Bitcoin has been addressed as another big thing since the development of the internet. For more than 25 years innovators and cryptographers have been trying to come up with protected decentralized working digital money but no one succeeded until the bitcoin was invented. Numerous reasons are there for this but do you know what are the benefits and why bitcoin is a gamer changer? Many benefits are associated with bitcoins. Here are a few of them listed to give you an idea of what benefits bitcoins bring.
The benefits
1- Bitcoin is permissionless
Conventional currencies and forms of money need permission to use by financial institutions, banks, and governments. Bitcoin needs no permission from anybody and is free and can be openly used worldwide. There are no limits and borders with it.
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2- Bitcoin is protected from seizure
No one can confiscate bitcoin since you own it. It isn’t housed at any company or any central bank. You can be your bitcoins bank.
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3- Bitcoin is resistant to censorship-
Through computational work called PoW, no one can censor or block the transactions.
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4- Bitcoin is decentralized
The network is globally distributed among plenteous computers and millions of users where you need not have to trust any other parties. Bitcoin has an inadequate supply. There are only 21 million bitcoins made and all of them are generated at a predictable price. Bitcoin is deflationary and uncommon.
5- Bitcoin is open source
Anybody can contribute to forming bitcoin in a range of areas which includes bitcoin software clients.
6- Bitcoin is very easy and fast to use
As bitcoin is a virtual peer-to-peer currency which is stated in the original whitepaper of Satoshi Nakamoto, transactions are almost done very fast. They cost very low, much less than central payment networks namely Visa, PayPal, or MasterCard.
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7- Bitcoin is a push system
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With bitcoin, there are no risks of chargebacks as once bitcoin is sent, the transactions can’t be reversed. It is akin to cash. Once you give cash to another person, you won’t get it back unless one gives it to you on their own.
8- It is real money
Bitcoin is used across the world to pay for things like food, coffee, travel, electronics, and so on. Some even like to call it magical internet money for the reason that it has all amazing features and its ability to be not spent double.
9- It provides anonymity
If bitcoins are correctly used, they can be used as an anonymous currency free from spying authorities. When you make use of bitcoin, you need not have to provide your name, email, social security number, or any other information when carrying out peer-to-peer bitcoin transactions. Bitcoin is just figures 1’s and 0’s, traveling through the internet. If not used carefully, they can be pseudo-anonymous providing people with greater privacy than using conventional money.
10- They are transparent
All the information related to the bitcoin money supply is available for anybody to view on the blockchain. Each transaction made with it is available for anybody to see too. Though, personal information is concealed.
11- Bitcoin is freedom
Using bitcoin provides all users monetary freedom to do transactions worldwide through all the properties. As such bitcoin gives economic stability and newfound freedoms to the entire world which are life-changing events.
All you require is an internet connection to make use of the bitcoin-
You can buy and sell bitcoin through your PC or smartphone. Even you can make use of it to pay for things from your bitcoin wallet directly in the establishments that accept it in the form of payment. People who cannot have access to traditional banking can use bitcoin but with an internet connection.
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