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Impact of bitcoin on people’s lifestyle

Bitcoin and blockchain technology has been in the news for the last few years. Young people have been attracted to it and every day, more and more people are becoming aware of what Bitcoin is and how blockchains work. Since 2011, there have been massive changes in the way bitcoin is perceived by people. Recently, when celebrities and industry leaders started taking interest in Bitcoin, it shot up to the top of the trending list. It has surely generated a lot of hype and this has led to more and more investments. 

Businesses have started accepting cryptocurrency as a legitimate payment mode. This was a big milestone that bitcoin and blockchain technology reached which led to the increase in the credibility of cryptocurrency at large. More and more people started noticing the potential in it and decided to take the leap of faith and invest. Currently, millions all over the world are either directly or indirectly associated with bitcoins, be it direct investors, traders or advisors. Bitcoin is just behind Visa and Mastercard in online daily transactions and accounts for $6 billion. This suggests how Bitcoin has penetrated the lives of the global population. 

So why is bitcoin such a craze? Let’s look at some of the reasons to understand the impact of cryptocurrency on people’s lifestyles –

  1. Accessibility – To be in the Bitcoin market, the main thing one needs is the internet. Recent reports have suggested that almost two billion people around the world have access to high-speed internet. This means that most people have the basics to get involved with Bitcoin. 
  2. Ease – Investing in Bitcoin is not rocket science. It is even easier and way less complicated than investing in stocks. This has been an important factor in the growth of the industry. The bitcoin loophole has changed the way people see cryptocurrency.
  3. Reduced risks – Cryptocurrency is one of the safest ways to invest your money. Each cryptocurrency, when created, verifies important information and stores it in a public ledger. On top of that, the government and banks have no control over it. All information is encrypted and can be availed at any time you feel you need to. 
  4. Ownership – This is a unique feature that cryptocurrency provides. Ownership completely belongs to you and you are the sole owner. No other online platform can provide the kind of ownership bitcoin does. 

With so many important and unique features, it is not a mystery why Bitcoin’s value is increasing every day. Young people have started investing in cryptocurrency and conversations regarding it are the new cool. The change in lifestyle is visible –

  1. The boom in young travellers – Bitcoin has enabled young people to earn millions. Dealing with bitcoin is not a difficult or demanding task. People can do it from anywhere in the world. The younger generation today is more interested in exploring the world than settling down. This is the reason why more and more bitcoin holders are choosing to travel the world with the profits they are making from cryptocurrency. 
  2. Ease of payment – As mentioned earlier, many businesses have started accepting Bitcoins as legitimate payments. This has led to a trend of paying bills through bitcoin. Such a phenomenon has also made people shift from traditional ways of online payment to cryptocurrency. 
  3. The decreasing importance of a permanent job – If one has an easy and fast way to earn money, why would they want to work a day job that occupies them for the whole day? More and more youngsters are quitting their 9-5 jobs to be in the cryptocurrency industry and build a fortune for themselves in a secure, fast and credible way. 
  4. Increased International transfers – The world is finally becoming a global community. With the help of bitcoin, people are finally being able to do international transactions without going through complicated and annoying procedures. 

Conclusion

Cryptocurrency is the future. With more and more use of bitcoin in daily life, things are expected to go through several changes. The impact of bitcoin on people’s lifestyles is remarkable and will keep on being relevant and important. 

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Last modified: August 10, 2021

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