The 5 Advantages Bitcoin Has Over Fiat Currencies

March 9, 2018

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 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 when the government sees fit 
to print more money.  

 

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. 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.

 

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.  

 

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. 
 

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