5 Advantages Of Bitcoin Over Fiat Currency

5 Pros Of Bitcoin Over Fiat Currency

Bitcoin is the first successful cryptocurrency in history.

It became successful because of many positive merits not found in traditional or fiat currency which is also countries’ national currency.

In this article, you will find out about 5 advantages of bitcoin over fiat currency.

1. Decentralized Network

Unlike fiat currency, bitcoin is not controlled by any bank or government.

No single entity controls or regulates the network, not even its founder Satoshi Nakamoto.

Without a controlling entity, bitcoins are technically inflation-proof since no one can devalue its price by manipulating its supply.

Only 21 million bitcoins will ever be mined or created, unlike fiat currency which is printed when the government sees fit to print more money.

2. Easy To Use

Opening bank accounts is no longer easy now.

You need to go to your bank, wait in line, fill out forms, submit your IDs, etc.

All these are time-consuming.

Coupled with banks’ higher deposit requirement.

But with Bitcoin, all you need to do to get started is just create a free wallet.

You will then be able to receive your first bitcoins in just a few minutes.

3. Faster Transactions

Most banks don’t work 24/7.

Instead, they are open for business during certain hours of the day on weekdays

Though some open on weekends, they are far and few in between.

But with bitcoin, you can transact with anyone at any time of the day, wherever you and the other person may be located.

Your bitcoins will arrive in just a few minutes.

4. Highly Portable And Durable

Since bitcoins are electronic, they cannot get burned down by fire or get wet in water.

You can bring them anywhere with you since they will not even take too much space.

Whether you have an online or offline wallet, your bitcoins are easily within reach anytime you wish.

5. No More Exorbitant Bank Fees

Bank fees are the bane of anyone who has ever done any business with a bank.

You pay fees just to open bank account for your money deposit.

Same goes for transferring and withdrawing your money.

With bitcoin, all these will not be necessary.

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