Over the recent years, Satoshi’s technology Bitcoin has grown to be the most popular cryptocurrency to the extent of overtaking some traditional measures of value such as Gold. Although cryptocurrency has become extremely popular, some investors and consumers still wonder about the commotion.
The value of Bitcoin is many times more than the price of any traditional form of currency. Despite the volatility, the value of Bitcoin remains above any other form of money. Blockchain technology is robust and secure, with potential in many sectors. Some investors and experts still view bitcoin as mere speculation. Still, the reality is that Bitcoin has been good to many people, such as the unbanked, dollar-poor people, and marginalized regions. Here’s why Bitcoin is suitable for people:
Quick transactions
Whenever you want to send money to the US or anywhere worldwide, there are few ways to do so within a shorter period than with cryptocurrency. Some conventional methods can take up to five days, and some have many regulations regarding the amount you can transfer within a given period.
The advantage of Bitcoin is that the transactions are complete within minutes are you can send a large amount of money quickly. Your funds become available in your wallet immediately after the network confirms the transaction block.
Accessibility
You can easily access Bitcoin with a smartphone and an internet connection. One notable fact is that you can access the funds in a Bitcoin wallet and secure them with an authentication key. Bitcoin’s accessibility allows you to invest easily from the comfort of wherever you are through your phone. For instance, bitcoin profit is accessible for trading and Bitcoin investment.
Bitcoin allows the unbanked to access financial services without a central authority. You might not access traditional banking for many reasons, but you can access financial services with Bitcoin.
Transparency
All cryptocurrency transactions are available on the publicly accessible blockchain ledger. Everyone can use tools to look up transaction data, such as where, when, and how much cryptocurrency someone sent from a wallet address. Anyone can see how much cryptocurrency a wallet has.
This level of transparency has the potential to reduce fraudulent transactions. Someone can demonstrate that they sent money and that the recipient received it or that they have the funds for trade. When you transact through Bitcoin, you cannot use the same bitcoin twice, making it ideal and safe for everyone to use without the risk of counterfeiting.
Privacy
Bitcoin understands privacy and respects it. Because you do not need to open an account with a financial institution to use cryptocurrency, you can keep your transactions private. Transactions are relatively anonymous, which means you have an identifier on the blockchain – your wallet address – but no specific information about you.
In many cases, this level of privacy is desirable (both innocent and illicit). However, all transaction data is public if a wallet address links to a real-world identity. There are several ways to mask further transactions when using Bitcoin. But if your transactions have a link to criminal or fraudulent activities, governments may have ways to track them down and act.
Bitcoin is a relatively new technology that has a powerful effect on today’s financial world. As Satoshi introduced the technology, the intention was to help people and safeguard them during inflation. However, Bitcoin has been good to people in various ways, and we should strive to keep it that way. Although there is freedom of privacy on Bitcoin, people should not misuse it but use it for the right reasons to safeguard their transactions with good deeds in mind.