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June 20, 2019
Any means of payment, be it gold or fiat money, simultaneously plays the role of a repository of values. In theory, money is what measures the value of a product in exchange. Bitcoin for many years has been the foremost cryptocurrency in the whole world, and it also has the status of a pioneer. But still many people do not understand how it is better than the standard money to which we are all accustomed. Consider a few basic parameters by which Bitcoin, like most other cryptocurrencies, exceeds ordinary money.
- Control
- Affordability
- Speed
- Ease-of-use
- Security
- Personal privacy
- Dependability
- Investment
Let’s elaborate each point in more detail to find out if Bitcoin is really better than a bank account and fiat money.
Reason #1 – Reliability
The number of coins is programmatically limited to the level of 21 million coins. Last bitcoin will extract, presumably, by 2140. A fixed number of coins and an increase in the cost of their extraction are a guarantee that over time the cryptocurrency will go up, if we assume that over time its popularity does not fall to zero. This can be put in opposition to national currencies that are subject to inflation.
Reason #2 – Investment
The value of an asset must be unconditional, and for this, it must be rare and difficult to extract. And Bitcoin just has a limited amount and with time it gets harder to mine. That is, Bitcoin is in short supply, and this is probably the main condition for the repository of value since it basically reflects the property of the human psyche – to collect something rare and not very common.
Reason #3 – Speed
By manipulating the size of the commission, you can increase or decrease the chances of a quick transaction. If transfer speed is important to you, set a high commission and the transaction will be processed faster. If speed is not critical to you, you can save on commission. The choice is yours.
Reason #4 – Control
Bitcoin does not have a regulator, which can if desired, release the necessary amount of currency to the market or vice versa – withdraw from circulation. Bitcoin exists by itself and is not subject to any institution of government.
Reason #5 – Affordability
At any time you can send funds or make a payment anywhere in the world. There are no restrictions on the time of work or geographical distance of the sender and recipient.
Reason #6 – Ease-of-Use
To accept payments using plastic cards, the store needs to purchase or rent a card reader, enter into an unfavorable agreement with the bank and pay a commission of 3%. For operations in cryptocurrencies, a smartphone/computer and a free wallet are sufficient. Bitcoin is much more convenient for business, and the user does not depend on the bank or the payment system, which can suddenly withdraw the contract or cancel the payment.
Reason #7 – Security
Without a doubt, Bitcoins, like other cryptocurrencies, is a safe and reliable alternative to conventional money and bank accounts. Every year their circulation is growing, and the number of users of digital currencies is increasing exponentially.
Reason #8 – Privacy
When making a transfer, the sender and recipient do not need to provide information about themselves to any third parties. To complete a transaction, you only need the address of the recipient’s wallet, which is a combination of letters and numbers and does not contain data about the recipient of funds.
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