March 28, 2024

Nine reasons to use Bitcoin instead of cash

Bitcoin, the most iconic cryptocurrency, is now over a decade old. Thus, Bitcoin can rightfullybe recognized as successful, even if it has thatimprove, and what needs to be improved to achieve mass adoption by the general public. Despite the success of a decentralized P2P currency, many are still in no hurry to get involved with bitcoins. In this article, I suggest you discover nine reasons why a large number of people already prefer Bitcoin to cash.

1. Concealment of one’s wealth

Without repeating the great tirade of Donald Trump aboutSince Bitcoin and other cryptocurrencies can contribute to illegal activities, such as, for example, money laundering, it is obvious that using Bitcoin instead of cash allows you to hide your wealth.

Whatever the reasons, some peoplethey simply do not want states to have a complete picture of their assets. Recent laws in recent years, which have virtually destroyed banking secrecy, are now forcing some billionaires to use Bitcoin rather than cash to hide the exact amount of their assets.

In a way, Bitcoin, along with othersWith cryptocurrencies, it can replace the famous Swiss banks that were once used by super-rich people to hide their money. But even if you do not possess wealth, you too may prefer to hide the exact amount of your assets. Bitcoin may provide you with the opportunity to do this, while in the case of cash, this is no longer possible.

2. Banking services for those without access to banks

Living in a highly developed industrial country,you can forget that some people in the world still do not have access to banking services. Why? Just for the reason that banks believe that these people do not have the financial resources to pay for their services. Thus, Bitcoin is a blessing for people who are denied banking services, since it can provide them with access to equivalent services.

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And even more, some cryptocurrenciesspecialize in this sector, offering more specific banking services for people without a bank account. This is especially true of Stellar and its blockchain, whose main partner is a certain IBM. Such serious support makes it clear that this field is very promising.

3. Bitcoin is P2P

Bitcoin is the first successful implementationBlockchain-based decentralized digital P2P currency. Thus, Bitcoin has an undeniable advantage in that it allows payments between people without the need for a trusted third party to act as a guarantor in transactions.

This is one of the main advantages of Bitcoin, which allows people to conduct transactions pseudonymously. On platforms like PayPal, this is clearly not possible.

4. Bitcoin is decentralized

Bitcoin is very high.decentralization. It is not controlled by any central authority. Again, this is one of the main advantages, because no authority can, at will, prohibit you from making transactions in Bitcoin. On the other hand, cash is controlled by state central banks. In fact, these banks are quite capable of prohibiting you from using your assets.

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With Bitcoin, this is simply not possible. You really fully own your bitcoins. They are on your hardware wallet, and no one else can assign them. You can simply store them by joining the HODLER community or spend them on purchases. In any case, only you yourself are the owner of your bitcoins. [editor's note: no one in the world, neither the president by his decree nor the Central Bank by order to banks, can impose an income tax on them or confiscate/nationalize them &#8212; as long as the private keys to the addresses are yours and only yours].

5. Any duplication is excluded.

Bitcoin is based on the concept of blockchain. Blockchain is a technology for storing and transmitting information without any governing body. From a technical point of view, blockchain is a distributed database in which information transmitted by users is checked and grouped at regular intervals into blocks.

These blocks are interconnected and protected withusing cryptography, forming a chain of blocks - that same famous blockchain. Therefore, the latter can be considered as a distributed and secure record of all transactions made since the launch of this distributed system. Thus, the blockchain eliminates the need for intermediaries.

Due to its architecture, [ed.: open, supported by competitors for a miner block reward supported by open source developers, working according to the rules provided by consensus, and not defined by the Central Bank or corporation] The blockchain is immutable. After a transaction is verified and connected to the blockchain in one of the blocks, it can no longer be canceled. There can be no duplication. This approach provides a high level of security during transactions and eliminates a serious problem with bank-managed cash [editor's note: with which cash may soon become tight &#8212; After all, they are a breeding ground for the coronavirus!].

6. Online payments: anonymously and effortlessly

Online payments you make withyour credit card is not always easy to do. Worse, they clearly lack privacy. Very often you are required to provide your personal information. However, you may not want to share this information. Indeed, although you have nothing to hide, you value your privacy. In fact, you want your purchases to be kept confidential.

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Cash does not allow thisan additional level of confidentiality, as banks can know everything about your purchases. Bitcoin solved this problem. You can easily shop online while maintaining your privacy.

Of course, all the transactions you madestored on the Bitcoin blockchain. However, only the addresses of your wallets are listed. If you do not tell anyone that these addresses belong to you, no one will know who you sent and what you spent your bitcoins on.

7. Reduced risk for merchants

Bitcoin has several important advantages forconsumers. But he, also, represents a considerable number of them for the merchants, who took a decisive step and supported it. Indeed, the seller may have problems with people making purchases and then trying to cancel them for various reasons through their banks.

With Bitcoin, the problem of money back aftertransaction is no longer worth it. The seller only needs to wait for the transaction confirmation, which takes only a few seconds. After checking the transaction, the operation becomes irreversible. Indeed, as we have already explained, any transaction recorded on the blockchain cannot be withdrawn from it. This provides an additional guarantee to merchants who should see this huge advantage of Bitcoin over cashless payments.

8. Investing

Due to its youth, Bitcoin is prone tostrong volatility. A similar high volatility is also observed in the cryptocurrency market as a whole. Personally, you can choose to buy bitcoins as an investment with a high potential for capital gains. People who bought bitcoins in 2013 are now Bitcoin millionaires!

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Thus, Bitcoin can be considered asa means to accelerate the accumulation of wealth. And what's more, let's not lie to ourselves, many people buy bitcoins in order to make huge profits. Such people then stand in the storage position of those bitcoins that they acquired because they are convinced of the phenomenal potential of Bitcoin in the future. They are called “HODLERS,” and I suppose you have probably heard this term before. Perhaps you are even one of them.

In any case, regardless of whetheryou are in the advantages of using bitcoins instead of cash, you should buy bitcoins as a long-term passive investment. After all, you never know in advance ...

9. Become a part of the revolution

For many, blockchain is the greatest revolution withthe advent of the internet. It should be said that this technology allows you to do what the Internet has never been able to do. And although the Internet allowed for the exchange of information in a decentralized way, we could not do without platforms that acted as trusted third parties when we wanted, for example, to send a money transfer via the Internet. Blockchain solves this problem by eliminating the need for intermediaries.

As the first successful implementation of cryptocurrency withthe use of blockchain, Bitcoin, as a result of this, is closely connected with it. That is why, for many, Bitcoin is a revolution. The members of the community of this cryptocurrency clearly feel that they are part of the revolution, which makes them ardent supporters of Bitcoin. Some even swear by Bitcoin [Ed .: Although, most simply invest their efforts and time in improving it and mass adoption.]. For them, all other cryptocurrencies have no value. Such people are called Bitcoin maximalists.

Without going as far as the bitcoin maximalists, you can purchase and use bitcoins to take part in the birth of a revolution that will have a huge impact on the future of money.

Conclusion

We are only at the beginning of Bitcoin andcryptocurrencies. Bitcoin celebrated its 10th anniversary and was able to cope with all the difficulties and problems that it had encountered to the present moment. Each time, overcoming them, Bitcoin became stronger. This is another proof if any evidence is still required that Bitcoin will play a leading role in the future of money.

If this has not been obvious so far, I hopeThis article has helped you uncover some of the main advantages of using bitcoins instead of cash. Perhaps she will be able to encourage you to take a decisive step!

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