When digital or crypto currency gets a mention, bitcoin is the first thing that strikes the minds of the expert investor as well as the fanciers. Bitcoin can be referred as a virtual currency or a medium of conducting digital transactions just like any other digital currency. So, how is it better than any conventional currency?
The global interest in bitcoin has gone up in the past a couple of years. However, those who still see its gloomy side, here are the reasons for going for this currency.
Digital and Decentralized-Bitcoin comes with the liberty to exchange value with no intermediaries. This feature helps it have a great control of funds and lower fees. Being quicker, cheaper, securer and rigid such characteristics turn it a widely embraced currency.
Makes Online Shopping Easier- Online shopping becomes easier with Bitcoin as it works like an e-walle, which is based on blockchain technology to store, track and spend digital currency.
Volatility Is More Than Cash-Due to its worldwide acceptance, it turn less volatile than cash or local currency. Therefore, bitcoin owners find it easier to conduct transactions across borders as well as online.
Need Not To Keep A Track-Its heart, which is blockchain technology, is what in center of its strength. A large number of computers in a distributed network use cryptographic techniques to create a permanent, public record of every single bitcoin transaction that has ever occurred. This record is very valuable for a plethora of things other than tracking payment. Remember, no technology has made to track cash yet.
An Investment Pie-This currency can be used across the globe without going through a conversion procedure. Bitcoin is equal to Gold and combines the best of cash and gold while offering an open market and no limitation inflicting by governments and banks.
Peer-to-Peer and Open Yet Secure- One of the key features of Bitcoin is that it allows you to exchange value over the internet and that too without any mediator. It allows users access their balance through a password, which is a private key. This makes it private, secure and at the same time open.
No Counterfeiting-The unique structure of this currency allows no duplicity.
Keep Records for Tax-If you transfer a bitcoin, you also transfer its ownership. Two folks cannot transact on the same value, which eventually helps keeping healthy and easy records, especially for the purposes of tax.
Transitional Digital Currency-Bitcoin or crypto has no boundaries, no exchange values and no third party interventions. They allow smooth transactions across nations with a transaction history getting recorded at the backend.