5 Reasons Every Australian Needs to Invest in Cryptocurrencies Today
Cryptocurrencies such as Bitcoin are gaining momentum in Australia for a plethora of reasons. Investors on the island have seen the value in the decentralized economy and every day, more investors are choosing to enter the marketplace. Bitcoin has seen an impressive rise in value over the last year and this has further driven people’s desire to be a part of this revolutionary technology. Below are the 5 reason every Australian needs to invest in cryptocurrency:
Fiat Currency is Inefficient
Cryptocurrencies are light years ahead of fiat currency in terms of efficiency. Blockchain technology has allowed cryptocurrencies to conduct business at a much faster pace. While it is true BTC is suffering from delayed transaction times and high transaction fees due to scalability issues, most altcoins have resolved these issues by instituting new technology or larger block sizes to accommodate the added traffic.
To put this into perspective, a normal fiat currency transaction involves over 30 different third-party organizations to complete. This not only increases the cost of each transaction but it also makes it extremely slow to process. This is why a refund to your debit card can take days to complete. Cryptocurrency transactions are Peer-to-Peer meaning; no third party is involved.
Bitcoin Demand is Exploding in the Country
Bitcoin has blossomed from a relatively obscure piece of financial technology into a global currency. People from all around the world trade Bitcoin and the numbers of BTC investors continue to rise. This rise in adoption also fuels the rise in application development. This means that you can expect to see a steady stream of crypto friendly applications in the future.
Governments are Beginning to Accept the Concept of BTC
Bitcoin has won over the people and an ever-increasing number of governments are starting to become more crypto friendly. Governments that have invested in creating a pro-crypto environment continue to see explosive growth in their markets. Blockchain technology, the underlying protocol behind BTC, offers governments a cheaper alternative to their current means of conducting business and you can expect to see more country’s adopting this currency in the near future.
Segregated Witness Protocol and the Lighting Network
It’s no secret that BTC is going through some growing pains at the moment. BTC transaction fees and completion times are suffering due to an overburdened network. To alleviate these problems, developers have been creating a new protocol that computes the majority of your transaction off of the blockchain. Although still in the testing stages, the Lightning Network could be the push BTC needs to become an everyday currency.
Public Opinion is Turning
If you were to ask someone what they thought about BTC 3 years ago, you would have probably gotten one of two responses. The first response would have been “what is a Bitcoin” and the second response would be “isn’t that for using the dark web?”. Nowadays, BTC is making headlines almost every day. As the market continues to develop, so does mainstream adoption. Soon you will see the day where everyone knows what a BTC is and why it is so important.
Australia has the unique opportunity to take this new technology and further its development. The country is perfectly positioned to provide crypto traders a unique and profitable location in which to conduct business. The cryptocurrency market is still in its early stages and you can expect to see this unique financial tool take shape over the coming years. Now the only real question is, how long until more countries create their own cryptocurrency?