Advantages Of Bitcoin (BTC) - Sourajit Saha

Tuesday, 5 December 2017

Advantages Of Bitcoin (BTC)

Being the world's first decentralized peer-to-peer digital cryptocurrency, Bitcoin has amassed a lot of users from around the world. As a matter of fact, bitcoin is considered to be a very good revolution in the present currency world. So far so good, a lot of people have been adopting this virtual currency and its popularity has extended all around the world. In fact some of the countries that had initially banned the trade and use of BTC are now looking to make it legal.

Bitcoin actually faced a lot of criticism when it was first created. A lot of people considered it to be some kind of Ponzi scheme, a kind of scam, due to the fact that the creator (or creators) were unknown, it was the first of its kind, and a lot of other factors. But over the years, currency and market experts started looking into what BTC is and they were able to comprehend the power of digital currencies.
Advantages Of Bitcoin (BTC)

Once they got past the fact that it was not a scam and realized how powerful and useful it could be, they started portraying it in a positive way. Although there are still a lot of people who are unaware about the digital currency world, much less bitcoin, it is safe to say bitcoin has gain momentum over the years and has been well adapted to. Bitcoin is poised to become a very relevant force to reckon with as more people get to know about it and realize how useful and safe it is.

Now that you have gotten a little bit of information on what bitcoin is, let's take you a little deeper into the advantages you stand to enjoy with BTC.

PRIVATE AND ANONYMOUS

Each and every transaction made on the bitcoin network is private and anonymous. Unlike bank payments where you can identify and track transactions, bitcoin transactions can neither be tracked nor identified. The only thing you'll know is the bitcoin address of the person you want to transact with, but as for the owner of the address, he or she cannot be identified. You can liken it to paying into a bank account with no way of knowing who the account holder is.

FREEDOM OF MAKING PAYMENTS
Using bitcoin as your mode of payment provides you with incredible freedom. You have the ability to send money to anyone in the world, no matter where they are. All you need is the person's bitcoin wallet address. With bitcoin, no intermediaries, no bank strikes or holiday, no borders or boundaries and above all, no payment limit. You are free to transfer any amount.

LOW FEES

Using bitcoin as your mode of payment simply means you'll be charged incredibly low fees. In fact, there are transactions where you won't be charged at all. Transaction fees depend on the priority you place on your transaction. If you want your transaction to be processed in a super-fast way, you'll have to pay extremely low transaction fee. And the fees will be incredibly low compared to what you'll get from other financial intermediaries.

LIGHTNING FAST

Compared with banking channels, bitcoin transactions are really fast. In fact, a bitcoin transaction can be processed in less than ten minutes. Processing can be as fast as an email or even faster if there are "zero confirmations". Zero confirmations simply means that the merchant accepts a transaction that has not been confirmed by the blockchain yet. While this is risky, it makes the transaction process faster. Confirmed transactions are those that take up to ten minutes to process. You might be thinking "but digital wallets and credit card services provide instant approved transactions", well the truth of the matter is that while they do that indeed, they also charge you excessive fees, unlike bitcoin where you pay just a little token for the faster processing.

LESS RISKS

With bitcoin, you don't need to worry about anyone getting hands on personal or sensitive information. Also, bitcoin transactions are irreversible and secure, thereby protecting merchants from fraudulent chargebacks and losses caused by fraud.

NO CENTRAL GOVERNMENT CONTROL

No one has control over BTC. It is decentralized and so cannot be overtaken by the government. The worst a government can do is ban it from their country. They cannot, however, reduce the value or change the price of BTC unlike the way they can with paper money.

WELL SECURED

This is perhaps the most important advantage people are enjoying in the bitcoin network. Most purchases being done online today are being done with credit cards or debit cards. This simply means that you'll have to enter every detail of your card into the merchant site so as to be able to purchase whatever you need, thereby putting your card at a risk of getting manipulated. With BTC transactions, you don't need any of these; you don't need to give up all the information you are supposed to keep secret.

NOTHING LIKE INFLATION

Unlike fiat currencies, where more money can be printed by the central government when the economy is not moving forward and they are unable to pay their national debt, thereby causing inflation, BTC cannot be inflated. Only 21 million BTC will be created and once these twenty one million have been successfully created, bitcoin mining will stop. This simply means that no bitcoin will be mined again after the creation of the 21 million BTC, therefore, inflation won't occur.

YOU CAN GENERATE YOUR OWN MONEY


You can create bitcoin yourself as long as you have the necessary resources and information. This process is known as mining. It is done through the use of specialized hardware. Once you are able to get your hands on these specialized hardware and you are fully equipped with the right knowledge on how to use them, you’ll be making your own bitcoin the same way the central government makes fiat currency.

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Sourajit_Saha
Hi, I’m Sourajit Saha, An Online Marketer From Kolkata, India. I Have Been Blogging Since Last Quarter Of 2010. I Started Blogging As A Hobby, And Soon It Turned Into Passion And Later Profession. Click Here To Know More About Me!

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