Do you still have some concerns about the advantages of cryptocurrencies namely bitcoin?
We’re going to list seven advantages of bitcoin today in comparison to for instance fiat.
A lot of people may have concerns when it comes to the advantages of the cryptocurrency, like using and getting bitcoin, but in the future using cryptocurrency is going to be one of the things that you cannot get away from. So the more information you have about the advantages of bitcoin and the cryptocurrency the better it’ll be for you and the quicker you’ll get on board. So let’s go ahead and get into it:
The first of the advantagesto go is that bitcoin is decentralized, which means that there’s no one in between when you want to send a payment to somebody. This is a typically known advantage of bitcoin in terms of peer-to-peer payments. It means ina traditional sense that we have no base on payment processors that can stop that transaction from going through. For example, how many times have you ever had a bank account or a debit card, and you know you have money in your account, but when you wanted to make a purchase that purchase was declined? This is one of the biggest advantages of cryptocurrency as a whole.
When you leave your bitcoin on an exchange, they pull your private keys. They can spend your bitcoin at any given time. Just like in terms of a bank when you put money inside of a bank, after that you don’t know what they’re really doing behind the scenes. However, when you take possession of your private keys that means you take possessions of your bitcoin. In this case you are in full control and you can spend your bitcoins at any time.
When we talk about private keys this is like a password to your account. As long as you don’t give that password out to anybody nobody can access your account. By holding on to your private keys of bitcoin you are in ultimate control at all times.
When you want to send bitcoin to somebody all you have to do is to ask that person for his public address. We all know about private keys in terms of holding and securing your bitcoin and it gives you the authority, but when you want to send them out you need to get the persons’ public address which identifies their account and their wallet that you want to send bitcoin to. It’s similar to sending emails. For example when you want to send somebody an email you ask for the email address and you send from your account to their email address knowing for sure that it will be delivered. It’s just that easy when it comes to sending bitcoin.
Another advantage of bitcoin it’s absolutely faster when it comes to sending payments in terms of bitcoin. When you want to send payment to somebody that person will receive the payment instantaneously. For example in terms of the traditional sense of money like wiring money to somebody, how many of you have ever tried to wire money payment through a payment processor and you know it takes a few minutes, then it takes an hour or it may take a whole day to receive that particular payment. When it comes to bitcoin you receive that payment instantaneously.
The favorite of all the advantagesof bitcoin is that it’s cheap to use. If you want to make any kind of payment or transfer you might want to consider this because the transaction fees are very small. Again in terms of the traditional sense of money this is known as a tax or a VAT depending on the country that you’re in. for instance if you are in the United States taxes are about 7%, so if you want to buy a product with $1 you have to spent $1.7 for that particular product. Also if you want to transfer money anywhere we all know that you’re going to get a big heavy fee, especially if you want to do this from country to country, but with bitcoin the transaction fees are very small. It doesn’t matter if it is one dollar or one billion dollars, a matter of fact is that the transaction fee will be pennies.
A great advantage of bitcoin is that it’s safer to use and store, and it’s immune against two main things:
The last of the advantagesis that bitcoin is finite. Only 21 million bitcoins will ever exist in the world with about 18 millions in circulation right now as more are being mined every single day, but the total number will be 12million. Compared to fiat currency, we all have seen in terms of the US how they can print unlimited amount of money with the push of a button. This advantage of bitcoin gives you some sort of protection against inflation.