How is Bitcoin better than normal currency?

    • Bitcoin is digital and decentralized:

    With Bitcoin people get the liberty to exchange value without intermediaries which translate to greater control of funds and lower fees. It’s faster, cheaper, more secure and immutable. Cash is controlled by banks while bitcoin has no owners.

    • Ease of online shopping:

    As we already know, Bitcoin can help us do online shopping. It’s like an e-wallet which can be created to store, track and spend digital money.

    • No real way of keeping a track of conventional currency:

    The underlying technology behind bitcoin, which is blockchain, is what makes or breaks it. Thousands 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 will be very valuable for various things besides tracking payment, while there is no real way of tracking cash.

    • Great tool for investment:

    Bitcoin can be used all over the world without going through a conversion process. It is considered at par with gold and combines the best of cash and gold while providing an open market and no restrictions imposed by banks or governments.

    • Bitcoin is peer-to-peer and open:

    Yet secure and nearly frictionless – Bitcoin allows exchanging value over the internet without any intermediary and gives its users access to their balance through a password known as a private key. So it’s private, secure and at the same time, open.

    • Duplication impossible:

    There is no way of duplicating a bitcoin, unlike cash.

    • Transnational digital currency:

    There are no boundaries to Bitcoin. No exchange values and no third party interventions. Bitcoin allows seamless transactions across nations with a ledger getting maintained at the backend.

Leave a Reply

Your email address will not be published. Required fields are marked *