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While the development of Bitcoin and other cryptocurrencies have proven to be a huge milestone in global technological advancement, one cannot simply write off some of the problems that users have had to deal with over time. These problems have made it difficult for prospective merchants and investors seeking to venture into the crypto market to do so. Additionally, it has made it almost impossible for most governments to legally back crypto investments and its acceptance as a means of payment for products and services bought.
Problems Of Bitcoin Investment And Usage
The blockchain technology, which is the underlying technology on which Bitcoin and other alternatives coins (altcoins) were built on seeks to restore trust to the system. While there has been a number of significant improvements, things have not really gone well in that regard.
One of the main problems that have hindered the global acceptance of Bitcoin and other cryptocurrencies as a means of payment for goods and services bought is the lack of trust in the system. There have been several reports of scam ICO projects, scam crypto projects that have made way with millions of dollars of investors from all over the world. Cryptocurrency exchanges are not left out as well; most of them have been designed with little or no security systems put in place to ensure that the coins of users are secured. This has resulted in countless reports of hacks where millions of BTC coins were made away with.
For merchants (online retail store owners) seeking to accept cryptos as a form of payment, they have had to deal with fraudulent exchanges and digital wallet platforms. This has not only resulted in a countless loss of funds, but it has also made these merchants more skeptical about accepting these cryptocurrencies as they do not know who to trust. The lack of trust that exists in almost all Bitcoin-related services has also made it difficult for most governments to accept these cryptocurrencies. They fear that their citizens stand to lose more than gain from accepting and even trading or investing in these cryptocurrencies.
In simpler terms, Bitcoin has a huge trust problem which if not solved, will take a massive toll on the global acceptance of this revolutionary coin.
The Solution
To solve this major problem that hinders Bitcoin's global acceptance, crypto enthusiasts have designed a number of platforms that will help track and follow-up on each transaction that is carried out on almost all Bitcoin service platforms (like exchanges, digital wallet platforms, etc.).
The Bit Trust Service platform (BIUT) has been designed as an ideal solution to this problem that affects all players in the crypto sphere.
BitTrust As A Solution
Established in 2013, our mission has and would always continue to be to solve the trust problem that has been a major factor since the development and launch of the crypto over a decade ago. We are more than fascinated about these digital currencies as well as its underlying distributed ledger technology (blockchain technology). We are simply a website or platform that has been designed specifically to offer people unbiased and well-detailed reviews of Bitcoin businesses. We are committed to driving the usability and acceptance of this digital currency through the help of our informed platform. It is important that you remember that Bit Trust is not a supplement of the Bitcoin network; it is a separate blockchain that seeks to solve the problems of Bitcoin.
Since our inception, we have gathered a large number of users all dedicated to offering unbiased reviews of Bitcoin businesses. Our reviews do not just offer prospective crypto buyers vital information that will help them as they decide to venture into this trust-less system; we also communicate to various merchants the best practices that they can adopt. At BitTrust, we rely on our users to provide reviews and information that will foster an honest and transparent digital currency system. In addition, we have grown to become an integral part of the digital currency industry, and in that period of time, we have seen the reputation of these digital currencies rice above what people were used to.
To restore trust in the system, we work in such a way that our users make use of service platforms and review these platforms to either encourage other prospective users from making use of that platform or not. Our users do not just rate a service platform; they state the main reason or reasons why a particular digital wallet or exchange platform should not be used. This information helps prospective users stay away from that platform, at the same time offering the service platform developers information on areas that they can improve on to better serve their users. Our goal is to provide users with informed, accurate, and precise data as well as compelling and unbiased reviews that would help them make more informed decisions when it comes to the use of Bitcoin.
The system seeks to use decentralization to solve the problem of trust that exists in the trading or exchange of Bitcoin and other alternative coins. With the peer-to-peer (P2P) algorithm, users will be able to exchange assets or services without the need for middlemen or intermediaries. To achieve this system, we'll need to have a good technical support.
In the future, we plan on entering into partnerships with a number of popular, safe, and customer-friendly exchanges all in the hope of connecting the general public to these merchants or platforms. Our purpose has always been to offer all players in the digital currency industry our unbiased and well-researched take on the various developments that are taking place within the blockchain community. We are dedicated to providing helpful and quality consumer reports on all of the popular BTC/ ETH trading exchanges and merchants. In addition to offering quality reports, we will also conduct interviews with some of the experienced individuals in the crypto sphere. This will give the general public an in-depth and more informed knowledge of these merchants and how they operate, thus, helping them make informed decisions.
Having come to terms with the fact that the potential, global acceptance, and viability of these digital currencies depend on politics and macroeconomics as it depends on its development, we have taken it upon ourselves to offer the general public vital and helpful information about the daily happenings in the industry.
Our desire at BitTrust is to provide the general public with helpful information by simply facilitating the exchange of value.
Finally, I am Anderson, from the BIUT (Bit Trust System) community, about cryptocurrencies, if you have a unique perspective, we can discuss it together.
