Just like it is with everything, as Bitcoin and other cryptocurrencies are getting more popular these days’ people are now looking to learn about all the benefits of Bitcoin. After all, what good is it if Bitcoin and these cryptocurrencies do not have any great benefits? Bitcoin has seen massive growth and over the last few years, the crypto market has become a new destination for investors and traders who are looking to make profits. The price of Bitcoin has reached $50,000 for the first time and many experts believe that the cryptocurrency shall continue to grow.
Bitcoin was developed as a means of exchange but because of the growth of the crypto market, many people are now looking to invest in and trade these digital assets. Bitcoin, crypto, and blockchain technology are not easy to understand and many people are looking to make profits easily and quickly. The traders try to buy when the price of Bitcoin is low and later sell it when it increases. As you might have noticed, the price value of Bitcoin has been growing. With the help of a trading robot or an automated trading platform, such as Bitcoin Formula (bitcoinformula.net), even those who have little or no experience and knowledge of the crypto market can start trading.
Many people think that cryptocurrencies could be the future of money. Cryptocurrencies, like Bitcoin, offer many benefits and the world has been waiting for a move away from the traditional fiat currencies for some time now. Let us now find out what all of this hype is about by looking at some of the biggest benefits of Bitcoin.
Identity theft
Most people don’t realize how dangerous it actually is when they are paying with their credit card, they have to literally give someone else complete access to their funds. Unlike the credit cards that operate on a pull basis, Bitcoin and other cryptocurrencies work on push. This means that when you are performing a transaction with Bitcoin, you only have to send the exact amount of cryptocurrency that you have to pay the merchant/recipient with no sensitive information included.
Low transaction fees
When it comes to performing transactions, Bitcoin users don’t usually pay any transaction fees for local or international transactions, like most people have to when their bank has to confirm a transaction. This is because Bitcoin is decentralized and is under no central authority institution, such as banks or governments. Bitcoin users can send funds anywhere in the world with little or no extra costs involved. However, it is worth noting that even when there is no need to pay high transaction fees, you might still need some sort of outside help and that could cost you some money. For instance, the platform that you are using in order to make a transaction may charge you a little.
Fraud
Bitcoin, like every other cryptocurrency, exists only in digital form. It has been argued that since it exists digitally it is easier to hack into and more susceptible to frauds and scams as well. However, it is much safer than people think. Your digital assets are protected in a digital wallet and no one can access your funds without the private access key. The network is completely safe. It is important to remember that once a Bitcoin transaction has been made you can stop it or get it reversed. It is important to double-check the amount that you are sending. This makes it safe but if you make such a mistake you might lose your digital assets. This safe and well-protected network has been doing well in preventing fraud.
Complete freedom
This is perhaps the most important benefit and the biggest reason why people promote using Bitcoin. You are the only owner of your cryptocurrency. Think about it, every single other form of digital payment, like PayPal or credit cards, is subject to regulations of the government and central financial institutions. They could freeze your account, stop transactions, and could take funds out of your account if they wish to. For instance, if they think that you have been misusing or abusing your account with them, they will basically have the authority to freeze all of your money stored in the account.
Think about the trouble that you may have to go through if they freeze your account. You will also be dependent on the banks and have to wait until they verify your transactions, this can sometimes take days and even weeks. However, Bitcoin users do not have to be scared of any such thing. Bitcoin is decentralized and only the user will have total control over the digital assets.
There may be some disadvantages as well but are they enough to outweigh so many advantages of Bitcoin? If you just take a look at the benefits alone, you will see how helpful Bitcoin can be in our everyday lives. This is probably also why people are saying that it is the future of money.
Story by Arooba Masood
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