People trust Bitcoin because it has shown to be a superior payment method for the digital age. Transactions with bitcoin come with lower fees than debit or credit cards; bitcoin is accepted globally, making it a sound currency for remittances and international transactions. Finally, bitcoin transactions are nearly instant. Hence, the receiver doesn’t need to wait for a settlement. Bitcoin has better security than most existing financial services since the blockchain technology is trusted.

Despite its features, a drawback for bitcoin as a currency is the speculation and extreme price volatility. Bitcoin price rises and falls massively within a short period, making it less of a currency and more of an asset or a store of value. Stablecoins like Tether (USDT) and others are best for currency purposes since their prices are pegged to fiat currencies. Bitcoin is currently more suited to be an investment vehicle rather than a currency.