Why is Bitcoin good for people?
Over the past few years, Satoshi’s technology Bitcoin has grown to become the most popular cryptocurrency to the extent that it surpasses some traditional measures of value such as gold. Although cryptocurrency has become extremely popular, some investors and consumers still wonder about the fuss.
The value of Bitcoin is many times higher than the price of any traditional form of currency. Despite its volatility, the value of Bitcoin remains above that of any other form of money. Blockchain technology is robust and secure, with potential in many sectors. Some investors and experts still see bitcoin as mere speculation. The reality is, however, that Bitcoin has been good for many people, such as the unbanked, dollar-poor and marginalized regions. Here’s why Bitcoin is right for people:
When you want to send money to the United States or anywhere around the world, there are few ways to do it in a shorter period of time than with cryptocurrency. Some conventional methods can take up to five days, and some have many rules for the amount you can transfer within a given period.
The advantage of Bitcoin is that the transactions are completed within minutes and you can quickly send a large amount of money. Your funds will be available in your wallet immediately after the network confirms the transaction block.
You can easily access Bitcoin with a smartphone and an internet connection. A 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 wherever you are, via your phone. For example, bitcoin profits are available for trading and Bitcoin investment.
Bitcoin allows the unbanked to access financial services without a central authority. You may not have access to traditional banking for many reasons, but you can access financial services with Bitcoin.
All cryptocurrency transactions are available on the publicly accessible blockchain ledger. Anyone 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. Some can demonstrate that they have sent money and that the recipient has received it or that they have funds for trading. When you trade through Bitcoin, you cannot use the same bitcoin twice, making it ideal and safe for anyone to use without the risk of counterfeiting.
Bitcoin understands privacy and respects it. Because you don’t need to open an account with a financial institution to use cryptocurrency, you can keep your transactions private. Transactions are relatively anonymous, meaning 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 innocently and illegally). However, all transaction data is public if a wallet address links to a real identity. There are several ways to mask additional transactions when using Bitcoin. However, if your transactions have a link to criminal or fraudulent activities, authorities may have ways to track them down and take action.
Bitcoin is a relatively new technology that has a powerful effect on today’s financial world. When Satoshi introduced the technology, the intention was to help people and protect them during inflation. However, Bitcoin has been good for people in various ways and we should strive to keep it that way. Although there is privacy on Bitcoin, people should not abuse it but use it for the right reasons to secure their transactions with good deeds in mind.