1. Bitcoin has a Fixed and Predictable Supply Schedule
Compared to gold and other valuable assets, Bitcoin has a predictable and fixed supply schedule. According to an economic model, it has been studied that new scraps of these currencies can only be mined. This is not a usual activity for many digital currencies.
In the end, it accounts for the limitless value of Bitcoin that supplies more of the currency once every ten minutes. Many sources have proven this trend since the humble beginnings of the asset till date. This is an inflexible trend that does not show any signs of stopping any time soon.
Furthermore, more studies prove that the Halving of BTC is something that takes place every four years. Anybody following the trend should be aware of this repetitive supply. May 2020 was one of those periods, and we anticipate to continue seeing the periodic halving of BTC till the last one is mined in 2140.
2. BTC is a Scarce Asset
Scarcity is a fundamental factor that accounts for the consistent significance of BTC over the years. Right from the beginning of Bitcoin, its scarce factor has always been a forte. As expected of something that halves every four years, it is natural for it to be scarce as time passes.
This is a disturbing element for UK miners in the market as they will need to double their effort to earn for themselves. Bitcoin as a scarce asset strives around the fact that only a fixed supply of 21 million Bitcoin will always exist.
Thanks to the naivety of many people, this scarcity is almost more than enough for the available miners of Bitcoin. Apparently, if the available supply of BTC was to be distributed equally to everyone in the world, each person would own 0.0028 BTC. Strange, right?
3. Bitcoin Is Transparent and Immutable
Understanding the concepts behind the supply and distribution of money is enough to confuse and mislead people. There is practically no transparency in how these things work.
Dissimilar to this, Bitcoin is transparent at its peak. The supply and distribution of Bitcoin is not something that is too far-fetched. No government or bank is in control of it, so, every transaction and even the smallest financial move is available for you to verify.
If no one owns Bitcoin, how does it work? Thanks to the introduction of Blockchain technology, Bitcoin and other cryptocurrencies are transparent and immutable. Blockchain, itself, is a public body owned by no man. There is no issue of dishonesty and trickery with Bitcoin, making it a valuable asset.
4. Bitcoin Comes from the Blockchain
Blockchain is a general ledger that offers the record of transactions of digital assets in the most honest and trustworthy process. The main reason Bitcoin is of great value in the UK is because of Blockchain. There is no Bitcoin without the works of Blockchain technology.
The major effort of Blockchain is to make digital currencies available without the need for a middle person. Our traditional means of banking usually require someone in the middle to track, record and keep transactions to process money. This is not the case with banking with Bitcoin.
Blockchain has made digital banking possible with the creation of Bitcoin and other crypto assets. Every other factor of Bitcoin that accounts for its aesthetical worth in the digital world is all because of Blockchain technology.
5. Bitcoin Is Mathematical
Another interesting reason BTC is regarded with value is because of its highly divisible and numerical importance. This is an aspect of the currency that makes its finances as straightforward as possible.
Just like standard money, Bitcoin can is valued as a mathematical currency that can be divided into decimal points. Primarily, it can be divided into 8 decimal points: this is why it is possible to have as low as 0.00000001 BTC, a Satoshi.
For the UK newbies, a Satoshi is simply the smallest unit of Bitcoin. If you are still wondering how this name is even a thing, Satoshi is the creator of BTC. Satoshi, as the smallest unit of BTC, is just an honorary gesture.
6. Bitcoin is a Decentralized Asset
You are probably already asking what the meaning of decentralized is. It is a simple term that implies that something is distant from a central group.
In the case of Bitcoin, decentralization implies that all the vital information that comes with using the asset is not controlled by any particular server. The core database of Bitcoin runs on a diverse number of computers in all parts of the world.
What does this mean? And how does it work for you? The part of BTC being decentralized means that all your data and information associated with the asset can never be manipulated. No middleman is required for you to transact and bank with your BTC at any time. The most terrific experience of tranquility you can get with banking is what Bitcoin readily offers.
7. Bitcoin Has No Limit
Bitcoin is limitless. It can travel as far as you want it to. This is a flawed characteristic of fiat money. Transferring fiat funds is very restrictive since the currency spent in various parts of the world is different. For example, to transfer from the UK to another country, you will go through various stringent processes to get it done.
With BTC, there is no issue like restriction. This is because BTC can be transferred across different parts of the world. As long as the person you wish to transact with has a Bitcoin wallet, you can send and receive Bitcoins within the blink of an eye.
In addition to being limitless, you can transact and bank online with BTC without the permission of any institution. If you need to send funds to someone in a far country, Bitcoin might just be the right currency to bank on.
8. Bitcoin is Mobile
Carrying BTC around is not strange. Besides being a digital currency, it is mobile and transferable to a drive or paper. This is a relatively new method of storing Bitcoin.
As long as you connect to an internet source on your smartphone or laptop, you can transfer your currency to any part of the world with just a few clicks.
