Why do you need Bitcoin? What advantages does it offer?
Learn why Bitcoin is superior to fiat currency. and what advantages it can give you. These are just a few examples of advantages more can be said.
1. Bitcoin can be used as an independent store of value
Bitcoin, unlike any other fiat currency, is independent and does not come under any bank. For example, unlike a government currency, bitcoin cannot be printed and hyper-inflated regularly. The assured shortage makes Bitcoin an attractive store of value despite its enormous fluctuations in value.
The Bitcoin developer Satoshi Nakamoto designed Bitcoin for exactly this purpose and it was apprehended on the first block of Blockchain (the so-called Genesis Block). There he left a message: “The Times 03 / Jan / 2009 Chancellor on brink of second bailout for banks”
2. Bitcoin makes donations to government critical organizations possible
In addition, Bitcoin accounts cannot be frozen, which can be particularly beneficial in dictatorial governments. While system-critical organizations such as Wikileaks’s financial transactions in fiat currencies have been under scanner by governments, Bitcoin continues to allow these organizations to raise funds
3. Anyone with a mobile can open a Bitcoin account
If you do not want to have any account maintenance fees, then Bitcoin is the right place, because Bitcoin does not need banks. You can even send your bitcoins around the globe in no time without having to create a bank account. This is particularly interesting in countries with poor infrastructure because it is often difficult to open an account with a bank, which makes the lives of people extremely difficult. Bitcoin offers an easy way out.
4. Bitcoin allows cheap and fast international transfers
Unlike banks, Bitcoin does not differentiate whether the recipient of a transaction is local or global. Therefore, foreign transfers or “sending money home” with Bitcoin are extremely cheap. You only pay the normal Bitcoin transaction fee, which is usually in the cent range. In addition, the transaction is usually completed in 10 minutes.
5. You can pay someone more anonymously
Some people don’t want to be an open book and don’t want every bank transfer openly viewable. Bitcoin can also help here because bitcoin transactions are much more anonymous than a traditional bank transfer.
6. One can speculate on a price increase
Trading with Cryptocurrency can (exactly like when trading stocks et.c) make you money, this is extremely hard if you daytrade. An easier method is to buy and HODL your coins in hope for a price increase (the usual "This isnt financial advice text" do your OWN research).
Bitcoin is interesting for many applications and there are many reasons why Bitcoin should or should not be used in some situations. Nowadays, for many of the features listed here, there are alternative coins that can be used instead of Bitcoin or are more appropriate than Bitcoin in some aspects.
For example, Bitcoin only offers a relatively weak pseudo-anonymity, whereas the cryptocurrency “Monero” offers a good and much safer anonymity.
Disclaimer: DYOR! Do your research before buying anything. Do not invest more than you can afford to lose.The authors of this website may or may not have invested in crypto currencies themselves. They are not financial advisors and only express their opinions. Anyone considering investing in crypto currencies should be well informed about these high-risk assets. Trading is on your own responsibility, do your own research. The authors of this text takes no responsibility on how you as a reader act on this text, this is not financial advice.