Bitcoin could be the first worldwide currency

Blockchain and Bitcoin Gaming is unique in its feature which proves it’s an excellent form of money in the digital world and its scarcity makes it the most important currency. Money is a need and it is as difficult to create and without its need, money is worthless. For instance, banknotes which have the right key and elaboration of security methods are required for them to make forgery possible.

Gold was created with the help of nuclear reactors, mercury and many other things. As a central bank cannot produce the gold, it cannot be compared with other money like bank notes, or dollar stock in your account. Therefore, it cannot be estimated the amount of goal left on the earth in gold mines. As compared to other currencies such as fiat currency or gold, bitcoin is found to be the most popular and beneficial currency. This network is accessible by anyone around the globe. As billions of dollars can be transferred within seconds globally in an incredible way with the highest security measures.

Fiat currency

The latest invention in the history of human is fiat currency. During 20th century, the national currencies were removed from the gold standard. Now the money rest in your pocket was not redeemable for bullion. Therefore, central bank was allowed to print money. And due to these other types of money lose its value. Therefore, this practice is not healthy for people living on the planet.

Therefore, when a national currency loses value then people search for a new and improved currency. But gold is considered to be the most stable as compared to instability of other systems undertaken by the central banking whose duty is to control the other monetary supply.

Second Layer Solutions

Till now many people oppose to choose the bitcoin as a global currency. They are not able to see the future revolution to be developed by the Bitcoins. It is very important to understand the most important feature of bitcoin which is its security measures. This feature makes it most prominent currency among people and cut down the high-priced middlemen and other money monetary policies as Bitcoin is a single and equal source for all the merchants and their customers.

As the security measures of bitcoin is very strong due to its decentralised nature. Therefore, an attempt will be taken to measure the base layer so as to meet the huge demand which should not be at the cost of decentralisation. As the security layer considered to be the first layer, second layer of scalability serves the whole global society’s worth to secure it’s security of base layer protocol. In view of above, the Bitcoin is just a starting. Number of scientists are researching for enhancement and improvement in other layers such as base layer, lightning network etc. Is it acceptable to robust the security of the main chain for just buying a cup of tea. It’s probably not possible.

In the scheme of things, the bitcoin story is only just beginning. Vast teams of the smartest computer scientists on the planet are working on additional layer scaling solutions such as the Lightning and Liquid networks. By adding such improvements as layers via soft fork, it is up to the user to decide their desired uses for bitcoin before choosing whether to transact over the Lightning Network, the base layer, or some soon-to-be-created layer. Do they really need the robust security of the main chain to buy a cup of coffee? Probably not.

Closing Thoughts

There is no doubt that Bitcoin becomes the first ever money used globally. And it is very difficult for anyone to copy the architecture of bitcoin. Since it is very easy to enter into the bitcoin world by just having an internet connection and needing a device to browse. But there are no limitations other than this hence it becomes the most money-making process. And the complex nature of bitcoin makes it impossible for any other currency to copy its features. But how long it will be with the same popularity and security, is still a question.

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