As you all know, Bitcoin is basically a digital or cryptocurrency established in 2009. Still, in 2021, Bitcoin acceptance is not completely normalized. It needs more time to normalize digital currency. There are other cryptocurrencies like Ethereum, Litecoin, Cardano, and others. But, Bitcoin is the father of Cryptocurrencies, Bitcoin is the world-leading cryptocurrency.
Today bitcoin rate is 56,510 US $.
24 March, 2021.
In Pakistan, the price is 8.8 million which is very high. Although, COVID-19 affects so many Cryptocurrencies. Slowly, people understand what cryptocurrency is and they are going to shift cryptocurrency in the future. The main problem that Bitcoin users face is mining. Mining is one of the main issues for those who using Bitcoin or wishes to use it.
Some major countries like Pakistan, don’t have a proper mining system, which affects the crypto market so much. Pakistan’s government banned Bitcoin, but still some Bitcoin market still available in Pakistan. Many countries banned Bitcoin because of Illegal usages. People see Bitcoin as a profitable thing, Bitcoin prices increase but they don’t see that Bitcoin acceptance is too low or almost nothing.
Bitcoin acceptance is less, Bitcoin is established for more than a decade, but still, the majority are not considering it positively. Bitcoin has no proper office or documentation process. The complete digital process that’s why people have trust issues. So, they don’t buy Bitcoin. Bitcoin acceptance is only possible when they have a proper physical process.
The best way to Bitcoin acceptance is a Proper and easy mining system and some physical appearance. Secondly, Bitcoin usages are completely controlled and secure, we see that Bitcoin usages are illegal, adjusting corrupt money, money laundering, illegal usages, and Black money. There is no proper documentation, Bitcoin is not considered an asset or property, although it has a high price.
Should we invest in Bitcoin?
At the current time, we see that Bitcoin has a very high scope and a strong future. But, in the end, it is very risky. The price will go suddenly up and down. You don’t judge the Bitcoin price, and don’t know will the price will go up and down.
Bitcoin is very profitable or non-profitable at the same time. For example, when you buy Bitcoin for 50,000 $ and after some time the price is 55,000 $ or 45,000 $. You don’t guess about Bitcoin price. Another reason is many countries still not accepting Bitcoin because of inappropriate usages.
Bitcoin Acceptance by Tesla:
Many other companies like Microsoft, Home Depot, Namecheap, Starbucks, and others. But, we see in terms of Automobile companies. The first company we see that ho accepts bitcoin is Land Rover. During Bitocin hipe, Land Rover take advantage of this and started Bitcoin acceptance. But, they stop due to some other reasons.
As you all know, One of the richest and successful American businessmen Elon Musk started bitcoin acceptance. Tesla is the first automobile company that accepts Bitcoin. Recently, Tesla invests 1.5 Billion US $ in Bitcoin. Initially, Elon Musk updated their Twitter profile and updated #Bitcoin. After an hour, the Bitcoin price increases by $5,000.
Now today news, Tesla is fully functional for Bitcoin Acceptance. Elon Musk said you can buy tesla through Bitcoin. That’s the major change in the auto industry. Elon Musk takes a step into Bitcoin, and after this Bitcoin prices are gradually increasing. Although many countries of the world don’t accept Bitcoin. But, at the Business level, Bitcoin is going to an acceptable level.
Bitcoin is way more successful than now, but due to illegal usages and not proper documentation, Bitcoin loses its potential. If they have proper documentation and controlled usages, then they are going to be more successful than now. Also, countries are going to accept Bitcoin Acceptance. But now, Bitcoin is illegal.