The Top five Reasons to Use Bitcoin – Blockchain Blog

The Top five Reasons to Use Bitcoin

Why use bitcoin? What are its benefits? Why is it better than cash or credit cards? We get asked these questions all the time so we thought we’d put together a quick list of five reasons why you, or anyone, will find bitcoin to be beneficial to have and use.

It’s made for our generation

What we mean by that is bitcoin is made for the Internet-generation. We are quickly moving past the days of carrying around paper cash or pulling out your credit card. Bitcoin goes several steps further than the convenience of credit cards by equipping users with a payment option that is significantly lower in fees, provides virtually instantaneous transaction time, and is accessible through the dozens of bitcoin wallets.

On top of convenience, bitcoin offers credit card users freedom from the concerns of fraud, identity theft, and crippling interest rates. It’s no surprise that a latest report from Goldman Sachs discovered that 33% of millennials do not think they will need a bank account in five years.

It’s quick, secure and global

Bitcoin doesn’t discriminate. You can use it anywhere in the world, to send value almost instantly, almost for free. Transferring bitcoins costs just a few pennies and you can send as much value as you want. It’s significant to recall that bitcoins can’t be counterfeited or duplicated. The cherry on top is that transactions are conducted in a peer-to-peer method, without the need for a bank or third party to oversee it.

Bitcoin was designed with your privacy in mind

Our Block Explorer, along with other bitcoin block explorers, display the entire history of bitcoin transactions for all to see. Bitcoin transaction history can be searched by anyone with online access. At very first glance, you might consider this level of transparency the opposite of private. In reality, it means that users can choose whether they want to be totally semitransparent with their finances or keep them very private.

The bitcoin protocol does not require people to identify themselves in order to transact tho’ some businesses may need to for compliances reasons. Unlike a bank where people often have one or two accounts, you can create as many bitcoin wallets as you like.

Bitcoin is not subject to inflation

The total number of bitcoins are capped at twenty one million, which is different than other currencies. As the total number of dollars in circulation rises, this creates inflation. Inflation is where the value of your dollar for example, decreases over time due to an enlargening supply. Bitcoin on the other arm is scarce and fungible, which gives it interesting properties.

Below is a chart of the average price of bitcoin year over year.

With an average price of less than a US penny in 2009, the Bitcoin price enlargened an average of over 3000% inbetween two thousand ten and 2014.

Data source: https://blockchain.info/charts/market-price

Bitcoin provides financial freedom

If you don’t have access to a bank account, you are part of the “unbanked.” Bitcoin can permit you to be your own bank. Bitcoin is at the same time an open financial protocol and a currency required in order to transact loosely on the protocol.

Are you fresh to bitcoin? Check out our series covering common bitcoin terms with helpful explanations and information. Have a question or suggestion? Please let us know.

Related video:

Leave a Reply