Posted On 05 Jan 2018
Bitcoin is the first successful cryptocurrency in history, and it became successful due to the many positive merits not discovered in traditional or fiat currency (this is your country’s national currency).
In this article, you’ll figure out about five benefits Bitcoin has through fiat currency.
1 – Bitcoin Is Decentralized
Unlike fiat currency, Bitcoin is not controlled by any bank or government. No single entity controls or regulates the Bitcoin network, not even its founder Satoshi Nakamoto. Without a controlling entity, bitcoins are technically inflation-proof since no one can devalue its price by manipulating its supply. Only 21 mlln. bitcoins will ever be mined or created, unlike fiat currency which is printed when the government sees fit to print more cash.
2 – Extremely Simple to Use
Opening bank accounts is not a basic thing to do. You’d have to go to your bank, wait in line, fill out forms, submit your IDs, etc. It’s a time-consuming process. But with Bitcoin, all you require to do to take the first steps is just develop a free wallet, and that’s it! You’ll then be able to receive your first bitcoins in very few minutes.
3 – Rapid Transactions
Most banks don’t work 24/7. as a replacement, banks are open for business throughout certain hours of the day on weekdays (some banks are open on weekends, but they’re far and few in between). But with Bitcoin, you can transact with any person, any time of the day, everywhere you and the other person might be located. Your bitcoins will arrive in very few minutes.
4 – Highly Portable And Durable
Since bitcoins are electronic, they can’t get burned down by fire, and they’re not going to get wet in water. You can bring them anywhere with you, and they won’t even take too much space. Whether you have an online wallet, or an offline wallet, your bitcoins are simply within reach anytime you want.
5 – No More Exorbitant Bank Fees
Bank expenses are the bane of any person who has ever done any business with a bank. You plan to have a bank account to store your cash in, you require to pay expenses. You require to use or withdraw your cash, you require to pay expenses. You need to send funds to somebody else, you pay bank expenses. The list continues and on. But with Bitcoin, you’re bypassing all these expenses. Digital wallets are free, and transaction expenses are notably, notably minimal.