Bitcoin is currently becoming the worldwide leader in cryptocurrencies. From Bitcoin ATMs to bitcoin gambling, it is slowly taking the world by storm. Here are our top ten reasons why it will stay and dominate:
1. It’s digital currency.
Bitcoin is created and held electronically. It is produced by people and businesses alike. These are mined from running computers all around the world, using software that solves mathematical problems. The bitcoin wallets needed to store bitcoin are digital and secure as well. No one controls bitcoins.
2. It’s different from normal currencies.
Bitcoin can be used to buy things electronically and offline as well. In that sense, it’s like conventional dollars, euros, or yen, which are also traded digitally. It is so easy to acquire that you can even get Bitcoins from playing games.
However, bitcoin’s most important characteristic, and the thing that makes it different to conventional money, is that there is no single institution that controls the bitcoin network. This puts some people at ease, because it means that a large bank can’t control their money.
Another thing that makes it unique is that its pliability to be traded and invested instantly. Considering the volatility of the exchange rate, a lot of Bitcoin investors earn much due to this factor.
3. It’s decentralized
Every machine that mines bitcoins and processes transactions are part of the network similar to the internet. All machines work together. No single machine can control the whole network nor create a meltdown of sorts that affects the whole.
No one can take your bitcoins away from you and if even part of the network dies for a reason, the bitcoins still keeps on flowing.
4. It’s easy to set up
You just need a wallet or Bitcoin address and you can store and spend bitcoins right away. No fees, no bureaucracy, no questions asked.
5. It’s anonymous
Almost… Users are able to get a LOT of bitcoin addresses to store their money onto however…
6. It’s completely transparent
Bitcoin stores details of every single transaction that ever happened in the network in a huge version of a general ledger, called the blockchain. Using the blockchain anyone can see all transactions but they do not know if the address is yours. There are lots of ways to go around this especially bitcoin washing and using a lot of different addresses.
7. Transaction fees are miniscule
Every bank transaction charges around $10 or more. Bitcoin doesn’t.
8. It’s fast
You can send money anywhere and it will arrive minutes later. The transaction is usually processed depending on the number of confirmations on a bitcoin network. Thus, Bitcoin is definitely good for business. If you sell stuffs online, you get your money fast. Overall, you can expect sending and processing bitcoins from address to address in minutes.
9. It’s non-refundable
When your bitcoins are sent, there’s no getting them back, unless the recipient returns them to you. This is perhaps one of the best security features that boosts up bitcoin development. This limits the flaws especially for chargebacks by having no chargeback option. This means lesser scams and all that mumbo jumbo.