Can Bitcoin do better than fiat? It’s time to understand the real technology

As Bitcoin technology develops, it now allows digital currency to provide users with the same experience as traditional financial services.

Bitcoin has been around for 8 years. But the popularity of this digital currency as an alternative to legal tender dates back to 2-3 years ago. Although Bitcoin continues to receive media attention as the "currency of the future", it has its own struggles - as Bitcoin develops, some people begin to doubt Bitcoin.

Although there has been a lot of media attention on digital currencies, this has not contributed much to the acceptance of digital currencies. Bitcoin still faces a reality of slow growth in adoption, mainly due to the lack of understanding and confidence among the public.

A well-known business publication recently published an article that provides an insight into the thinking of the average user. In addition to the lack of understanding of Bitcoin and its underlying technology, the average user using the traditional banking system has other concerns that affect people's acceptance of Bitcoin .

The traditional financial system follows a centralized approach. As the centralized institution, the bank is responsible for the user's money. Bitcoin is the exact opposite. The digital currency is built on a decentralized protocol that allows people to fully control their own funds without third-party interference. However, this means that the user is solely responsible for his/her funds, so some people think that this is a huge risk. If someone does not take adequate security measures, then they are likely to lose their funds due to hackers or cyber criminals. But if you do not take adequate security measures, then your funds are still not protected even if you use a credit card. Unlike credit card fraud, stealing digital currency from a user's wallet is not as easy as knowing their card number and personal information.

The irreversible nature of Bitcoin transactions is another concern for some people . If they decide to pay with Bitcoin, but they are not satisfied with the product or do not receive the goods after payment, they cannot ask for a refund. The recipient will have to perform the refund manually. In fiat currency transactions, individuals can request a refund online or by credit card.

However, recent developments in cryptocurrency technology have made it possible to solve all of these problems . The use of smart protocols makes all parties more accountable for Bitcoin transactions. Smart protocols can be used to automate deposits, withdrawals, payments, etc., just like a bank. Some other features include Bitcoin debit cards, which work just like regular debit cards, but with the exception that they are linked to a Bitcoin wallet instead of a bank account.

Bitcoin even has the ability to provide an experience that is close to the existing traditional ecosystem . Many companies are trying to create this solution. The development of smart protocol platforms such as Ethereum and Rootstock is further accelerating this process. However, in order for the public to gain confidence, it is very important to educate them about the advantages of Bitcoin and other cryptocurrencies. It is also very important to provide them with a fintech application based on Bitcoin and compare the advantages of digital currencies with the traditional financial system.

We are the ones who are responsible for the digital currency revolution, but there are also those who are against it. Therefore, it is necessary to make sure that the correct measures are implemented.