Bitcoin will continue expanding in the upcoming years, as more governments continue to adopt the technology, says the new infographic from the New Jersey Institute of Technology.
The New Jersey Institute of Technology’s Online Masters in Business Administration has released a new bitcoin infographic showing that bitcoin has a great potential and will likely become a new world currency not directly tied to a specific country or central bank.
Bitcoin was launched in 2009 as an alternative form of money against fiat currency like dollar and euro. It is the globe’s first decentralized electronic money. The main idea behind the digital currency is that it is not controlled by central authority. In view of the current economic situation, it seems that bitcoin could emerge as a new decentralized global form of payment.
The recent economic downturn in the United States, which has always had a major impact on the global economy, seriously affected dollar and as a result other governments. That’s why China, which is one of the biggest players in the world economy, is pushing for a new currency that would not be influenced by America. And it looks like bitcoin is becoming that new currency that would be free of any country’s influence and any one government’s economic failure.
According to bitcoin inforgraphic, 51% of bitcoin users are based outside of the United States, what makes possible the idea of creating the new world currency that would not depend on the US dollar.
There are already several countries that have started accepting payments in digital currency. Dozens of merchants around the world have integrated bitcoin into their systems.
Almost zero transaction costs, advanced protection, quick transfers, and other benefits make it an attractive tool for investors looking for an alternative to fiat money and gold.
The European Union has recently suggested that virtual currencies like bitcoin should be exempt from certain taxes, including the value added tax. The value added tax is an amount added to the price of an item at a stage of production and at distribution. Similar to hard cash, this makes bitcoin more viable as a global currency.
The bitcoin infographic says that within the next two years, bitcoin will be used by more than 5 billion people. Moreover, it is estimated that bitcoin will become the sixth largest reserve currency by 2030.
Meantime, the wider adoption is still hampered by existing problems, such as high volatility, lack of awareness and the risk of hacker attacks. Moreover, due to its decentralized character bitcoin can be used by criminals to sell illegal goods via dark marketplaces like Silk Road that was closed in 2014.
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Polina is an undergraduate student at Belarusian State Economic University (BSEU) where she is studying at the faculty of International Business Communication for a degree specializing in Intercultural Communication. In her spare time she enjoys drawing, music and travelling.