Reasons Why Is Bitcoin Better than the Conventional Currency
Bitcoin is a virtual currency or medium to conduct the digital transactions, like other digital currency. Thus, what make this better than the conventional currency? Here are some benefits of making bitcoin investment that make it much better than conventional currency:
Bitcoin is decentralized and digital – With the Bitcoin people get liberty to exchange the value without any intermediaries that translate to good control of the funds as well as lower fees. It is much cheaper, faster, secure as well as immutable. Money will be controlled by the banks whereas bitcoin has got owners.
Ease of shopping online: Since we already know, BTC will help us to do internet shopping. It is like e-wallet that will be made blockchain technology for storing, spending and tracking the digital money.
Less volatile than money: Bitcoin has the global acceptance as well as is less volatile compared to cash or local currency. Because of such feature, this becomes very simple to conduct the transactions over boundaries as well as online.
No way to keep proper track of the conventional currency- Underlying technology behind the bitcoin that is, blockchain makes and breaks it. Many computers in the distributed network make use of cryptographic techniques for creating the permanent, public record at each single Bitcoin transaction, which has ever happened. The record can be highly valuable for different things besides tracking the payment. Whereas there is not any real way for tracking money.
Good way of maintaining the records for the tax purposes: When transferred, bitcoins’ ownership gets transferred. It means two people will not be transacting on a same value and it can help to keep the records simpler and healthy, particularly for the tax purposes.
Transnational digital currency – There’re not any boundaries to the Bitcoin and cryptocurrency. There is no exchange value or third party intervention either.