Finance

What are advantages of bitcoin?

World is always evolving in all aspects by making invention to easy the life process. Like in many fields, here in currency we got digital currency to save us from hardship of physical currency. Is it so? Let us see. What is a bitcoin literally? It is a digital currency packed in the form mathematical code created by software and given a value to it. This value is shared through network in the way of blocks stored in ledger called blockchain. Is it really useful and has advantages of using it in place of money.

What makes it different? The implementation of decentralization avoids central bank to control. Let us see the benefits of using bitcoin as your currency.

  1. No central authority to have control on your money. You can transfer to anyone who is in any corner of the world.
  2. There is no need of linking personal information to made transaction
  3. Your money is safe as it is using highly encryption methods in storing and transaction of money. It is more secure and no possibilities for theft.
  4. It is more transparent as all transactions are available to all nodes in the network. So anyone can verify transactions at anytime.
  5. Its protocol is hard to decrypt so it is more safe and secure.
  6. Transaction fees and charges are very low.
  7. Transaction cannot be reversed, so it keeps away from fraudulent activities.
  8. Using proof of work algorithm, so no one can able to block or modify your transaction.
  9. There is no need of permission from anyone like government, banks, etc to use bitcoin.

You can see many advantages of using bitcoin. But it is not ended up here. As like advantages it may have other side. Have a look on other side also. Before make bitcoin as your wallet.