Bitcoin has been around for a while now yet people still don’t seem to see the real advantages of using it over our regular currencies. Some people are skeptical but a lot just aren’t educated enough to know that using bitcoin has a lot of its own advantages.
5 advantages of using bitcoin over cash
We’ve been using fiat currencies for so long now. Once something new came into the picture, people were threatened and some of them immediately thought that it was just a scam waiting to happen. Here are 5 aspects of bitcoin normal fiat currencies just can’t seem to match:
1. Bitcoin is decentralized
Bitcoin being decentralized is one of its defining characteristics. Without it being influenced by a single central authority, the operations of bitcoins are based on the buyers and sellers. It cannot be artificially inflated or devalued by banks or governments as they do with normal currencies.
2. Bitcoin allows more freedom
When it comes to bitcoin, there is no intermediary that controls how a person uses his or her bitcoins. When it comes to ordinary payments, there are sometimes limits to how much one can spend (based on amounts or geographical locations). Payments can also be frozen by online services like PayPal or even some banks.
Bitcoin can be used anywhere and at any time. You don’t need any specific software or clients, just a bitcoin wallet address (provided that you have a stable connection to the internet). This means that bitcoin is much easier and cheaper to use if you plan to send payments internationally. There are no banks in your way to make you wait, no extra fees for making an international transfer, and no limitations on the minimum or maximum amount you can send.
There are now also multiple ways to buy bitcoin with peer-to-peer marketplaces. With peer-to-peer bitcoin trading, users have hundreds of methods to buy and sell bitcoin, allowing for more ease and efficiency in trading.
3. Your privacy is protected
Bitcoin transactions are very transparent because things like the public ledger records give visibility on the transactions. However, no identities of the people involved are revealed. Depending on the level of account verification, no tracking can be done using bitcoin. The downside to this is that people end using bitcoins and other cryptocurrencies for illicit payments. Even with that downside, it’s still an enormous asset to be able to transact privately.
4. Transactions are quick
As said earlier, a lot of problems can arise if you plan on sending money from one continent to another. That can sometimes take a few days to a week compared to bitcoin transactions which take around a couple of minutes. Banks also have working hours and are closed at night, during holidays, and during weekends. That can make it incredibly hard for you to send money and make transactions.
5. It’s portable and durable
Bitcoins have no physical existence. They cannot be damaged or destroyed. For example, the price of gold and silver can be manipulated if the supply is tampered with. Traditional currencies like dollar bills and coins can be destroyed and counterfeited.
With a mobile wallet, you can take your bitcoins with you everywhere. Some applications will even allow you to trade on your smartphone, allowing you to have a bitcoin experience that’s on-the-go.
Bitcoin is the future
If a lot of people know what kind of advantages bitcoin could bring into their lives, more people would be using it. As bitcoin enthusiasts, we need to be able to educate the people around us regarding the benefits of using bitcoin and maybe, just maybe, we can promote a culture that would lead bitcoin into mass adoption. People still remain skeptical since bitcoin made headlines for being a bubble but there’s still a way to turn their minds around.