From its inception in 2009, Bitcoin spent its first five years in obscurity before coming to light. Seven years down the line, it is the most sought after digital currency. Even though Bitcoin is now a widely recognized cryptocurrency, it is still an alternate currency used by less than one percent of the world population.
Bitcoin is currently facing the uphill task of fighting against established monetary systems and fiat currencies, which have been around for hundreds of years or more. The main advantage of Bitcoin over existing fiat currencies is its decentralized nature: it is a truly global currency with no one country claiming ownership over it. Even though the current market capitalization of Bitcoin is a small fraction of the current world economy, it has made a huge dent on the established financial sector.
Bitcoin is a promising contender when it comes to creating a new international standard of currency. Currently the United States dollar is considered as the reserve currency of the world, but using the currency belonging to one particular country in the world carries dangers. It creates an imbalance in the global economy, with one country (the US in this case) having the power to