Here’s The 5 Top Advantages Bitcoin Has Over Fiat Currency
Bitcoin is the first successful cryptocurrency in history, and it became successful because of the many positive merits not found in traditional or fiat currency (this is your country’s national currency). In this article, you’ll find out about five unfair advantages Bitcoin has over 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 million bitcoins will ever be mined or created, unlike fiat currency which is printed whenever the government sees fit to print more money.
In fact last March Federal Reserve President Neel Kashkari stated that “there is an infinite amount of cash in the Federal Reserve. We will do whatever we need to do to make sure there’s enough cash in the banking system”. More and more Bitcoin is becoming a powerful store of value because it’s supply is completely unaffected by increased demand. You cannot increase the supply of Bitcoin so it’s a powerful hedge against inflation.
2 – Extremely Easy To Use
Opening bank accounts is not a simple 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. And remember not every country in the world has easy access to the traditional banking system. But with Bitcoin, all you need to do to get started is just create a free wallet, and that’s it! You’ll then be able to receive your first bitcoins in just a few minutes. Anyone anywhere in the world with Internet access can use Bitcoin.
3 – Fast Transactions
Most banks don’t work 24/7. Instead, banks are open for business during 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 anyone, any time of the day, wherever you and the other person may be located. Your bitcoins will arrive in just a few minutes regardless of the geography involved.
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 easily within reach anytime you wish.
5 – No More Exorbitant Bank Fees
Bank fees are the bane of anyone who has ever done any business with a bank. You want to have a bank account to store your money in, you need to pay fees. You need to use or withdraw your money, you need to pay fees. You want to send funds to someone else, you pay bank fees. The list goes on and on. But with Bitcoin, you’re bypassing all these fees. Digital wallets are free, and transaction fees are very, very minimal.
Given the current state of affairs in the world today it’s time to start discovering, learning and understanding Bitcoin. It could be one of the most important financial moves you make this year.
And it’s not too late. While Bitcoins value has increased dramatically it’s mainstream adoption is still in the early stages so there’s still lots of opportunities available to you.