How Bitcoin Is Better Than Cash?
Investing in the digital currency is the trend of the generation. People have slowly become more aware of cryptocurrency and have started to invest in it. Gone are the days when people were a bit paranoid about cryptocurrency and it did not have a good reputation. Especially Bitcoin, as it was used for illegal activities, but now the situation has changed for better. Many large firms and outlets have started to accept Bitcoin as a mode of payment like Rolex, Microsoft, Dell and Holiday inn Hotel in New York.
Bitcoin is a more convenient mode of payment. It has made the life of people easier and now you can go cashless shopping, watching movies and dining in the restaurant. You don’t need to carry a wallet.
Not just that, various other benefits of Bitcoin make it far superior to Fiat currency and it won’t be a shock if someday Bitcoin fully replaces Fiat paper currency.
- Greater Privacy
Bitcoin transactions are very transparent and private at the same time. You may be thinking that how is it so? Well, the public ledger of Bitcoin, Blockchain allows the visibility of every transaction. You can see even the transaction made by other people. However, there is a catch!
You can only see the transactions but the ledger does not reveal the identities of people involved.
Not just that, but depending on the level of account verification, no tracking or information leak is possible. So, Bitcoin offers a great level of privacy but keeping the identities of people secret, however this not possible with fiat currency. When a credit card is swiped, the computer saves all the information of the cardholder and thus there remains no privacy.
- Bitcoin is decentralized
Bitcoin is an independent currency and is free from any third party control, unlike traditional paper currency. Bitcoin is not influenced by any central authority like a bank or government. Instead, the value of The Bitcoin Era App is highly influenced by buyers and sellers. Being a decentralized currency, it cannot be influenced by government or bank policies.
- Bitcoin is durable
One of the best parts of Bitcoin being a digital currency is that it is durable. In the case of fiat currencies, gold and silver, it’s value can be manipulated by hindering it’s supply. They can even be destroyed in their physical form; however, with Bitcoin being a digital currency, no one can destroy it. It is a durable currency.
With the mobile wallet, you can easily carry Bitcoin with you, wherever you go and can even pay for the services with one click on the phone. With Bitcoin, you can go cashless.
- There is a lot more independence with Bitcoin
With fiat currencies, there is always a limitation on how much you can spend or whether you can spend it all like in case of debit/credit cards. Some of the bank services can even freeze your payments. However, there is no such limitation when it comes to Bitcoin. You can use your Bitcoin, whenever and how much you want.
There is no need for third-party interference. All you need is an internet connection and a Bitcoin wallet address and you are good to go!
- Rapid transactions
Sending fiat currency across the border can be expensive. To be honest the bank fee is very high and the procedure is very slow that takes 4 to 5 working days. However, with the Bitcoin transaction, the fee is less to nothing. Not just that, the Bitcoin transaction across the borders takes place in just matter of minutes.
So, now you know that Bitcoin is a better mode of payment as compared to paper currency!