- May 12, 2022
- |Bitcoin, Blockchain
Often regarded as the most versatile of the cryptocurrencies, there are several Bitcoin benefits, both the skeptics, as well as believers, need to be aware of.
It is said, that on average, every ten minutes only 6.25 new Bitcoins are created.
Although its scarcity is part of what makes this currency, the next big thing, there’s much more to what makes it a true gamechanger in the way we make and receive payments.
Join us as we walk through eight of the most impressive advantages of Bitcoin, in this article!
1. A Decentralized Currency
Bitcoin isn’t subject to the rules, regulations, and decisions of central banks of national governments. Rather, it is run by a network of users who remain decentralized. You do not have to rely on additional third parties and authorities or be subjected to their regulations.
No one can seize your Bitcoins, and they cannot be frozen by authorities, despite being an asset.
Additionally, owing to their limited supply and decentralized nature, you can also avoid the risk of inflation. The currency was designed to be finite. This ensures that your purchasing power is always consistent because there is no risk of creating an excess of Bitcoin. This makes Bitcoin safe from inflation.
2. Bitcoin Is Borderless
Bitcoin is a global currency with value all across the world. Although it is not as widespread as conventional currency, it certainly seems to be heading in that direction.
Unlike traditional currency, it does not come with the added hassle of paperwork, permission slips, and hefty transaction fees. Many global traders also use it as a hedge against the possibility of inflation.
You do not have to await approval from third parties like a bank or governmental authority but can enjoy seamless transactions at your will.
3. Uncensored Transactions
Bitcoin uses a proof of work or PoW system ensuring that your transactions are restricted or censored in any way.
The PoW system is simply an algorithm that allows the validation and confirmation of transactions. Additionally, this facilitates the addition of blocks to the Bitcoin blockchain.
This goes a long way in preventing fraudulent practices, by preventing minders from engaging in deceptive practices or lying about their transactions. It sequences the transaction history and also makes it more difficult to alter data over the course of time.
4. A Sense of Immunity
Bitcoin gives you a sense of freedom and immunity that is severely lacking in all other traditional forms of currency. No one can confiscate your bitcoin. You can be at peace knowing that you are always regarded as the true owner of your Bitcoin.
It is an unseizable asset and no Bitcoin transaction is reversible. This not only gives you a sense of immunity and safety but also certainty, in the context of all payments.
5. Quick and Simple
Bitcoin transactions are simple to navigate and instant in their outcome. Not only is it a digital currency, but the system of the transaction is peer-to-peer, eliminating the need for a middle man.
There are several Bitcoin wallets available for use, which offer their own series of benefits. However, it is important to do your research before opting for a wallet, as some can impact the simplicity and ease of using Bitcoin.
6. Real Money and Real Value
Bitcoin is a type of cryptocurrency and it does serve a function the way real money or cash does. It also meets the necessary criteria that go into giving currency value. This means, it is scarce, divisible, it has utility and transportability.
Additionally, it also has durability giving BTC the kind of value that puts it on par with other currencies across the globe. You can use Bitcoin in a variety of stores, and this number is only increasing as Bitcoin continues to gain popularity, owing to the convenience and other benefits it offers.
7. Enjoy True Anonymity
Unlike conventional systems that require document and ID proof to facilitate them, Bitcoin makes no such demands. This allows you some reasonable anonymity, keeping you safe from the prying eyes of the government or other authorities.
Additionally, only the owner has the ability to change their ownership address. Especially if you do publicize your wallet address, then you do risk exposure of your transactions.
8. A Fee-Free System
One of the major perks of using Bitcoin is the fact that you do not have to pay additional transaction fees like you would with normal currency. This is even true for payments across borders or countries.
There is no government-imposed tax, or hidden fees that come with your transactions. Everything occurs through a peer-to-peer network, allowing you to make your payments at a much lower cost than conventional payment methods.
9. Sustainable Energy Options
On a less personal and more broad-spectrum, “big picture” note, Bitcoin has benefits beyond your wallet. That’s not to devalue the truly phenomenal advantages of Bitcoin from a personal finance portrait but there are even greater positive impacts that Bitcoin offers.
You may have heard the buzz lately from Elon Musk and the likes, shouting that Bitcoin is just not energy efficient enough. In fact, the media as of late has certainly been leaning towards, less than informed spouting headlines left and right about the negative and “outrageous” carbon footprint Bitcoin has. The truth is, there are so many benefits of Bitcoin, including smart energy options. Someone may be screaming ” Ban Bitcoin” on Twitter but the truth is, Bitcoin benefits progress in the sustainable energy realm.
In fact, According to CoinShares,
“Cryptocurrency mining activities tend to be concentrated in mountainous areas with large rivers. Renewable energy accounts for a large proportion of the overall energy mix used for Bitcoin mining, estimated at 73% of energy sources chosen by mining businesses.”
Also, some Bitcoin mining companies in North America have partnered with gas companies, using the waste gas produced by fractured shale formations to make energy, to mine Bitcoin!
Learn more about Bitcoin’s true carbon footprint HERE
Make The Most of These Bitcoin Benefits
There you have it, the various benefits of using Bitcoin. It truly is the currency of the future.
Not only is it a decentralized currency that works across the globe, but it allows you secure and uncensored transactions that aren’t subject to third-party fees and regulations. It works like real money that has real value to offer and gives you the anonymity and privacy you require to make transactions with clients and business partners across countries, no matter who you are.
Ready to buy your own cryptocurrency and enjoy the various benefits Bitcoin has to offer? We have a series of ATMs across the country that allow you to buy Bitcoin with cash, instantaneously. Find one near you, and buy yours today!