

Speed

Bitcoin ATMs are arguably one of the fastest ways to buy and sell bitcoins. Although it varies by machine, some machines offer a 15-second operation. This means that all you’d have to do is scan your QR wallet code, insert bank notes (this includes cash and other bank requirements), and click “send bitcoins” and voila! You’ll have some brand new bitcoins in your wallet!

Note: If it’s your first time buying from a bitcoin ATM, you might have to do some verification. The verifications depend on the machine but the most common forms include SMS for small amounts and ID scans for bigger ones. 

It’s secure

More often than not, bitcoin ATMs are run by well-known operators with an already-established business. This means that they’ll normally have a business address, support phone, and email. Other than that, there is no middleman involved in the process. It’s just a user directly interacting with a machine. Some bitcoin ATMs are even anonymous but more and more machines are starting to adopt KYC/AML laws which means it might be a little hard to find an anonymous bitcoin ATM.

Bitcoin ATMs: The bad

Now that you know the pros of using bitcoin ATMs, you’d think it’s a good deal right? Well, don’t get ahead of yourself just yet. It’s important that you look at the cons first before making a decision. 

It’s a little expensive

Sometimes, the fees and costs that accompany bitcoin ATMs can get a little over the top. Many complaints have been filed by users in the past and to some extent, it seems to be true. Charges vary from machine to machine and some can charge as high as 30% or more via commission or price mark up. 

Limited machines

Although the number of bitcoin ATM machines is growing, they’re limited to certain areas of the world. Some people are still amazed when they actually see one and some are unfortunate to not have any machines around them. 

Sometimes, it just isn’t reliable

In the past, people have often complained that bitcoin ATMs in their area were frequently reported non-functional and ended up losing some of their cash to a dead machine. It takes a certain level of maintenance to keep these machines running and sometimes they just don’t get that maintenance. This is especially true for the machines that are more remote (away from the city). With machines having service issues like this, it totally defeats the purpose of having bitcoin ATMs around you in the first place. 

There’s still a lot to develop

Bitcoin ATMs are still in development and as you can see with the bad side, there is still a lot that can be improved. More research is being done in hopes to eventually perfect bitcoin ATMs. If the system is eventually perfected, then it’s safe to say that it could launch bitcoin and other cryptocurrencies into some pretty good exposure and hopefully, that’ll factor into eventual mass adoption. 

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Bitcoin for Coffee. Sounds good, right? 

Well, the fact is Starbucks’ customers won’t be able to pay for their Frappuccino in Bitcoin. At least not at the moment.  While speaking to Motherboard, Starbuck’s spokesperson confirmed that they are not accepting the top cryptocurrency for now.

But that’s not to say the company is not interested in Bitcoin at all. In fact, through a partnership with Microsoft and Intercontinental Exchange Inc (ICE), Starbucks has found a way to help Bitcoin holders be able to buy coffee at their shops through an exchange platform called Bakkt.

Here is what Kelly Loeffler (Bakkt CEO) had to say about the company in the official press release:

In this relationship, Starbucks will serve as the “flagship retailer” to ensure proper applications are developed to help customers convert their digital currencies into fiat money for use at their shops. 

If the giant coffee maker is not interested in handling Bitcoin directly, then why do you think they care? Because they want to stay on top of the game as the leading proximity-based Mobile Pay vendors.

Bitcoin Use

As Starbucks moves an inch closer to making Bitcoin payments a reality in its shops, the one question that has been bugging crypto holders (or HODLers, as they like to put it) is, “where can I spend Bitcoin?” There are a few places in the world- especially the online where Bitcoin is accepted as a medium of payment. 

PizzaforCoins.com and Helen’s Pizza in Jersey City, N.J are the places to visit if you are craving some pizza. The former delivers your package right to your door for those in the US. For real meals (not that pizza is not), The Pink Cow in Tokyo, Whole Foods, Carryupnow.com in Francisco Bay and many other restaurants can get you sorted with mouth-watering delicacies.

For coffee lovers, we’ve already pointed out that at Starbucks, you’ll have to swap your BTCs into US dollars via Bakkt before placing an order for a mug. However, if that seems like a heck lot of process, you can pay for coffee with Bitcoin directly at places like Coupa Café (Palo Alto), Bitcoincoffee.com, Cups, and Cakes Bakery (San Francisco CA), café Ducatus in Singapore and many more.

Paying for flights and hotels with Bitcoin is now possible and many outlets offer those services. Exceptional examples include CheapAir, Expedia, Surf Air, One Shot Hotels, WebJet, and Bitcoin. Travel. If you have loftier ambitions, the best place to visit is Virgin Galactic.

Microsoft accepts Bitcoin payments for those who use their app store to download stuff. Other software and Internet-based portals that accept the king of cryptocurrency include Reddit, Namecheap (Domain Name registrar), Wikipedia, The Internet Archive, Zynga (mobile gaming), Bloomberg.com, and WordPress. Among retail businesses, Overstock seems to be the top choice as it was the first to allow Bitcoin payments in 2014.

