The digital currency may be volatile, but is considered to be ‘
Indian crypto exchanges, like $4, are normally on the scene with offers and giveaway $4 to drive awareness in the market. The platform has over 8.5 million users and saw a huge rise in users from Tier II and Tier III towns in 2021. Cities like Ahmedabad, Lucknow, Patna and others reported an average growth of 2950%, according to the company.
Comparing ten years’ movement of USD, gold, stocks, and Bitcoin:
Early Bitcoin investors gained stunning returns, but even recent entrants have reaped generous profits over time. For example, Bitcoin’s value rose by 90% in 2021 between July and October alone.
“Bitcoin is regarded as digital gold and not digital fiat for a reason. Though there are definitely use cases where Bitcoin and other crypto can be used for payments, I am a staunch believer that those trades should be considered barter, rather than an outright purchase using currencies,” noted WazirX CEO, $4
Cryptocurrency refers to a digital currency, secured with cryptography to enable trusted transactions in a decentralised manner. Bitcoin is based on the$4 technology, which functions as a ‘ledger’ or record of transactions made.
While it was conceived as a way to make digital transactions easier, Bitcoin blurred the line between a currency and an asset due to its nature.
That would not be the only commonality Bitcoin shares with gold. Here’s a table observing how Bitcoin, the ‘digital gold’, stacks up against actual gold.
As illustrated by this table, Bitcoin satisfies enough attributes to be considered a moniker of ‘digital gold’. If holding Bitcoin isn’t exciting enough, $4 using options to trade or lend it.
Companies like $4 are betting on Bitcoin to give good returns over a long period of time. Michael Saylor, MicroStrategy CEO recently sold off a part of the company to buy another 5,050 Bitcoin.
Increasing value will encourage even more merchants, both online and offline, to accept payments in Bitcoin. When enough transactions are being made, the volatility of Bitcoin value may settle down to a slow rise like gold today.
With its philosophy of decentralisation that focuses on the user instead, Bitcoin could usher in positive changes to banks and the financial system as we know it. This would work to directly benefit ordinary people, making transactions faster, reducing bank fees, restraining inflation, and enabling new businesses located far from traditional centres of growth. Who knew that a simple action of investing in Bitcoin to build your own wealth could profoundly change society for the better?
Disclaimer: This is a sponsored post in partnership with WazirX.
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