Bitcoin – Why is it better than a traditional currency?

Technology has changed everything and has made everything available online. Now, most of the important activities can be performed online, such as banking, gaming, payments, etc. The latest trend nowadays is cryptocurrency. Cryptocurrency refers to virtual currency that you can neither touch nor see but can use to purchase goods and services.

There are different types of digital currencies, but bitcoin is the most popular one. You can also use the bitcoin eras if you want to make some money with bitcoins. You can read below to learn about the best features of bitcoins.

Offers better speed

Speed is highly important, especially nowadays when most of the transactions are online, and people want to make an instant transaction without any delays. If you use traditional payment methods such as credit cards, debit cards, and bank transfers, you need to follow a particular process and take approval from the bank before completing the transactions. It delays the transaction process and sometimes even leads to transaction failure when there is some issue with the bank’s servers.

If you want to enjoy fast-paced instant transactions, you must use bitcoins as it fast, safe, and smooth. You need not get any confirmation from any financial institution, which increases the pace of the transaction and allows you to complete it in a few minutes. It is highly convenient and saves a lot of your precious time.

Affordable cost 

There are numerous payment methods, but no one out of them is free as you need to pay a certain amount as transaction fees. If we talk about credit cards, they allow you to make fast-paced transactions, but they charge you for the service they provide. So, you have to pay a certain percentage of the transaction amount to the service provider, which adds to the total transaction cost.

Bitcoin is way cheaper than other payment methods as it is a decentralized currency. You can make bitcoin transactions throughout the globe without paying any extra money as charges or fees. Bitcoin transactions are free of cost; however, you may have to pay any service charges to the platform that you are using.

No government interference

Most of the medium of exchange as offered by banks and banks are controlled by the government. So, fiat currency is issued and entirely controlled by the authorities. It makes it a bit risky, as the government can declare the current currency as illegal at any time, and you will lose all your money as it will be of no value. For instance, in Cyprus in 2013, the government took all the uninsured deposits over $100000, and it made citizens face massive losses.

If you want to stay away from such risks, bitcoin is the perfect option for you. It has no control of the government, which means you can use bitcoins for any purpose. No government or bank can take away your bitcoins as you are the real owner and have full control over them.

Need not worry about inflation

If we talk about fiat currency, it is issued by the government, and it can print as much currency as it wants according to its needs and requirements. For instance, if the economy is going down, the government can issue more currency in the market, which will increase the purchasing power of the public. With an increase inthe purchasing powers, the demand for goods and services will also increase, which will consequently lead to an increase in the price and create inflation in the market.

There are no such hassles with bitcoins as it has an outstanding deflationary design. There are only 21 million bitcoins that can ever be mined. It means there is a limited supply of it, and in that scenario, the value of bitcoin will increase, but the price of goods and services will decline. So, with bitcoin, it is impossible for inflation to occur.

Private transactions

Privacy is paramount nowadays as no one wants people to look into their bank statements and seeing how much money they spend for which purposes. Bitcoin respects the privacy of users and allows them to make anonymous transactions. You need not give any personal or financial details to make a bitcoin transaction. It is impossible to track you on the basis of your transactions as no information is revealed in the details.