More specifically, there is no need to visit a bank to purchase and own your own Bitcoin. The advances in online crypto exchanges have made it possible for everyone, including UK netizens, to buy these assets. All you need to do is create a Bitcoin wallet, copy your wallet address and visit the exchange to buy the coins.
9. Bitcoin is Everywhere
Bitcoin is omnipresent. It is literally everywhere that has internet access and mobile devices. A credible source recently confirmed a total of 150,000 BTC miners from all parts of the world.
That’s not all. At least 250,000 Bitcoin transactions ensue daily. If you look deeper, you will notice that is an insane number of three transactions per second. This accounts for the popularity and global use of this digital asset.
You will also be surprised to find out that a large percentage of these transactions cost almost nothing. Of course, banking with Bitcoin is cheap. For a versatile banking service such as BTC, it is incredible to transact for as low as 1 Pound on transactions as high as 500 million pounds. Can you now see why BTC is used across the globe?
10. It has an Anonymous Inventor
Remember we mentioned the inventor of Bitcoin as Satoshi! Who is he?
Satoshi Nakamoto is the mysterious inventor of Bitcoin but nobody knows to date. Due to his incredible accomplishments with BTC while staying anonymous, the currency remains decentralized.
In case you are not aware, Vitalik Buterin is the creator of Ethereum. He is a known person, which is a valid point why Ethereum is quite centralized around him. Comparing him with Satoshi is an absolute delusion.
What would happen if suddenly Satoshi is arrested or killed? Based on the traumatic fall in Apple’s stock after Steve Jobs died, many expect BTC to drop as well. That does not affect the fact that Satoshi, being anonymous to date, is another grand reason Bitcoin has value.
11. Bitcoin Is Cheap to Use
One of the biggest reasons why Bitcoin has value is its cheap banking services. In comparison to a lot of fiat currency, banking and transacting with this currency is remarkably cheap.
Imagine paying up to 10% of your purchase on the internet just because you need to get groceries online! Pretty bad, right? Even worse is the slow banking procedures and duration that come with these money services.
This is never the case with BTC. The world of digital banking has proven to be unbeatable because of its fast, secure and cheap services.
A recent transaction from an anonymous person showed how he got to transfer BTC worth 450+ million dollars at a meager fee of $0.25. The cheap banking service of this currency is why it is used by many and is still around to date.
12. Bitcoin is Long-lasting
It is unarguable that Bitcoin is durable. Compared to using paper fiat money or coins, there is no way your Bitcoin can fade away due to age. It will always exist till its last coin.
The fact that BTC is an internet forte makes it long-lasting. How do you explain something that is as virtual as cryptocurrency damaging? Not possible, right? This is another reason English users value BTC.
13. Bitcoin Has No Political Boss
Another great reason Bitcoin has value is the part that it has no political boss. All of the rules and terms that come with using Bitcoin are operated by Bitcoin itself. In that way, it does not entrust or obey any command except itself.
Before any prominent change can be made to the Bitcoin software, a consensus is held. This is a form of a poll that tells and asks users for their opinions on the potential change and how it will serve well. A general agreement on the change is immediately carried out. The majority disagreement with the idea is subject to further assessment. Practically, like an election.
For an agreement to be reached, the whole community of BTC around the world must be a part. This accounts for why the currency works for no politics.
14. Bitcoin Offers Freedom To Users
Do you know that the Chinese government restricts citizens in the country from withdrawing or spending at least $50, 000 per annum? Disheartening, right?
This issue is dragged to the extent where the Chinese have to provide valid proof of what they want to spend money for to withdraw at least $3,000. This is a very restrictive influence on spending and banking. There is no freedom to spend as you like in this part of the world. China is not the only victim here, a lot of other countries are imposing this cause.
In this case, Bitcoin is seen as a valuable asset because no bank or government can control it. You are free to spend as you like with BTC.
15. Bitcoin is Private and Secure
Finally, Bitcoin has value in 2024 because it is private and secure to use. In terms of security, Blockchain technology plays the role of building the network around unchangeable and secure protocols. As a result, Bitcoin can not be counterfeited and transactions with it are secure.
If you need the most private banking life, Bitcoin is a place you can run to. This currency allows you to bank and pay for services anonymously. This implies that no one can track or monitor your transactions besides you.
Thanks to this, BTC can be used for various services online, including, purchasing items, gambling payments, etc.
Conclusion: What is the Future of Bitcoin?
Bitcoin is a digital currency that has a fixed supply. This fact alone will cause the price of the currency to always go up and down.
As for the value of Bitcoin, it will continue to increase. Thanks to security, decentralization, privacy, scarcity, freedom, durability, portability and cheap services, Bitcoin is showing a promising future.
As new users are joining the digital market to use BTC, it is becoming more reliable and safer. In addition to all its value, the promising future of Bitcoin does not seem to drop anytime soon. Watch out for it!