Bitcoin has been hailed as the following enormous thing since the innovation of the web.
For more than 25 years cryptographers and trend-setters have been attempting to concoct a solid decentralized working advanced cash, however none prevailed until the creation of Bitcoin.
There are many purposes behind this, yet do you know what every one of the advantages are and why it’s a particularly distinct advantage?
There are many advantages to Bitcoin. Here are only a couple of them to provide you with a superior thought of what Bitcoin brings to the world.
Bitcoin is permissionless
Traditional currencies and forms of money require permission to use (from banks, financial institutions, governments).
Bitcoin requires no permission from anyone and is free and open to use globally.
There are no borders or limits with Bitcoin.
Bitcoin is immune to seizure
Nobody can confiscate your Bitcoin since you own it; it’s not housed at any central bank or company.
You can be your own bank with Bitcoin.
Bitcoin is censorship resistant
Using a computational algorithm called proof-of-work (PoW), no one is able to block or censor your transactions.
Bitcoin is decentralized
The network is distributed globally among many thousands of nodes (computers) and millions of users where you don’t have to rely on trusted third parties.
Bitcoin has a limited supply: There will only ever be 21 million bitcoins created, and they’re generated at a predictable rate. Bitcoin is scarce and deflationary.
Bitcoin is open source
Anyone can contribute to developing Bitcoin in a myriad of areas including different Bitcoin software clients.
Bitcoin is fast and easy to use
Since Bitcoin is a digital peer-to-peer currency as outlined in the original Satoshi Nakamoto whitepaper, transactions are near-instant. They’re very low-cost too, much less than central payment networks such as PayPal, Visa or Mastercard.
Bitcoin is a push system
With Bitcoin, there is no risk of charge-backs because once Bitcoin is sent, the transaction cannot be reversed. Bitcoin is akin to cash — once you give someone cash, you cannot get it back (unless they give it back to you).
Bitcoin is real money
Bitcoin is used around the world to pay for things such as coffee, food, electronics, travel, and more. Some even like to call it magical internet money because of all its amazing properties, and its ability to not be double-spent.
Bitcoin provides anonymity
If used correctly, Bitcoin can be used as an anonymous currency free from spying governments.
When you use Bitcoin, you don’t need to provide your email, name, social security number, or any other identifying information when making peer-to-peer Bitcoin transactions.
Bitcoin is just numbered, 1’s and 0’s, travelling through the internet.
If not used correctly though, Bitcoin can just be pseudo-anonymous providing people with a lot more privacy than using traditional currencies.
All you need is an internet connection to use Bitcoin
You can buy and sell Bitcoin from your smartphone or computer. You can even use it to pay for things directly from your Bitcoin wallet in establishments that accept it as a form of payment.
Moreover, people who can’t access traditional banking systems can make use of Bitcoin instead, permitting they have a device that can connect to the internet.
More recently, bitcoin credit cards have become available. Meaning you don’t even need the internet to spend your bitcoins!
Bitcoin is transparent
All information regarding the Bitcoin money supply is available for anyone to view on the blockchain. Every transaction made with Bitcoin is available for anyone to see too. Although, personal information is hidden. Take a look at our block explorer.
Bitcoin is freedom
Using Bitcoin gives you the financial freedom to transact globally using all the properties mentioned above. As such, Bitcoin provides economic stability and newfound freedoms to the world, which are life-changing events.