5 Bitcoin Advantages Compared to Fiat Currency
The advantages of Bitcoin compared to fiat currency (the national currency of a country) has made it the first successful cryptocurrency in history. There are even more positive merits to be found, but in this article, you’ll find out about five big advantages Bitcoin has over fiat currency.
1 Bitcoin is a decentralized currency
Unlike fiat currency, Bitcoin is not controlled by any bank or government. In fact, 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. There will be only 21 million bitcoins mined or created, unlike fiat currency which is printed when the government sees fit to print more money.
2 Easy to use
Opening bank accounts may sound like a simple thing to do. But you’d have to go to your bank, wait in line, fill out forms, submit your IDs, etc. It’s a time-consuming process. And in many countries of the third world, it is almost impossible to get a bank account. 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 Transactions are fast
Most banks don’t work 24/7. Instead, banks are open for business during certain hours of the day on weekdays (only a few banks are open on weekends). 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 Bitcoins are 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. Just remember to protect your wallet. If you lose your login details, you will not be able to reach your money.
5 No more exorbitant bank fees
Bank fees are the bane of anyone who has ever done any business with a bank. There are fees for everything. 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 not free, but very, very minimal.
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