Reasons why bitcoin should be legalized in the future

Even though this cryptocurrency is well-accepted by the public, banks and governments around the world oppose and put a lot of time, money, and effort into trying to discredit this cryptocurrency.

They do that because Bitcoin is the only currency/payment method that they cannot control. Thanks to blockchain technology, Bitcoin managed to become self-sustainable. Every single user takes part in updating the log daily. They also receive Bitcoins as rewards for every transaction that they record.

Due to the massive opposition, it is uncertain what the future holds for Bitcoin. So, we wanted to name a few reasons why this cryptocurrency should be legalized. Let’s check them out.

Efficient and effective payments

We live in a world where most of the payments are done online. Cash is slowly becoming obsolete. Scandinavian countries have even implemented policies to take cash out in the next few years. How is this connected to Bitcoin?

Bitcoin is a digital currency, meaning that it is fully optimized for online use. Take the most used method as a comparison – credit/debit cards. When you make an online payment with credit and debit cards, the funds will instantly be taken from your account, but due to the processing time, it may take up to a few business days before the other side receives them. Bitcoin is far more efficient and effective in this area, which is why it is superior.

Many people live off bitcoin trading

Some reports have stated that there are around 100,000 millionaires in the world that managed to make their fortune by trading with Bitcoin. As for the whole network – Bitcoin counts more than 5 million users who are willing to profit off of this cryptocurrency.

Thanks to trading sites like Bitcoin System, people can reap the best benefits of trading with Bitcoin. This particular platform has an advanced AI system that analyzes the market and uses the data to make accurate predictions on Bitcoin. The results are shared with traders and in doing so, they know when is the best time to sell their assets and maximize their profits.

Legalizing Bitcoin will make it easier for governments to keep an eye on this industry. They can even benefit from it by applying taxes to all profits made with Bitcoins. People will finally be able to use Bitcoin profits freely, while the government will pump its budget.

Online security

One of the biggest downsides of the rise of the Internet was online scams. People fall victim to them all the time and the worst part about it is that there is nothing that authorities can do as scammers never leave traces.

Bitcoin prevents that. It utilizes a technology called cryptology. This is a method that uses codes as a means for communication and in doing so, it hides the sensitive data and provides people with a certain level of online anonymity. Anonymity greatly increases their online security and makes it near impossible for scammers to rob them.

The fact that Bitcoin has never been hacked speaks highly. So, by legalizing Bitcoin, not only will the government be able to protect the people, but it will also be able to crack down on these criminals and make the online world a safer place.

Superior to regular payment methods

The fact that Bitcoin is far more secure and provides instant online transactions makes it superior to regular payment methods. That raises the question – why not legalize something that offers a better service for the people? The fact that it cannot be controlled by banks is what stops governments, but we are sure that a middle ground where both parties will be happy can be reached.