Bitcoins have most definitely changed the way we view currencies. The revolution it has brought against fiat currencies is worth nothing. Bitcoins have been creating a lot of buzz in the financial markets as well.
When Bitcoins was first introduced, their value was $0.0008, and recently it hit an all-time high of a staggering $42,000. All these factors are making Bitcoins very novel.
The reason why Bitcoins have become the talk of the town is that it has proved to be an alternative payment method amid the COVID-19 pandemic situation. Ever since the arrival of the COVID-19 pandemic, The Governments of most nations have been promoting the use of digital payment methods.
Furthermore, the Government is imposing hefty fines on those who are using cash in order to prevent the spread of Coronavirus. But as a Bitcoin investor, I hate to see that nobody is talking about the social impact that it imposes.
The Social Impact of Bitcoins That Nobody is talking about!
There are several impacts of Bitcoin in the social realm that nobody is talking about. As an old investor, I have taken it upon me to talk about the social impacts that Bitcoins have.
1. Very less To No processing fee
If you are a crypto investor, then you must already know that PayPal and Venmo have now acknowledged Bitcoins, and now they are allowing their users to buy, hold, and sell Bitcoins.
Paypal is an app that lets users send and receive money from anyone across the globe. Previously there used to be a processing fee of 16% on these apps for sending money.
But when you transact in Bitcoins, these charges become nil. You can send the amount in full to the receiver. Now think of a situation where you transfer a good amount of funds to some charity.
The people in need will get the amount in full and benefit the most. Like I mentioned previously, Bitcoins have changed the way people view money.
2. Governments to Launch Central Bank Digital Currency
Bitcoins have become very popular among people, which has made the launch of CBDC possible. They have done it in order to tackle the popularity. Many people are turning to Bitcoins.
They are using it more than fiat currencies. If this trend continues, the conventional Banking system will soon collapse. One of the biggest lucrative factors about Bitcoin is that it is decentralized and often tends to undermine authority.
Russia has embraced Cryptocurrencies and is on the verge of launching Crypto Ruble by 2025.
3. Property taxes on Bitcoins
If you are an American Citizen, then you must already know what I am talking about here. In the beginning, cryptocurrencies were banned in America, but after 2015, the Government has started acknowledging Bitcoin as property. And they have imposed a hefty tax on those who hold Bitcoins.
It is quite sad that you have to pay tax on your Bitcoins, but hey, look at the brighter side, now it is legal, and you can brag about your Bitcoin holdings to your friends.
4. Disruption of the conventional banking system
People in the United States have already lost their faith in the conventional banking system. People do not want to pay taxes and pay processing fees for every transaction they make.
For instance, if you transfer $1000 across the border, the bank will charge you with a hefty processing fee and add to that the number of days the receiver has to wait to receive the money. All these flaws of the conventional banking system have made people turn to cryptocurrencies, especially Bitcoins.
If you are an aspiring entrepreneur, I suggest you start investing in Bitcoins because, trust me, it is going to be the next big thing. If you want to start trading in Bitcoins, you can create your account trading today on https://bitcoins-digital.com.