Why is Bitcoin better than money?
Bitcoin is one of the greatest technological breakthroughs since the Internet. It also has been called “a black hole” into which a consumer’s money could just disappear.
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Why is Bitcoin better than money?
Bitcoin is one of the greatest technological breakthroughs since the Internet. It also has been called ?a black hole? into which a consumer?s money could just disappear. In 2009, 1 Bitcoin was 0.08 $ and now it is 10676 $, the growth is massive. Landmark feature of a Bitcoin is that it can curb the chances of fraud and identity thefts, and hence is considered a safe mode of holding money. Bitcoins allow buying of goods and services online, as well as transferring money.
o Bitcoin has a global acceptance and is less volatile than cash / local currency. Due to this feature, it becomes easier to conduct transactions across boundaries and online. As Crypto currency is a new system of financial transaction, it is crucial for startups. Many startups have adopted this new system for receiving payments and other financial transactions. Earning Bitcoin is like earning gold, its value increases every day.
o Bitcoin is a great tool for investment; it can be used all over the world without going through a conversion process. It is considered at par with Gold and combines the best of cash and gold while providing an open market and no restrictions imposed by banks or governments.
o There is no way of duplicating a Bitcoin, unlike cash.
o Bitcoin is immune to inflation, this means, that supply is limited and no one can just print more money only 21 million Bitcoins can be mined.
o The Western Union or other similar services usually take 1?5% for a transfer of money, with the Bitcoin the usual transaction fee is a couple of cents and you can even pay less if you?re not in a hurry.
o Bitcoin, of all currencies including gold, is already the most desirable currency in terms of Scarcity, Divisibility, Malleability, Portability, Transferability, Security, Incorruptibility, & Deniability.
o After Japan legalized Bitcoins the Bitcoin market grew from 2.9 billion USD to 30 billion USD in a week. In the coming 4?5 years other countries will follow the suit, the market will increase and the price per 1 Bitcoin may reach 20,000$
o It?s currently having the highest return on investment among all trade-able commodities. Being decentralized, anonymous and free from the clutches of banks and governments, the power of Bitcoin is unimaginable. From buying products and services from the dark web to buying an apartment in a legalized country, you can do anything and nobody can control these transactions. Bitcoin is the future.
Bitcoin has value because people think it does, If the Bitcoin shares touch a record high and all the investors try to cash out, the market would become flooded and prices would drop eventually and Bitcoin would be back to the original value.
o Other crypto currencies include- Ethereum, Ripple, Litecoin, etc
"Bitcoin is a remarkable cryptographic achievement and the ability to create something that is not duplicable in the digital world has enormous value" - Eric Schmidt, Former CEO, Google
For more go to- https://bitconnect.co/bitcoin-news/307/7-reasons-why-bitcoins-are-better-than-fiat-currencies
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Sandeep Semwal
Freelancer