Why use Bitcoin instead of Dollars, Euros, or Pounds? Why would anyone use Bitcoin?
Good questions! Fortunately, there are some straightforward answers to them.
In this article, we’ll go through the purpose of Bitcoin and what Bitcoins really are used for.
The main reasons people use Bitcoin are:
Hopefully, this piece will help emphasize the importance of Bitcoin and how it can transform our economy in the present and the future.
Table of Contents
Bitcoin, and cryptocurrency tokens in general, offer you as a user a lot more control. You are effectively cutting out the middleman between you and your money. There is no bank to decide how long a transaction takes and how much it costs. You’re also in control of where your money is stored and how it can be accessed. With control comes a proportionate amount of responsibility, of course.
With the middleman out of the picture, you can save some money on transfers. It only costs you the negligible miner’s fee to transfer your Bitcoin from one wallet to another. It is also cheaper for merchants to accept Bitcoin payments than credit card payments.
In addition to saving money on international transfers, you will also enjoy much higher transactions speeds. What will take your bank several days to do, Bitcoin can handle in a matter of minutes.
Online payments are much easier and faster with Bitcoin. You don’t need to give out any personal details if you want to make a donation or pay for something that won’t be shipped. Just send Bitcoin to their wallet address and you’re done.
It is much safer for merchants to accept Bitcoin than fiat money. When a merchant accepts credit card payments, they risk fraud and reversed payments. Bitcoin payments are irreversible, so there is no risk of it being reversed.
One of the key advantages of using Bitcoin is that it offers privacy and relative anonymity. You don’t need to provide any personal details in order to access a Bitcoin wallet. All you need is a device to store it on — or even just a piece of paper. Bitcoin transactions are also only tied to your wallet address.
The Bitcoin network is essentially a peer-to-peer payment system. That makes you and whoever you send money to the only involved parties. You don’t have to rely on your bank to do their job to make the transaction work. There is less risk of a payment being lost in the ether, which ultimately makes it a more reliable payment method.
Bitcoin wasn’t worth a whole lot ten years ago, and look where it has gone since 2009. From being worth pennies to being worth almost $20,000 in December 2017. It has now plateaued at around $6,000 at the time of this writing. Bitcoin is not going anywhere and will continue to grow as more people adopt it. Investing in it can be risky, but can also definitely be lucrative.