In terms of the current unstable economy (built on centralisation) which is affecting the world, it is a common thought that many people are losing their faith in the current system of the finance world. In times when the regular occurrence of deflation and inflation is considered during times of recession, Bitcoin seems to be the most reliable counterpart or the best solution to the times of need.
Even though it has been mainly argued that Bitcoin will keep on dropping after every major recession the economy goes through, the technology is still in its early days and so it, therefore, lacks the level of adoption need to remove the volatile factor.
Although the current consensus is trying to debate this whilst trying to prove that Bitcoin was created in order to tackle the issue of a global economic meltdown.
In terms of traditional banks, the majority that makes up the cryptocurrency market has shown several events which all go onto show the fact that their faith in the traditional centralised system is fading.
When it comes to the leading cryptocurrency Bitcoin though, this isn’t the case. In fact, it’s quite the opposite. Considering that Bitcoin is a peer-to-peer to network with a limited supply of Bitcoin gives users the chance to control cash flow at any given time which is the opposite of a centralised network. If you think about the cryptocurrency market being in such a volatile state, one thing worth noting is how Bitcoin can be a more reliable currency during times of economic crisis?
The answer to this question isn’t far from the everyday person, whose need for swiftness in transaction and transparency are almost in a state of urgency. On the other hand, the infrastructure between both US dollars and Bitcoin is such that a decline in one profits the other. When you consider this and that both currencies are both vulnerable to swiftness in upsurge and decline, you are left wondering what becomes the need for control.
The more people that know the value of goods and services aren’t restricted to a government-inflated currency then they are more likely to make a well-informed choice to take back control and invest in Bitcoin.