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5 Things That Make Bitcoin Great

13 July 2022 11:32, UTC

Bitcoin is the pioneer of the crypto industry that proved the true potential of virtual currencies to the world. Its success has seen the proliferation of thousands of alternative coins and virtual assets, with an estimated market capitalization of more than $3 trillion. Its primary purpose was to provide an alternative means of payment, but Bitcoin has also evolved into a high-value investment asset and technology. If you want to trade with a reliable platform, you can use the bitcoin code.

The adoption of Bitcoin has seen a meteoric rise over the recent years as several institutional investors rush to secure more extensive holdings of the coveted asset. Bitcoin’s trading volumes on leading exchanges have significantly increased over the last five years. Apart from institutions, many merchants have also adopted crypto, allowing their customers to pay for various goods and services with Bitcoin. Here are the five key reasons why Bitcoin is great.

1. Seamless Cross-border Payments

One of Bitcoin’s main goals was to eliminate the bottleneck of the centralized monetary systems. Unlike the traditional financial systems where governments and institutions control transactions, Bitcoin is a decentralized currency without any central authority.

That means no one regulates the amounts of Bitcoin its users can transact, the frequency of your transactions, or even the parties with whom you can do business.

The Bitcoin network is open to anyone via a smartphone and an internet connection. Bitcoin users can send and receive payments worldwide without external intervention since the network and its transactions are not subject to political or institutional influences.

2. Improved Transactional Security

The other reason that also makes Bitcoin great is its network’s enhanced security provisions. Instead of using third parties to monitor transactions, Bitcoin’s underlying blockchain technology verifies and validates all transactions on a public digital ledger.

The blockchain ledger is encrypted, so only the network users can access it. Besides, Bitcoin’s ledger is also irreversible, preventing cases of double spending and other fraudulent risks. The validation of transactions on a shared ledger creates a trustless ecosystem for resolving payment disputes conveniently.

3. Low-cost International Money Transfers

Moving money internationally via the traditional methods is usually very expensive, mainly due to the multiple parties involved and institutional bureaucracies. However, Bitcoin enables users to bypass government restrictions and third parties when sending and receiving cross-border payments.

Bitcoin money transfers cost relatively lower because the transactions do not involve any third party. Besides, Bitcoin is not subject to fees such as account maintenance, minimum balances, and currency exchange fees. The costs mainly depend on transaction volumes and frequency but are much lower than debit cards, credit cards, or money processors.

4. Instantaneous Money Transfers

All Bitcoin transactions occur on a peer-to-peer blockchain network without an intermediary. The digitization of transactions facilitates prompt payment processing that usually lasts 10 to 30 minutes. That is more efficient than the conventional payment methods that could take several hours, days, and weeks to complete just a single transaction. Bitcoin allows its users to conduct more significant, medium, and micro transactions promptly and effectively.

5. Multiple Money-making Opportunities

Bitcoin also attracts a vast global following due to its robust investment opportunities. It has inspired several lucrative economic opportunities that never existed before. Crypto mining and trading are some of the most profitable Bitcoin investments for institutions and individuals. Besides, its blockchain technology is an open software where innovators can build various products around or on top of Bitcoin for global consumers. Blockchain promises significant transformations in crucial international economic sectors, driving development and sustainability.

Overall, Bitcoin is a relatively new concept to many global populations. However, it has an outstanding potential to facilitate financial inclusion through seamless, secure, low-cost, and prompt international money transfers.