Why do people want an alternative currency?
Bitcoin is still a raging sensation in the Crypto market, even after twelve years of its launch by the anonymous philanthropist. Satoshi Nakamoto wanted to build an effective system of digital transactions. The aim was to remove the interference of the third party, that is, the financial institutions.
Financial institutions worldwide had been set up to regulate the money flow in each country. The financial system was established with the World Bank at the top to influence the cash flow in all nations. First world countries have always benefited from this structure. The rest of the world suffers.
Nakamoto must have been concerned about these issues over a long period. He was finally able to come up with a solution to this- Bitcoin and Blockchain Technology.
In an estimate by crypto genius the increasing value of Bitcoin has resulted in the number of investors soaring. The youth worldwide are well-informed and take serious note of the rise in the value of Bitcoin. The digital era is the time for the millennials to shine. They put it to the best use and reap its benefits. Let us discuss the various advantages that come with adopting Cryptocurrency like Bitcoin over fiat currency.
Advantages of Bitcoin
Bitcoin is uncontrollable by the market forces. It is beyond the grasp of those who run the show. The manipulation of market forces which results in inflation raises the value of a dollar and heavily affects other downtrodden countries that cannot influence the value of Bitcoin anywhere in the world. Bitcoin can only be affected by the network of users who have access to the public ledger, which keeps the record of all transactions.
Bitcoin, if considered a currency, has its perks. It is also a lucrative investment. Its value rises with time. The graph has only ever been upward sloping if taken from the beginning. If a person is open to accepting payment in Bitcoin, the chances of the value going up are favourable.
The time taken for the payments to be sanctioned is infinitesimally small compared to those that happen across the border, including the financial institutions. There is a protocol to be followed. A bank takes more than three days to transfer an amount that is not conventionally low to another branch in the same country. Imagine the time it requires to get money transferred via banks to some other country.
Blockchain Technology is the boon of the century, perhaps. It maintains adequate security throughout the chain of data. Each block has transactional information encrypted on them. The data is beyond the capacity of anyone to tamper with. Since the blocks are interlinked, the information, if changed in one, will need to be changed in all the others simultaneously. With the ongoing mining of Bitcoin, the blocks in the blockchain system are exponentially rising. This rise in the number of blocks ensures that these blocks will always maintain their confidentiality.
Bitcoin, if stored properly, cannot be stolen, unlike fiat currency. Bitcoin scams are not entirely a thing of the past. Scams and thefts still happen. However, Blockchain has upgraded so that it can almost guarantee the safe storage of one’s bitcoin, only if they are ready to be vigilant too. Storing one’s bitcoins in hardware is the safest thing to do. Blockchain does not allow the user name to be revealed. The anonymity maintained by the users is one of the most pertinent reasons why Bitcoin is so secure to deal in.
The advantages paint a picture where Bitcoin seems like an ideal option. However, in a world with such diverse features, Cryptocurrency remains unachievable to many people worldwide. However, once the developers find a way to mine sustainably, Bitcoin would only have made life easy for those who face disparity at every level of their existence.