The evolution of Bitcoin transactions

Before 2015, Bitcoin basked in the glory of being the best digital currency especially for sending untraceable payments. In a world where the taxman lies in wait for huge commissions on cross-border payments, cryptocurrencies provided a tunnel system for saving a lot of bucks. With time, shrewd investors and the common folks realized the value of cryptocurrencies- and that was when everything changed.

Previously, it would cost a few cents on the dollar to send many Bitcoin to other holders. However, as the network started to register an influx of users, it became obvious that the core software wasn’t prepared for that. 

Transaction fees started to go over the roof with the worst case scenarios being reported during the bull run of 2017. The fee went from an average of around $7 to $28. Some even said they were charged up to $55!

Furthermore, during the peak loads when the network turns into a beehive, longer processing times are also witnessed. And during these times, miners focus more on transactions with a good reward (those with bigger transaction fees). 

Since the biggest problem is speed, various updates and technologies have been introduced as the silver bullet.  While transaction fees are still a problem, the time it takes for a transaction to be confirmed has decreased since 2007.

While you were required to wait for days to get your satoshis a few years ago, now it takes somewhere between 10 minutes to a maximum of 8 days. The impressive speed is courtesy of the new updates such as SegWit and The Lightning technology.

Other cryptocurrencies with faster speeds and lower transaction fees

While Bitcoin has been battling scaling and transaction fee issues, some cryptocurrencies such as Ethereum, Litecoin, Bitcoin Cash, and Digibyte have been enjoying a fairly smooth ride. On average, BTC blockchain processes roughly 7 transaction per second, which is slower when compared to Ethereum (15), and Ripple (1500/sec). 

Visa, on the other hand, handles 24,000 transactions within a second. Well, if Bitcoin intends to outshine traditional banking as the fastest mode of payment, then there is a truckload of work to be done.

Here is the bottom line:

Buying coffee with Bitcoin from Starbucks at the moment is just another pipe dream. The same goes for buying a few groceries and other items in a supermarket. The higher transaction fees and long confirmations are making it a less reliable payment method. 

But don’t give up hope already. With new tech implementations such as the lightning technology, SegWit, and a few that might come in the future, it could be possible to use Bitcoin for day to day transactions. The future of this currency is great-even though the changes are happening at a snail’s speed.

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However, any savvy investor will know better than to just blindly follow the optimism of the enthusiasts. Let’s take a look at some fundamental factors underlying the value of Bitcoin to determine when might be the best time to buy Bitcoin, if that time is now, and if Bitcoin really is going to the moon.

The Best Time to Buy Anything

If your goal is to make a profit, you want to buy low and sell high. That means the best time to buy any asset is when it’s undervalued. An asset might be undervalued for a few reasons:

• It’s difficult to obtain;
• The market has lost confidence (herd mentality);
• Most buyers aren’t aware of the underlying value;
• Bad publicity.

Is Bitcoin Undervalued?

You could argue that the Bitcoin price is under downward pressure from all of these factors. Firstly, Bitcoin is still quite difficult to obtain for most people. Cryptocurrency is a whole new technology that has a steep learning curve. Most non-techy people have no idea how to even begin to obtain Bitcoin. They probably don’t even know what a private key is, let alone how to keep one safe. Learning the technology is where most people quit when it comes to Bitcoin. Even if the technology isn’t a big hurdle, some countries have banned or restricted their citizens’ access to Bitcoin. 

This means many potential buyers are currently out of reach of the Bitcoin market. But that will likely change in the future. Better wallets and applications are being developed all the time to make Bitcoin easier to use. Bitcoin exchanges are making Bitcoin faster, safer and cheaper to buy and sell with credit cards and bank transfers. The list of countries available to these exchanges is growing. 

All this means that Bitcoin’s potential customer base is increasing quickly, and that’s why the demand for Bitcoin rises dramatically every year. As we all know, Bitcoin has a controlled supply with a maximum of 21 million units that can ever be mined. About 80% of those have already been mined, which means all new customers will be competing to buy the same Bitcoins. Demand will continue to vastly outstrip supply, and Bitcoin may well go up.

Market Confidence

The Bitcoin market has already been through a few bubbles and crashes in its short life. The peak of which has been the parabolic price rise at the end of 2017 followed by the extended recession in 2018. The Bitcoin misery index puts the cryptocurrency market momentum at an all-time low right now.

So are things really looking down for crypto in 2018? If you bought Bitcoin with your life savings in December 2017, yes. But, otherwise, things have actually looked good for crypto this year. Regulators have started to take Bitcoin seriously, giving out positive signs that the market will be allowed to continue innovating. The Bitcoin scaling problem has also had some important developments. 

The market is still a bit nervous following the huge losses of early this year. Many people got burnt and embarrassed as they watched their investments and confidence tick down with the Bitcoin price chart. That confidence looks like it’s starting to turn now, and more and more people are preparing for new investment in Bitcoin.

Bad Publicity

The media cycle for Bitcoin goes through spells of hype and horror. Considering that the price of Bitcoin is linked to public sentiment on social media, this is important. 2018 has seen mostly gloomy headlines for cryptocurrency, especially compared to last year. This means that the price could be being pushed lower by the media. 

