10 reasons why Bitcoin is better than the conventional currency: Bitcoin

  1. Theft Resistance: Bitcoin theft is not possible until the opponent has private keys (usually kept offline) associated with the user portfolio. In particular, Bitcoin provides design security, for example, unlike credit cards, you do not expose your secret (private key) every time you make a transaction.

  2. Btc can not be falsified, well dollars you know When you transfer bitcoins to someone, do not deliver "a bitcoin". A transaction is sent to the network. The network makes sure that your address is valid and has the right value. So there is no risk of forgery because there is nothing to fake.

  3. Durability, portability, divisibility, how do you destroy a number? Bitcoins are long lasting as the owner makes the keys. If the only copy of the key is on a computer and the computer is thrown out, the bitcoins die with the hard disk. If proper precautions are taken, the keys are as durable as the support. To destroy the network, you must delete all computers that are running the software. This includes the computer running in space. It is possible but unlikely.

You can simply travel between different countries with millions in Btc, just store your private key, here is where btc is much more portable than gold, money and even bank transfers that may have different limitations.

Without a way to instantly deliver gold from person to person, which is impossible without some sort of incredible breakthrough resulting in teleportation, so transport costs or dependency on the central vault to conserve gold remain a problem . therefore, gold itself is so useful for much of the technology we rely on today, as well as the technology being developed, that our gold supply is really necessary for industrial uses. For the first time in history, humans are actually "consuming" gold

Bitcoin is infinitely divisible. Currently, 1 bitcoin can only be subdivided into 100,000,000 smaller units, known as satoshi. However, that limit is not set in the stone. If, at a certain point, more than 2,100,000,000,000,000 or 2.1 quadrillion units of currency are needed, it would not be difficult to allow the currency to be decomposed into another point or two decimal places.

4. It is without boundaries. You could go to any country and use it. It is safer to carry bitcoins than to bring money, especially if you carry a large sum of money or travel to a country with higher crime rates. Bitcoin is easy to exchange with the main local currencies, if you plan to travel to more countries and want to avoid the hassle of exchanging money.

If your property does not accept bitcoin payments, sell your bitcoins (through LocalBitcoins) or withdraw your money from ATMs with payment cards.

5. It is not subject to the whims of a government. The offer is constant and the price is determined by the demand of the free market. We can know how many bitcoins will circulate in ten, twenty or seventy years, for example, will you know how many US dollars will be circulating at that moment, or how much of your trust money will be printed?

6. Bitcoin transactions are instantaneous. When a bitcoin is sent, the transaction immediately begins to spread across the network. The recipient can see that he has received the transaction immediately or within a few seconds. So, once it has been fully confirmed, it would be statistically improbable that it was not valid. I would say impossible, but it is not completely true. However, after some confirmations, you are more likely to win the lottery than when a transaction is invalid.

7. Safe deposit of value. This use case is crucial in environments where citizens can not trust the institutions that will be responsible for their hard-earned earnings. Take into consideration the tragic case of a country like Venezuela, where the properties and savings of individuals can be confiscated by the authorities through the law or inflation. Unfortunately, many Venezuelans are unable to access traditional forms of exit such as emigration or furtively accumulate more stable sovereign currencies. With cryptocurrency, most Venezuelans have an alternative: they can choose to buy or extract a safe deposit of value that can not be confiscated or inflated by their government because they only control their private keys. (Of course, cryptocurrencies are particularly popular in Venezuela for this reason.)

It is also very useful to send and receive remittances without paying high taxes and only with mobile phones, without having to physically go to an exchanger

8. Smart contracts. For example, let's say that Alice would like to give away her granddaughter, Erin, with a sum of money on her eighteenth birthday. Today, Alice's option is basically to hire a lawyer to create a trust that will hold the funds and deliver them on the date set. Being a technically skilled grandmother, however, Alice knows she can simply program an intelligent contract to do the same thing without having to resort to an intermediary. Alice creates a portfolio of cryptocurrency for herself and another for her nephew Erin. Alice sends the equivalent of $ 10,000 to her wallet and plans an intelligent contract. The contract is arranged so that on Erin's birthday, say January 3, 2027, the contract will automatically transfer funds from Alice's portfolio directly to Erin's, where it will have complete control over those funds. When Alice starts the transaction, she no longer has access to the funds, just as if she had created a trust. (It also works for inheritances)

9. He is banking the unbanked. You can bypass the traditional banking system, avoid surveillance and get rid of heavy taxes. Cryptocurrencies eliminates the need to rely on this reliable third party to make a transaction. In fact, a cryptocurrency replaces a third party like Bank of America or PayPal with the network itself, managed by a distributed network of computers all over the world. This means that Alice can make an online payment directly to Bob whenever and wherever he wants, without having to present another party that can be cumbersome or expensive. This also means that people who do not have access to banking services can now take part in digital commerce.

Programmers, developers, online teachers, designers and anyone who can do an online job can benefit from this bitcoin advantage, especially in poorer countries where most people can not access international bank accounts.

10. Bitcoin has no risk of credit card fraud or credit card chargebacks. Bitcoin is an attractive prospect for business owners compared to traditional payment methods, Bitcoin has no risk of credit card fraud or card chargebacks credit, this is a big problem for the travel industry because payments are often large.

For example, many European or US online stores block or avoid receiving credit card payments from Africa due to the risk of fraud, with bitcoins, online stores may accept purchases from African customers without chargeback risk , both parties win, buyers can access the goods and sellers can sell without risk.

[ad_2]Source link