Investors and the media are all going into fever-pitch frenzy with the Bitcoin Revolution. As Bitcoin prices soar, a lot of millionaires have been created over the past year. This prompted many investors to take action.
Bitcoin, the leading cryptocurrency in the world, is showcased to be the new money or alternative to fiat money because of its rising value. However, this has also inspired Bitcoin imitators to create the same blockchain-backed digital currency in the hope that they could be the one to truly make that breakthrough and replace money for good.
Will Bitcoin Replace Fiat Money?
Bitcoin has been a phenomenal ride for many investors. As many financial and consumer corporations, major banks, and even governments have been supportive of Bitcoin, this endorsed Bitcoin as a surefire worthy investment.
Many investors are excited the idea of getting into Bitcoin, dubbed to be the “next big thing” because it basically rides into the idea of buying when the prices are low and then selling when the prices are high. The idea too that anyone can buy and profit online with Bitcoin has been transormative and alluring.
People have been sold on the idea of Bitcoin as the future currency because it’s safe, anonymous, and has no middlemen. However, unlike money, Bitcoin is not a medium of exchange. It can be a unit of value or an asset but not a solid medium of exchange.
The Bitcoin craze is said to be a cryptobubble that’s waiting to burst. It’s a wild west out there and a very volatile one. Many scammers have also taken advantage of the Bitcoin craze and started collecting fund for so-called Initial Coin Offerings or ICO that would never progress or materialize. The intent of some ICOs is just to rip people off and deceive.
So, would Bitcoin replace money in entirety? Not likely.