Hidden Value

The financial world still doesn’t fully understand Bitcoin. That’s not surprising, it’s a complete departure from our current financial system and way of thinking. The idea of decentralized, programmable, algorithmically alive currency requires a huge mental leap. 

The people that struggle most with this new idea for currency are the people that understand the old financial system the best: economists, governments, bankers, investors, and traders. This should also come as no surprise. When the internet first started disrupting the world in the 1990s, it was laughed at by the telephone operators. They understood the old way of doing things best and failed to see how powerful the internet could be. 

One of the most experienced investors in the world, Warren Buffett, calls Bitcoin “probably rat poison squared”, as it doesn’t produce anything. A statement highlights just how much top investors are struggling with the idea of why the internet might need a digital, cross-border currency and store of value.

Buffett and other masters of the old system have the big money, and they haven’t come near Bitcoin yet. But big money names and institutions are starting to change their thinking. When they do and decide to dedicate even a sliver of their billions towards Bitcoin, the floodgates will open.

Adding it Together

Of course, Bitcoin is still a crazy experiment in a brand new industry, but it’s already done countless times what experts thought was impossible. When the usability, access, hype, investor confidence and public understanding of Bitcoin all start to pick up over the next few months or years, the value of Bitcoin is going to change.

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Last year, Gartner declared Blockchain technology as one of the top 10 technology trends. The global Blockchain market is expected to grow from 210.2 Million USD in 2016 to 2312.5 Million USD by 2021.

Blockchain can reduce bank infrastructure costs by 30%. IBM has invested more than $200 Million in blockchain-powered IOT (Internet of Things).

Given these numbers, it makes sense to take this technology seriously, and understand what it can do for your business in 2018.

How about we start with dissecting Blockchain?

Blockchain is a decentralized, distributed and public digital ledger that records transactions across a number of computers and devices. The best thing about this concept is that one cannot alter the record without changing all subsequent blocks.

Do you recall that sometimes when you transfer money from your bank to someone else, it often takes some time (a few hours at least). This is because the sender (bank) holds the money until the receiving bank confirms the receipt of the amount.

Blockchain, however, does not follow this traditional approach. It comprises just one ledger of transactions between the two banks.

I am sure you use Google Docs for your business. When you share a document with your colleague, you give them the privilege (permission) to either edit or view the document. Let us assume that you have given full rights to the other person.

Now, when your colleague is editing the document, you would not be able to alter that doc. During the period (when the doc is in edit mode at the other person’s device), you are locked out of editing.

Downside?

You will have to wait until your coworker has finished editing that document.

With the new kid on the block (yes I am talking about Blockchain technology), this will not be the case. This technology will eliminate single-points of control and failure.

Benefits of Blockchain Technology

Trust and Transparency

Cryptocurrencies such as bitcoin are in great demand today. Everyone seems to be caught in the wave of this new form of money.

What is the single biggest issue faced by financial institutions?

Security Breaches.

With blockchain technology, financial fraud would be a thing of the past because it would facilitate big chunks of data transfer without the security issues.

This technology has a transparent approach; meaning the transaction is easy to track.

Marketing and Blockchain Technology

We have talked about Blockchain and finance. But that is not where it all ends. This technology has a reach far beyond the confines of money-transfer.

In the current digital marketing scenario, companies such as Google act as intermediaries.

How?

Suppose you want to advertise on your website. You would need advertisers, right?

How would you find advertisers?

Perhaps, through an advertisement network such as the Google Display Network (GDN)?

You could also start data mining and try to find advertisers yourself. But there is always a hint of risk. With a trusted partner such as Google, that “risk” is almost non-existent. In the digital marketing space, this is known as programmatic advertising. Google (via the GDN) would connect YOU and the advertisers; and would take a commission for every transaction.

Blockchain Throws Out the Intermediary

Now imagine this media buying scenario without an intermediary.

Yes, I mean WITHOUT Google. (Don’t hate me for this!)

This would eliminate the commission on their part as well.

In addition, the biggest benefit would be that there would be no room for foul play.

Advertisers pay money when someone clicks on their ads. Often, some companies (and bots) engage in fraudulent and black-hat techniques to show more clicks in order to make more money. This means losses for the advertisers.

With blockchain technology, advertisers and website owners would have ‘transparency’ over the number of clicks and the payments.This will result in reduced online Ad fraud; the amount being $6.5 billion in 2017.

Customer-Centric Marketing

We always rave about customer-focused marketing – bla bla bla. The truth is that few companies actually implement this. We always have this ‘fear’ that companies (such as Google, Facebook and others) have too much information about us. And that is not false by the way! Although Google has strict rules about Personally identifiable information (PII), companies do know much about our lifestyle, behaviors and more. (Blame the “cookies”).

Come Blockchain and this would change forever.

How?

Blockchain is all about trust and transparency. With control on the customer-side (as against the business-side), there will be less intrusion – less annoying ads, fewer email blasts and so on.

No, this does not mean business would start losing money.

On the contrary, Blockchain would pave way for an ‘honest’ marketing approach. Businesses would have fewer (but better quality) prospect-lists.

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