Before delving into the multiple advantages of trading and transacting in Bitcoin, let’s understand what Bitcoin is. Bitcoin is a cryptocurrency. A cryptocurrency is a digital currency, which always stays in the digital or virtual form, and stays online, and can be transacted online by using platforms which supports their transfer.
The technology used in the cryptocurrency exchange is called blockchain, where every block of data stays in an encrypted state, which is totally hack-proof. Thus this highly potent and secure money transfer and handling system has come up as a huge facility for people, who need to transact daily beyond geographical barriers, and in a fast and secure environment.
Advantages of using Bitcoin
There are several advantages of using Bitcoin. They are as follows:
• Due to being decentralized due to the blockchain technology, the currency is not controlled by any government, or rules and regulations of any country. Its value gets up and down due to the global economy.
• The platform and mode of operation where cryptocurrencies are used is totally safe, and spread through the globe. Thus every bit of information being verified million times in different nodes across the world, before execution.
• No one can bring down the system, or hack it and leak information. It’s practically hack-proof.
• Traditional banking norms and formalities, fee structure etc, can all be bypassed by the use of Bitcoin, thus making currency transfers speedy and economic.
Altogether the system is out of control of any centralized system, government or country etc, and yet is a highly organized, ethical, and trust free system, where the currency rates will never be frozen or banned by any agency.
Some fascinating facts about Bitcoins
• People, who owned bitcoins at the rate of ten cents per coin back at 2009, would be multi millionaires by now.
• There are only 21000000 bitcoins to be owned, and at any time the amount of coins circulating online would be lesser than this value.
• Bitcoin use exempts one from using bank or third party services based on paper work, formalities, and trust factor.
• Huge amount of transaction fees can be saved when you switch from the habit of banking to bitcoin usage.
Very few people, which is estimated to be around 25% of the global population actually knows about Bitcoins. One strong reason for that is, most finance and banking companies would never want the common man to discover the utility and tremendous safety in Bitcoins.