Bitcoin is a huge deal right now so not everyone knows why. More importantly, not everybody understands if Bitcoin is for them or not, and how they can get involved. Here are some of the most compelling reasons for using Bitcoin.If you are looking for more info, see post
Plus safe than banks
The Bitcoin algorithm is as close as a computer program can get to bulletproof. Some of the best hackers and online security experts took a crack on it and no one can find any weaknesses so far. The Bitcoin code, the digital version of Shakespeare, has been described as masterfully crafted.
Meanwhile, banking transfers are lower in protection than Bitcoin. Bitcoin has had to be more secure in a number of ways than banks. The banks have been around for centuries, after all, and people understand how this works. But Bitcoin is the new, upstart young and needs to prove itself.
That is what makes Bitcoin a target for those who want to see it fail. But Satoshi Nakamoto, inventor of Bitcoin, kept that in mind while writing the Bitcoin algorithm. Go ahead, and fire it. I don’t believe you would solve this.
Service fees lower than Banks
Banking bodies charge high rates per transaction. The mechanism is set up in such a way that individual transactions between two individuals are impossible; a “trusted” third party is needed to enable the transaction. And, of course, banks will be charged a service fee to facilitate such transactions.
You can use Bitcoin escrow services which take a fee for service, but you don’t have to. Because Bitcoin is based on P2P transactions, no service fees apply. Of course, because of this the banks aren’t a big fan of Bitcoin.
Small Inflation Danger
The number of Bitcoins created will be set to a predetermined rate. What that means is that no government can print more money out to pay off their debts.
Whereas real world currencies lose a small percent of their value each year, Bitcoin’s price appears to be steadily increasing.
Low Collapse Risk
If your currency is anchored to a government, it depends on that government’s stability. You and I both know that governments can fall, and may sometimes become worthless when they do the currency they’ve printed. Look at the banknotes in your wallet. You worked with them tough. Can you imagine that one day they would become worth less than the paper on which they were printed?
Because Bitcoin is not attached to any government or central authority, its value is dependent on no external circumstances. Bitcoin will continue to exist and be valuable as long as the internet does exist.