The Many Reasons Why You Should Use Bitcoin
NY – July 9, 2016 – Mainstream media has deemed Bitcoin dead countless of times but statistics prove otherwise. Ever since it’s conception back in 2009, it has quickly grown into a strong currency. In fact, five years ago, the Bitcoin would’ve valued only at a few cents but now, one bitcoin is worth $657. Yes, Bitcoin is still in its early stages and had just recently hit mainstream but nevertheless, it has proven very convenient which is why a lot of people now are using Bitcoin.
If you aren’t familiar with Bitcoin, here are some reasons why you should be.
- Bitcoin is fast. One of the many reasons why Bitcoin is so appealing is that it is fast. Bank transactions or even international wire transfers can often take days to get processed. Bitcoin transactions can only take around 10 minutes to process and in zero confirmation transactions, it is instant.
- Bitcoin is cheaper. It should be noted that bank or ATM transactions can be instantaneous too but they could cost much more than usual. But with Bitcoin transaction fees, if any, are minimal. Sometimes they can also be free.
- Bitcoin is decentralized. Decentralization means that the currency isn’t controlled by any financial institution such as the banks or the government. Instead, Bitcoin is controlled by algorithms which give you much freedom with it. One of the best benefits coming from this is that you own everything in it and no one can take it away from you.
- Bitcoin is not subject to inflation. With centralized currencies or the so-called fiat currencies, because they are controlled by the government, they can always print more money especially when there isn’t enough money to pay for the national debt. Doing this often results in inflation which also reduces the purchasing power of the people. But with Bitcoin, there is a set limit as to how much bitcoins should be in circulation. Bitcoin would not exceed more than 21 million which means it is not likely to experience inflation. Deflation is more likely to happen with Bitcoin, where prices of services and goods fall.
If you’re interested in learning more about Bitcoin, there are lots of communities online like We Use Coins that help people get acquainted with Bitcoin.