Over the last few years, the cryptocurrency Bitcoin has taken the world by storm. Since it runs on an independent network, it isn’t under the control of any government or financial watchdog.
This decentralised status has made Bitcoin a hot commodity among private users and business owners alike.
Below we explore some of the main benefits of Bitcoin.
When using Bitcoin to make payments, users typically spend less on transactional charges than when using traditional currency.
The main reason for this is Bitcoin’s direct method of changing hands. Since there are no middlemen in digital transactions, the fees charged are automatically far lower.
Another major benefit of using Bitcoin is that it’s a major time saver.
Traditional payments can take days to process. In contrast, it takes only a couple of seconds to complete Bitcoin transactions.
Since Bitcoin makes use of complex algorithms, it is nearly impossible for anyone to tamper with its transactional data.
What’s more, hi-tech encryption techniques keep every Bitcoin wallet secure. This means that nobody can gain access to the wallet without the correct authorisation.
Transacting using Bitcoin is nothing like traditional banking systems. Whereas most major banking systems require users to disclose their personal information (including name, address, etc.), Bitcoin doesn’t ask for any of these confidential details.
Because of this anonymity factor, Bitcoin is a great option for those who place value on privacy.
Because all cryptocurrency transactions are recorded in a ledger, they can get tracked from their origins. This makes it so much easier to crack down on fraudulent activities.
The only thing needed to use Bitcoin is a stable internet connection. This means that anyone connected to the internet can use Bitcoin to make payments.
Also, Bitcoin can be transferred across borders. This makes it an attractive option for those who do business internationally, and even for those who travel a lot.
Since connectivity is the only requirement, Bitcoin can open a world of financial options for those who don’t have easy access to banks and other financial institutions.
Since Bitcoin runs on a decentralised network, it will never be made subject to the same restrictions as traditional “banking” currencies.
This makes Bitcoin a particularly flexible option for everyday users as well as investors. In fact, research shows that in 2019 alone, roughly 50 million investors across the globe traded in Bitcoin.