Bitcoin was indeed originally created as an alternative, decentralized payment mode. Unlike the regular international bank transfers at that time, it was a low-cost and in fact almost instantaneous. An added advantages for the merchants, rather less so for users, it was irreversible and thus was able to remove the threat of expensive charge-backs.
However, the focus has been on improvement in given domestic payment methods and the rapid development of rather alternative (non-cryptocurrency) forms of international transfers that have been reduced the bitcoin’s advantage in this area, especially when looked in terms of its increasing fees and frequent network bottlenecks.
Furthermore, the increase over- sightedness and the regulation to prevent money laundering, as well as illegal transactions, have indeed restricted the cryptocurrency’s use for rather privacy reasons.
In certain areas of the world, bitcoin is in fact still a rather more efficient as well as a cheaper way to transfer money across the borders, and several of the remittance startups that do make use of this feature.
Bitcoin’s cost cum speed advantages are indeed eroded as traditional channels do improve, while the network’s fees do continue to increase, and the liquidity does remain a problem in several countries.
A large number of individuals do feel more comfortable in holding a part of their wealth in rather securely-stored bitcoin, where a central authority cannot actually block access or take a cut.
Off late, bitcoin has assumed the role of an investment asset, as traders, institutional investors as well as small savers have indeed woken up to the potential gains from the price appreciation.
Bitcoin is being made use of for money laundering. Bitcoin is not in fact commonly believed to be a good vehicle for money laundering, extortion or terrorism financing as both of them are traceable and transparent.
