Bitcoin is a term that many people have already heard, but they don’t know it. Bitcoin is a cryptocurrency like all others; it refers to a peer-to-peer network of computers worldwide that enables online payments without an intermediary financial institution. A decentralized, digital currency has been designed to work without a central bank or government. Read and learn about blockchain explorer for more information. Bitcoin is not a physical coin, as the use of paper money, silver and gold has been mostly done away with in recent years.
Bitcoins were introduced in 2009 and have gained a lot of credibility and popularity in some countries. Though it isn’t an official currency, it has a market capitalization of approximately $800-$900 billion and is still making solid growth daily. The price of Bitcoins is currently around $36,492.29, up from its all-time lows below $200 at the time. Let’s take a look at the merits of bitcoin so that you get to know is it worth buying or not:
1. Liquidity And Accessibility
Bitcoin has the advantage of seeing no borders, which is one of the most significant advantages of cryptocurrency. In addition, a bitcoin transaction takes only a matter of minutes to complete, unlike other forms of money where you have to do a tremendous amount of paperwork and even then take up to 24 hours.
A transaction through Bitcoin is simple with no extra charges; it also has no geographic or political boundaries-which are one of the most significant advantages of cryptocurrency. In addition, you can sell and purchase bitcoin any time you want, and there are bitcoin markets 24/7 to trade it in.
Bitcoin is at the top of the list when it comes to security. Transactions are secured by military-grade cryptography, and you have an option to have a backup for your wallet in the form of cloud or paper for additional security.
Bitcoin wallets have no personal identifying information like your bank account number, so if you drop your phone in a pool, no one can access your wallet even if they find it while drying off.
3. Transparency And Anonymity For Users
Many people criticize bitcoin for being private, but the fact is that it is not. It only means that you do not need a bank account to use it. Furthermore, your online activities in buying and selling bitcoins are kept private because there is no way of tracking the transaction from bitcoiner to bitcoiner.
Bitcoin transactions are secured by cryptography, making them more secure than traditional banking transactions, where banks hold the most personal information about their customers.
4. Fast And Cheap Transactions
Bitcoin is the fastest way of making global payments as it has no volatility issues or limits; it is available in every country with a lot of ease. In addition, bitcoin transaction fees are meagre compared to other financial networks, so you will save a lot if you choose bitcoin for your payments.
You can sell and purchase the coins from your comfort zone with your handheld device or PC. A bitcoin transaction gets done in just a few minutes, and you will get your money within the same day. Once the money is deposited into your account, you can send it anytime and anywhere you want.
5. No Interference From Governments
Government attempts to control bitcoin from its beginning were a failure; it was banned in some countries like India and China. Bitcoin is also one of the most anonymous cryptocurrencies used for transactions without leaving any trace of transactions. No information about buyer or seller’s details is recorded, which again helps in anti-government activities. Moreover, the government cannot destroy or control bitcoin because it uses autonomous blockchain technology based on peer-to-peer networks.
6. Potential For High Returns
Bitcoin is a highly volatile cryptocurrency with a lot of potential for high returns. With the current market cap nearing the thousand billion-dollar mark, Bitcoin has become one of the most attractive investment commodities in today’s market.
Many investors are gaining success in the cryptocurrency world with the help of bitcoin, and the bitcoin price is expected to skyrocket in the coming months. Therefore, it is worth investing in bitcoin with the potential to earn millions from your bitcoins.
Bitcoin uses blockchain technology so that you have no need for a bank for personal record-keeping; all transactions are recorded on the blockchain accounting books and can be checked in real-time.