It is the first time ever for a cryptocurrency to hit it big. The reason why is due to the overwhelming number of positive qualities that Bitcoin has, such as peer-to-to-peer technology, 24/7 growth, security, freedom, independence, the ability to help citizens, and constant innovation In this article, you’ll learn about five reasons why Bitcoin has advantages over other forms of money.
Bitcoin is a decentralized currency.
Because Bitcoin is not beholden to any government or central bank, it is not subject to any regulation or authority. Even though the creator of Bitcoin, Satoshi Nakamoto, doesn’t control or manage the Bitcoin network, there are still several institutions that regulate it. In the absence of a controlling entity, bitcoins are immune to price inflation since no one can manipulate the supply and keep the currency from losing its value. Bitcoin is not printed or issued by the government. It is capped at 21 million, so far less than the total currency issued by governments which is printed at their discretion.
Bitcoin is extremely easy to use
Banking has some complicated legal requirements that people have difficulties with. You’d have to visit your bank, stand in line, fill out forms, and submit your IDs to do any of those things. It takes a lot of time. The process of setting up a Bitcoin wallet is really pretty simple: you need to create a free account and the rest is done for you. After you sign up, your account will be approved, and you will receive your first bitcoins in a matter of minutes.
Bitcoin transactions are quick and decentralized
Most banks don’t work around the clock. On the other hand, on some weekends, the bank is definitely open for business. However, banks don’t have their doors open that long on weekdays (on weekdays, they have short days open). You can send or receive Bitcoins at any time of the day. You don’t need to know or have the other person’s physical address to conduct transactions. Bitcoins will arrive in the mail to your account in a few minutes.
Digital currencies like Bitcoins have greater mobility and durability than other cryptocurrencies.
Although they’re not tangible, Bitcoins are not destroyed by fire, and are resistant to the effects of water, so you never risk having to lose them. Everything they bring is miniature: they are convenient for travel and do not require much space. Even if you prefer to store your bitcoins on a different medium other than the internet, you can have your coins at your disposal whenever you need them.
There are no exorbitant bank fees with Bitcoins
Fees are the nightmare of any company or person who has dealt with a bank or financial institution. You also have to keep a bank account in order to keep your money, since you are required to pay fees with a bank account. You are either using it or you are disbursing the money; you need to pay fees. If you want to send money to someone else, you have to pay fees with your bank account. The list grows longer every day. [However,] by using Bitcoin instead of going through the middlemen, you’re saving on all costs.To sum it up, digital wallets are absolutely free, and very low transaction fees are to be expected.