The first cryptocurrency that ever came out is Bitcoin. It has become extremely popular and there are many benefits of Bitcoin over traditional currency or fiat currency. If you want to find out what some of those advantages are, then continue to read on.
1. It’s Decentralized
The government doesn’t own or control Bitcoin, nor does any bank, and this is because it is decentralized. Not even the founder of Bitcoin single handily owns, controls or regulates the Bitcoin network. Technically, this means Bitcoin is inflation proof.
It is extremely difficult for Bitcoin to be manipulated. Furthermore, only a total of 21 million Bitcoins will ever be created. With fiat currency, it is printed whenever the government decides to print more of it.
2. Easy To Use
It’s not easy to open a bank account. It typically involves going to the nearest branch, waiting in line and then filling out a bunch of paperwork. You also have to show proof of ID.
With Bitcoin, you don’t do any of the above. You pretty much just need a free wallet and you’re good to go. Within a matter of minutes, you can start receiving your Bitcoins.
3. Speedy Transactions
Most banks don’t allow you to bank around the clock because they’re only open for business at certain hours. Bitcoin on the other hand allows you to transact with anything and at any time of the day or night. It doesn’t matter where you’re located or where the other person is located, you can exchange Bitcoin within a matter of minutes.
4. Portable & Durable
Bitcoins are portable and they are durable, which means they are prone to water damage or fire damage. You can bring Bitcoin wherever you go and they don’t take up a bunch of space. It doesn’t matter if you have an offline wallet or an online wallet, you will be able to access your Bitcoins at any given time.
5. No Exorbitant Fees
With a bank, you are hit with all sorts of fees. Most people know this. You’ll have to pay fees if you want to store your money and you might need to pay more fees if you want to take your money out. If you want to sent money to someone else, then guess what? That’s right, you’ll likely have to pay money.
The list of fees goes on and on. With Bitcoin, you don’t pay exhortation fees. You don’t pay for a digital wallet. However, you will have to pay minimal transaction fees.