BITCOIN AND ITS ADVANTAGES
Bitcoin is a cryptocurrency, which means it is supported by a source code that uses algorithms to avoid duplication or a bitcoin unit’s creation.
This code has underlying cryptography, which is based mainly on advanced mathematical and computer engineering protocols.
This makes it typically impossible to break bitcoin’s source code hence manipulating the currency’s supply. This is why many individuals see it as one of the safest means of transaction.
Bitcoin is recognised as the first modern cryptocurrency, even though other currencies preceded it. The reason for this isn’t farfetched as it is the first to blend easily to some certain critical features shared by subsequent cryptocurrency.
Bitcoin value has grown more than ten times in the past years, making it the leading digital currency by market capitalisation.
ADVANTAGES OF TRANSACTING WITH BITCOIN
Realising how unique virtual currency is in nature, its advantages over traditional currency are immeasurable. Like a giant star, digital currency has been shaking the world in recent years. Among the numerous cryptocurrencies we have in the digital market today, Bitcoin has shown its superpower as the most sought after. In this article, the maximum advantages of making transactions with Bitcoin will be discussed exclusively. Follow this journey to find out.
1. USER ANATOMY
Independent use of digital currency happens to be the number one reason many users cliche to it than conventional currency. It gives them a better edge on spending their money with the absence of any form of an intermediary such as the government or banks.
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2. BANKING FEE ELIMINATION
Unlike traditional currency fee, Bitcoin is free of any deposit charges like overdraft charge and minimum balance fees. Hence the needless to worry over maintenance and balance fee.
3. LOW TRANSACTION FEE
Typically, foreign exchange comes with cost and fees. With no government or banks’ involvement in cryptocurrency exchange, their price is low. Travellers are even more advantageous because bitcoin transfer is swift, hence zero need for authorisation and a long waiting period.
4. DISCRETION
Another advantage of transacting with bitcoin is its discretion. It gives only the user the right to publish their transaction. Bitcoin transactions are primarily challenging to track because the user’s name is not shown in the transaction.
Each transaction changes address undoubtedly. But this doesn’t justify the fact that it’s not traceable. But it’s more saver when it comes to transaction identity.
5. PEER TO PEER FOCUS
Another great advantage of cryptocurrency payment is that users can send and receive compensation without any institution or authority’s approval. Once there’s an internet connection, payment can be made in a blink of an eye.
6. MOBILE TRANSACTION
Cryptocurrency payment can be easily made through a mobile phone once there’s an internet connection, just like any other payment, thereby eliminating the stress of going to banks to purchase. Moreover, your identity showing is not needed for transaction completion.
7. EASY ACCESSIBILITY
Serious users have easy access to sending and receiving bitcoin by using their smartphone or computer. So traditional banks or authority’s involvement is not necessary. Moreover, a credit card isn’t needed for payment; no wonder it is considered the perfect accessible form of transaction.
In conclusion, these are some of the numerous advantages of making payment and receiving bitcoin without traditional banks stress. Hopefully, this article will help you get a better understanding of cryptocurrencies.
