Bitcoin and other cryptocurrencies (also referred to as altcoins) have started a widespread exchange of different ideas and opinions on whether or not these new virtual assets are here to stay. Some believe they are here to stay while others believe that they are just a bubble waiting to pop at any time. From being a small topic among tech enthusiasts, Bitcoin has rapidly grown to become one of the hottest global trends, busting through major headlines and becoming the talk of the neighborhood and even in workplaces.
Bitcoin is a one of a kind digital asset that allows users to transact in a peer-to-peer manner devoid of third parties, middlemen, brokers, and centralized authorities. Compared to traditional money transfers, Bitcoin transactions are fast, cheap, and can be done anywhere in the world as long as your wallet is connected to the internet. While Bitcoin presents many great solutions to overcome the different problems in the world of finance, not everyone believes that it can fully bloom and reach mass adoption.
Reddit, one of the largest social discussion, web content rating, and news websites, hosts millions of users with different views on Bitcoin. There are also many threads and guides about Bitcoin on Reddit. Getting updated with the latest cryptocurrency trends and the opinions of the public is just as important as doing your own research before making an investment. Here are five things that you should know about Reddit’s take on Bitcoin.
To better enhance the bitcoin and all other cryptocurrencies, you need financial applications that are provide you decentralized crypto token and coins.
Bitcoin can solve issues on corruption by providing transparency on transactions.
Since all Bitcoin transactions are broadcast in public and it takes millions of miners from around the world to confirm them, there is no imaginable way that someone can fake a transfer to and from a wallet. With this advantage, Bitcoin and blockchain technology are believed by many as the solution to rampant corruption nowadays.
Bitcoin mining may have several implications for the global energy consumption.
Bitcoin mining consumes much computational power in order to solve blocks and confirm transactions. Many people believe that this might have a huge impact on the environment. However, Bitcoin is an evolving technology. In the future, Bitcoin mining may be programmed to reduce electricity consumption and carbon footprint as well.
The chances of someone stealing your funds is next to zero.
Today, there are around 30 million Bitcoin wallets that were already created. With a lot of possible combinations, there will be exactly 2 raised to the 160th power number of wallets that will ever be generated. To put that into perspective, there are only 2 raised to the 63rd power number of grains of sand in the world. So, the chances of someone opening your wallet is way less probable than finding a specific grain of sand on Earth.
Bitcoin is perceived as a great concept but a risky investment.
The idea of hosting fast, decentralized, and low-cost transactions has surely impressed many followers of Bitcoin. But even with its incredible run of being valued from a few cents to several thousand today, not many people are seeing it as a worthy investment. Its high volatility is one reason that many investors still do not want to consider it as a good asset.
By removing borders, Bitcoin is set to become the currency of the future.
During these times that many people see the abuse in power by those who are in the top, it becomes more favorable for cryptocurrencies to reach mass adoption. It effectively eliminates the need for third parties to confirm the transactions and gives financial freedom to its users. But before Bitcoin can become successful, it needs more improvements and more simplicity to attract the masses.
These were some of the important points and conclusions on Reddit’s take on Bitcoin. If you are looking to gain more knowledge on this, you should go through some of the best cryptocurrency books as well.