The Value proposition of any cryptocurrency is the idea of decentralization. There should not be any middlemen, and there should be absolute transparency. Bitcoin was originally created as an alternative to traditional fiat currency transactions. Bitcoin motivated the idea of decentralized payment method. Unlike international bank transfers, payments in bitcoin costed much less and were almost instantaneous. An added benefit for merchants was that it was irreversible, removing the threat of expensive chargebacks.
The recent development in the domestic payment methods and the rapid development of alternative (non-cryptocurrency) has severely reduced bitcoin’s advantage in this area. When transaction fees of Bitcoin is increasing, the alternatives to this coin has started decreasing the transaction fees removing Bitcoins advantage apart from the bottlenecks in the Bitcoin network.
The Increasing regulatory policies such as Anti Money Laundering and illegal transactions for the terrorist funding has reduced the usage of cryptocurrencies as a whole for a short period of time to make it better for the rest of us.
In some part of the world, Bitcoin is still the most efficient and cheaper way to transfer money as compared to traditional banking systems and several remittance startups makes the use of this feature. Still Bitcoin’s speed and the channels are being eroded as the traditional banking has been developing their technologies which counters bitcoin’s advantages, yet there are many other cryptocurrencies in the market where Domestic banking or the International banking cannot compete due to the decentralised and cost efficient nature of those other cryptocurrencies.
Yet many individuals feel more comfortable holding a part of their wealth in terms of Bitcoin, where central authority cannot block access or take a cut.
Recently Bitcoin seems to have assumed a role of investment asset. The investors, traders, small business have woken up to the potential and real advantages of using Bitcoin and other Cryptocurrencies such as CRYPTX.
Some sources claim that Bitcoin has been used for money laundering, but we know that the ones who are reading this wont associate them into such doings, most importantly, there are many other cryptocurrencies which stops these misdoings. The idea of using such cryptocurrencies is to make a democratic, transparent, decentralised and secure system governed by people like you and me in mutual consensus.
Why not use it?