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.