The Benefits of Legalizing Bitcoin Globally
Even though more than 5 million people use Bitcoin and many of the world's global brands such as Expedia, Starbucks, and Microsoft accept it as a payment method, this cryptocurrency is still deemed outlaw by many countries in the world.
The reason for that is because Bitcoin is self-sustainable and highly decentralized, meaning that governments and banks cannot control it. Nevertheless, Bitcoin has quite a few advantages and is considered a futuristic payment method, which is why many people pressure their governments into legalizing it.
With that being said, we wanted to take a look at some of the benefits that all of us would experience by legalizing Bitcoin globally.
Market Regulation and Safety
Legalizing Bitcoin means that the market would be better regulated and thus, the safety of the users will be increased even more. This mainly concerns trading sites where people sell Bitcoins and make a profit. Here’s how.
By legalizing Bitcoin, a regulatory body that would license trading sites and deem them as credible and trustworthy will most likely be formed and users can rest assured knowing that the site where they leave their private information is secure and cannot be hacked.
Now, that does not mean that trading sites are not safe these days, but if there is a way to make them safer, why not use them? One of the most reputable and most trustworthy trading platforms today is Bitcoin Lifestyle.To gain access to the services of this site, you just need to register – the process is very fast and simple.
This regulatory body would even be able to label the safest e-wallets to store your Bitcoins and keep them out of harm’s way.
More Efficient Online Payments
Bitcoin has quite a few advantages when used as a payment method. One of them is the fact that it provides users with instant online transactions. That is not the case with regular payment methods. Since banks process the funds, it may take up to 7 business days before the funds are transferred. While you may be able to send the money instantly, it takes some time before the transaction is completed. That is not the case with Bitcoin.
Considering the fact that we live in an era where the number of online payments has increased and it is likely for the future to consist of this type of payment only, being efficient in this field is a massive benefit, and that is exactly what Bitcoin will provide you with.
Legalizing Bitcoin will cause a massive stir in the global financial industry and bring the competition to a whole new level, which is a great benefit for us, the people. Why? Because every institution and every payment method will search for ways to offer better services to the people so that they can edge over the rest of the competition and come out on top.
That means that the services will constantly improve and that is something that is welcomed. Considering the fact that Bitcoin is far superior compared to regular methods, they would have a lot of catching up to do.
Will Bitcoin Be Ever Legalized?
Even though Bitcoin is a method of the future, it is hard to determine whether it will be legalized. It has more potential than any other cryptocurrency on the market, that’s for sure. While some are optimistic about it and claim over 50% of the world’s population uses Bitcoin will be reached andgovernments will have no other option but to legalize, many are pessimistic.
They believe that Bitcoin will forever be an outlaw currency just because governments and banks cannot control it. As mentioned earlier, Bitcoin is self-sustainable and highly decentralized and these institutions see it as an enemy.