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Stop Using Bitcoin and Just Stick with Traditional Banking

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    Bitcoins are a cyber-form of currency which is said to be the future of the currency in the world. This form of currency is relatively new and is very unstable due to many factors. Bitcoins were created in 2009 by a group of people that are still unknown. This brings a lot of questions to the people’s mind that plan on investing in a form of currency like this in the future. One thing that never failed anyone is traditional banking which has been working for hundreds of years. People strangely believe that Bitcoins are the 21st century’s amazing breakthrough, but they are highly unstable, so we should stop accepting them, and just stick with the regular form of banking that we are accustomed to.

    Even though Bitcoin is a bad form of currency to use many people think otherwise, and choose to use it over the traditional banking system. Bitcoin is a type of market that is open to anybody and does not require some kind of special certification. (Coinbrief is an open source website for digital news. It provides cryptocurrency tools mining calculators, tutorials, and more.) “The code that the Bitcoin network is built upon is open source, so anyone with the ability to read the code is free to do so.” This is the most important reason that a lot of people love bitcoin because they’re not hiding anything from the public like a regular stock market would work. Every kind of information is available on bitcoin, and the codes are what run the system. If an individual knows how the codes run then he has figured out how the system will run in the future. This is in some people’s eyes a very good thing because anybody that is investing a sum of money wants to plan ahead into the future so he or she does not lose their investment.

    Even though bitcoin has some positive facts most of it is bad, and it has a lot of fraud in the system, unlike the banking system. Bitcoin has a system where they keep their key password information so they can make transactions. (Coinbrief is an open source website for digital news. It provides cryptocurrency tools mining calculators, tutorials, and more.) “Many online wallets are easy to use, but require trusting a 3rd party to hold your funds, and that 3rd party could be corrupted or hacked.” That is why bitcoins are very dangerous, which makes online banking safer because if you stop using your account, and your computer goes to sleep it automatically logs you out in 15 minutes. An importation fact to take into consideration is that Bitcoin is a fairly new form of online currency, and is still finding ways to grow and be safer. While the banking system has already been established a long time ago, and peoples online information is protected 24/7.

    Another great fact about Bitcoin is no one controls it which makes the banking system a lot more appropriate for everyday users. (Acheson, Noelle teaches blockchain and cryptocurrencies at business schools in Spain, where she lives.) ”No single institution controls the bitcoin network.” That means that bitcoin can never be deleted by a single person or government. The banking system can be changed if the government sees that there is an issue in the system. Also, what makes this even more frightening is that no one even has control over bitcoin. This is where the banking system yet again proves that it is more stable because the government regulates the banks, and has large amounts of money in them. Lastly, a system that is not run by anyone can crash in any minute unlike the banks which is run by the government, and only will crash if the government fails.

    The third interesting fact about Bitcoin is that they are highly unstable, unlike the Banking system which is monitored by groups of highly educated individuals in the government. Bitcoin has this weird tendency to change its value depending on what is happening in the marketplace at any given time. The money in the bank accounts on the other hand only change depending on the value of the currency, and the value of the interest paid. That is why the Banking system is a lot more stable because money changes depending on the inflation caused by the government, and this does not happen all of a sudden. (Murray, Christopher is the managing editor of Money Under 30.) “No government or central bank controls the currency supply.” This proves that Bitcoins are highly unstable because they are controlled by no one, and by the value of real money which comes from the Banks anyway.

    The limited supply of bitcoin is the fourth fact that makes people want to turn their back on it, and just continue using traditional banking. (Acheson, Noelle teaches blockchain and cryptocurrencies at business schools in Spain, where she lives.)  “A small number of new bitcoins trickle out every hour, and will continue to do so at a diminishing rate until a maximum of 21 million has been reached.” That means at the rate that bitcoin is growing and having more users it will reach its pike in a matter of 2 decades. When it reaches its pike, the system can’t be used because all the bitcoins are used up. That is why yet again people should stop using bitcoin, and use traditional banking. The money in the bank will only cease to exist if the government stops printing it, and which is very unlikely to happen. For the government to stop printing money it has to be overthrown by another government that will print its own money.

    Lastly, using Bitcoin currency is a more difficult form of currency to use than the money that is stored in local Banks around town. When it comes to using hard earned money people generally want an easier solution of accessing it. That is why when it comes to using money being in the banking system is an easier way to go. All you have to do is go to an atm machine or a bank, and withdraw your money from the savings account or the checking’s. (Jaffe, Justin is a co-founder of Rapport, a sustainability software company.)” You can use bitcoin to buy things from more than 100,000 merchants, though still few major ones.” This shows that Bitcoin has not grown to a point where it can be accepted everywhere like a debit card. This form of currency is basically run by hackers and individuals that try to get over on people. Also to use a Bitcoin everywhere like a debit card from a bank account an individual most convert the currency into the money that is in his region. Even then he has to use a bank account to store his money there.

    Many people get their heads wrapped around new things that are coming out like Bitcoin which were supposed to be the new breakthrough to get out of the old form of currency into the new. Here is why they are not a breakthrough but a scam, they are not regulated by no one, and cannot be deleted by a single or a group of individuals. They are also very hard to use in everyday life. An individual that uses this form of currency has a high possibility of losing all of his investments. In order to log into Bitcoin, you need a key code if you lose that you lose your money forever. That is why if something is not broken don’t fix it a traditional Banking system has been working for hundreds of years. Banks will never stop working unless the government pulls all of its money out or the government’s system is overthrown. The best advice for anyone is to stick to something that has always been working not like a new and unstable form of currency.

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    Stop Using Bitcoin and Just Stick with Traditional Banking. (2021, Aug 25). Retrieved from https://graduateway.com/stop-using-bitcoin-and-just-stick-with-traditional-banking/

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